Pay growth stays at three decade high but inflation still stripping away wages July 19, 2023 Pay growth is running at its fastest pace in over three decades and has remained unchanged for the second quarter in a row, in a sign the Bank of England may have to back a bigger interest rate hike again next month. New figures out today from XpertHR reveal wages leapt six per cent in [...]
Is it time for the Commonwealth Games to move on and change tact? July 18, 2023 In the early hours of Tuesday morning a statement dropped announcing that the Victoria 2026 Commonwealth Games would not take place in the southern state of Australia. It triggered a crisis for the Commonwealth and what it perceives to be its legacy. Once the British Empire Games, the Commonwealth Games encompasses a modern Britain and [...]
Picture is ‘bleak’ for business as insolvencies rise again in June July 18, 2023 Insolvencies increased again in June as businesses continued to struggle under the weight of rising costs and falling customer demand. According to new figures from the Insolvency Service, there were 2,163 insolvencies in June. Although this was down on last month’s record figure of just over 2,500, it was still 27 per cent higher than [...]
Banks must tell savers if better deals are available under Consumer Duty, FCA says July 18, 2023 The Financial Conduct Authority (FCA) has warned banks that they must inform savers if better deals are available once the new Consumer Duty comes into force at the end of the month. In a letter to the Treasury Select Committee, the FCA said it is “more critical than ever that borrowers and savers are offered [...]
Arbuthnot shares soar after profits leap from £3.4m to £26.4m – but it warns of risks ahead July 18, 2023 Arbuthnot Banking Group’s pretax profit soared in the first half of the year as rising interest rates helped it record a huge increase in profit. Pretax profit multiplied to £26.4m in the six months to June, up significantly from the £3.4m it recorded last year. On the back of this it upped its interim dividend [...]
2023 Women’s World Cup: Prize money up three-fold – but Lionesses in bonus row July 18, 2023 The Women’s World Cup may not have kicked off yet but it has already been hailed as a transformative moment in the growth of the game, with prize money increasing more than three-fold and, for the first time, most of it being paid directly to players. But some financial issues, including a bonus row between [...]
Wise makes more interest rate hay as income surges 66 per cent July 18, 2023 Wise, the money transfer firm, said the amount of interest income it was raking in on customer balances has continued to rise after it made hay from rising rates last year. In a trading update today, Wise said balances in its customers’ accounts had grown to £11.5bn in the first three months of its financial [...]
In defence of landlords, by the Bank of England July 18, 2023 Few people in Britain draw as much scorn than landlords. It’s easy to understand why. Young people shackled to renting see landlords as a barrier to their homeownership dreams. Particularly in London, renters hate handing over a huge share of their monthly wage to property investors. Doing so stops them from using their cash [...]
2023 Women’s World Cup ads showcase new-found star power of players July 17, 2023 Four years ago, the Women’s World Cup in France was billed as the biggest to date, but despite the hype it was still struggling to be commercially attractive for sponsors and advertisers in its own right. As the Women’s Sport Trust explained “when women’s sport is approached using the same commercial frameworks as men’s sport [...]
FTSE 100 close: Slowing China economy sends London index into red as Barclays and NatWest jump July 17, 2023 London’s FTSE 100 kicked off a fresh week today in downbeat fashion, dragged lower by signs that China’s economic recovery from the pandemic is whittling away. The capital’s premier index shed 0.38 per cent to close at 7,406.43 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the [...]