Bank of England monetary bosses should have their pay tied to inflation targets July 27, 2023 If the Bank of England want workers to accept reductions in their real income, the bosses on the monetary policy committee should too, writes David Bholat.
FTSE 100 close: Soft Lloyds Bank results spark sell off as Natwest tumbles after Alison Rose exit July 26, 2023 London’s FTSE 100 was dragged down today by investors ditching shares in Britain’s biggest banks after Lloyds posted a soggy set of results that dampened market sentiment. The capital’s premier index fell 0.19 per cent to 7,676.88 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK [...]
Higher interest rates lift Santander UK profit to £1.2bn, warns mortgage market is cooling July 26, 2023 Santander UK saw its profit rise significantly in the first half of the year, but the bank also noted that applications for mortgages had been hit by recent economic volatility. In the first half of the year pre-tax profit climbed 18 per cent to £1.2bn from £993m last year. This came thanks to a 10 [...]
Lloyds profit remains flat on last year despite boost from rising rates but guidance lifted for the year July 26, 2023 Lloyds’ profit remained flat on last year despite the benefit of rising interest rates as the bank set aside more than anticipated to cope with bad loans. In the second quarter the high street bank recorded a pre-tax profit of £1.6bn, flat with last year but slightly lower than company compiled consensus. However, the profit [...]
Three quarters of UK small businesses want to spread their deposits after SVB collapse, research shows July 26, 2023 Three quarters of small businesses in the UK are considering spreading their deposits among a range of different banks following March’s banking crisis. According to new research from payments provider Neo, 75 per cent of UK SMEs are considering diversifying their bank pool while six per cent already have. Neo surveyed 100 CFOs and treasurers [...]
Are wages or profits to blame for the inflation crisis? July 26, 2023 A lot of energy has been wasted on finding the source of the near two-year long global inflation surge. It has resembled a cathartic process to help families and businesses come to terms with how damaging the cost of living crisis has been. First Bank of England governor Andrew Bailey drew scorn for demanding workers [...]
Small business confidence slumps amid rising rates and stubborn inflation July 26, 2023 Confidence among small businesses slumped in the second quarter as the impact of rising rates and a stalling economy hit SMEs. The Federation of Small Business’s (FSB) Small Business Index fell to minus 14.2 points in the second quarter, down 11.4 points in the first quarter of the year. The fall in confidence reflects the [...]
How policymakers can agree a way forward for the introduction of a CBDC July 25, 2023 Richard Gendal Brown, Chief Technology Officer of R3 looks at the pathways being set out towards the introduction of a CBDC.
Taxpayer to hand over £150bn to Bank of England to cover QE losses July 25, 2023 Taxpayers will have to foot a £150bn bill to cover cumulative losses on the Bank of England’s bond buying scheme over the coming decade, a new projection has claimed today. The Treasury is forecast to inject hundreds of billions of pounds into the central bank’s balance sheet to make up for a shortfall in its [...]
London Metal Exchange names new chief executive for clearing house as court verdict looms July 25, 2023 The London Metal Exchange has made fresh changes to its senior team, announcing a new chief executive for its clearing house.