Brits sit pat on Covid-19 savings mountain in sign of tougher recession November 29, 2022 Brits are sitting pat on the mountain savings they built up over the course of the Covid-19 crisis during lockdowns, official figures out today reveal. Households set aside £6.4bn in savings last month, £1.6bn higher than the average monthly deposit flow before the pandemic, according to the Bank of England. The figures illustrate consumers are [...]
As it happened and live reaction: Jeremy Hunt’s Autumn Budget 2022: UK is now in recession November 17, 2022 Welcome to City A.M.’s live updates as the Chancellor of the Exchequer, Jeremy Hunt, delivers the government’s Autumn Budget for 2022. Here the news team will bring you all the key points, policy changes, opinion, analysis, responses from experts, industry reaction and more. Get in touch and let us know your views via news@cityam.com or [...]
UK at greater risk of mortgage default wave than international counterparts November 9, 2022 The UK is at greater risk of being jolted by an uptick in mortgage defaults during the global economic slowdown, a top Wall Street bank has warned. Goldman Sachs reckons the country will undergo a bigger unemployment surge compared to other English speaking countries, dealing a heavy blow to households’ capacity to pay off home [...]
Bank of England not to blame for looming record recession, chief economist stresses November 8, 2022 The Bank of England is not to blame for the UK fumbling into the longest recession since records began and rate setters are not “inflation nutters,” its chief economist said today. Huw Pill, who replaced Andy Haldane last year as Threadneedle Street’s top wonk, said the UK’s slowdown is being “driven by other forces” beyond [...]
Persimmon signals housing slowdown as sales slump amid recession fears November 8, 2022 Soaring interest rates and economic uncertainty are eating into sales and reducing consumer appetite for housing, revealed Persimmon.
British households have been worst affected by economic downturn within OECD November 7, 2022 British households have been worst affected by the global economic downturn amongst richer nations according to new figures released today. The United Kingdom GDP’s since the fourth quarter of 2019 dropped to -1.2, the lowest out of the seven nations, while its real income fell by -3.5, also the lowest. The figures were published by [...]
Lenders need to ‘step up’ to support customers, says FCA chief November 7, 2022 The City watchdog said that lenders need to “step up” to support their customers today as they are battered by soaring mortgage rates and rising prices this year.
Bank of England delivers largest rate hike since 1989 and signals more to come November 3, 2022 The Bank of England today hiked interest rates by the largest amount since 1989 and signalled more rises are coming. The Bank’s rate setting committee voted unanimously to lift borrowing costs 75 basis points to three per cent, the highest level since 2008 and the eighth rise in a row. The pound shed more than [...]
Metro Bank shares soar as lender returns to profit November 2, 2022 Metro Bank’s shares soared this morning, after the London-listed lender announced it had returned to profit in September. Investors piled into the stock, lifting shares a little over 10 per cent to 80.1p a piece. “I am really pleased to see the business return to profit in September on both an underlying and statutory basis,” [...]
Homeware retailers ‘draw short straw’ in economic crunch as Made.com nears collapse October 31, 2022 Homeware retailers are facing a turbulent 2023 as mounting operational costs and hesitant consumer sentiment piles the pressure on the sector. It comes as Made.com was still teetering on the brink of collapse on Monday after customers have pulled back from spending on pricier items like furniture. Last week, the ailing sofa seller said it [...]