Bank of England fines financier Jay Hambro April 2, 2025 The Bank of England has fined banking dynasty scion Jay Hambro for his conduct during a stint as director of the Wyelands Bank, the Sanjeev Gupta-owned lender that ignominiously collapsed in 2020. The BoE’s Prudential Regulation Authority (PRA) issued Hambro – a prominent City figure – with a £72,000 penalty on Wendesday, saying that his [...]
Wage growth falling for low-paid workers despite minimum wage hike April 2, 2025 Wage increases among low-paid workers are at their lowest level in three years, according to the jobs website Indeed, as economists fear high inflation will erode incomes. Business secretary Jonathan Reynolds said on Tuesday that an increase to the national minimum wage would mean that low-paid workers could help drive growth across the UK. But [...]
‘Awful April’ price hikes will cause ‘inflation surge’ April 1, 2025 Sweeping price hikes coming into effect from Tuesday are set to push up inflation, a leading economics consultancy has said, as what many have called ‘Awful April’ is set to put an extra burden on businesses’ costs. Higher costs in everything from water to energy will contribute to a rise in inflation that peaks at [...]
Probe launched into ONS governance and data quality April 1, 2025 The government has launched an independent investigation into the UK’s beleaguered statistics watchdog to ascertain how its official data and surveys have become so unreliable. The remit of the probe – commissioned by the Cabinet Office and UK Statistics Authority (UKSA) – will span the Office for National Statistics’ (ONS) culture, leadership and structure, and [...]
Shop prices fall again but ‘inflation is coming’ April 1, 2025 Shop prices fell again in March but a retail body has warned higher business taxes mean inflation is on the horizon. Retail prices have been in deflation since August 2024, primarily driven by deep discounting by non-food retailers. Shop price deflation was 0.4 per cent year on year in March, against a decline of 0.7 [...]
US tariffs: UK expects to be hit by Trump taxes this week, No10 admits March 31, 2025 The UK expects to be hit by Donald Trump’s tariffs this week, No10 has said, amid frantic discussions to secure an exemption for UK businesses. The government has been trying to negotiate to spare British exports from the taxes on imports into the US which are set to come into force later this week on [...]
Bank of England to hike FSCS protection from £85,000 to £110,000 March 31, 2025 UK depositors will receive greater protection from the Bank of England as the amount of money covered by a nationwide deposit guarantee scheme is set to rise to £110,000. The scheme provides financial protection to depositors in case banks, building societies, and credit unions become insolvent. It is funded by a levy paid by regulated [...]
UK mortgage approvals dip in February March 31, 2025 Mortgage approvals for house purchases decreased again in February as gains in consumer credit borrowing slowed down by £300m compared to January, the Bank of England said on Tuesday. House buying appeared to slow down as lenders approved around 65,500 mortgages in February, compared to some 66,100 in January. January saw a decrease of around [...]
Why are we all saving so much? March 30, 2025 It’s a question that has been puzzling economists for months. The worst of the cost-of-living crisis is, for most households, moving further into their rear-view mirror. The Bank of England’s rate setters have successfully – if belatedly – reined in the worst of the inflation that caused so many households to tighten their belts after [...]
Investec expand rugby portfolio with SOHK kids tournaments March 28, 2025 Investec has strengthened its rugby portfolio, backing education inclusion charity School of Hard Knocks’ (SOHK) girls’ and boys’ spring rugby tournaments. The FTSE 250 bank, whose London office sits on Gresham Street in the Square Mile, featured at the tournament’s on 27 and 28 March at east London’s Eton Manor RFC. It added to their [...]