FCA moves fast to let firms provide mortgage breathing space June 30, 2023 The City regulator says it has moved quickly to make rulebook changes, to help give households some relief from rising mortgage rates. The Financial Conduct Authority (FCA) said lenders should make the options available to borrowers clear and accessible. Sheldon Mills, executive director for consumers and competition at the FCA, urged homeowners who are struggling [...]
House price growth faces ‘significant drag’ from rate rises but London remains ‘buoyant’ June 30, 2023 House price growth may face “significant drag” from high interest rates as fresh figures show they remained relatively stable in June despite yearly growth being negative. The latest Nationwide House Price Index show house prices remained broadly flat in June, but down 2.5 per cent compared to last year, owing in part to 13 successive [...]
British businesses most optimistic in over a year but London firms sweat over inflation June 30, 2023 British business optimism has climbed to its highest level in over a year despite consumers retreating in response to rising prices and the Bank of England’s aggressive interest rate rises, a survey out today reveals. UK business confidence climbed nine points to 37 per cent in June, taking it up to its highest level since [...]
FTSE 100 close: Interest rate jitters drag down Persimmon and Taylor Wimpey June 29, 2023 London’s FTSE 100 slipped today as investors fretted over central banks keeping interest rates higher for longer. The capital’s premier index dropped 0.38 per cent to 7,471.68 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, fell 0.77 per cent to 18,270.73 points. Losses in [...]
HSBC lifts savings rates after government pressure June 29, 2023 HSBC UK and First Direct have unveiled plans to boost savings rates. Customers with HSBC UK accounts will see some savings interest rates increase from Friday 30 June, alongside a change to increase the higher-paying tier on the bank’s online bonus saver account. Those with an online bonus saver will be able to earn four [...]
How to revive the City? Embrace the ‘Bazball’ spirit, says Lloyd’s of London chair June 29, 2023 The City of London needs to follow the lead of the England cricket team and start playing Bazball, the chair of Lloyds of London said today.
What we were able to change with the Financial Services and Markets Bill – part three June 29, 2023 Part three: Lord Holmes addresses his proposals on artificial intelligence that were not accepted by the Government.
Mortgages: Number of people securing a home shot up weeks before BoE hiked rates June 29, 2023 Mortgage approvals continued to show signs of improvement in May, rising to 55,500 for the month as a whole up across the UK – up from 49,000 for the month of April, new data shows. The data provided by the Bank of England (Boe) is a fresh kick in the teeth for prospective buyers, who [...]
Bank of England chief economist Huw Pill admits forecasts have struggled to explain inflation shock June 29, 2023 Any central banker would have struggled to accurately forecast the impact of the series of shocks that have hit the UK economy, the Bank of England’s chief economist claimed today. Huw Pill, a former Goldman Sachs banker, in response to a letter from the Treasury select committee today hit back at critics who have slammed [...]
Ashes: Women’s Test follows men’s in breaking Sky Sports records June 29, 2023 The only Women’s Ashes Test of this year’s series set record-breaking broadcasting figures for Sky Sports just days after the opening Test of the men’s series did the same. The Test – the only one in the Women’s Ashes series, which is contested over all three international formats – saw a peak audience of 480,000 [...]