Liz Truss refuses to rule out scrapping the bankers’ bonus cap September 20, 2022 Liz Truss has today warned that not all her policies will be “popular” as she refuses to rule out scrapping the bankers’ bonus cap. The Prime Minister told journalists in New York that “what is important to me, what is important to the chancellor, is that people have more opportunities, there is more investment, there [...]
Exclusive: ‘Covid papered over many cracks which gave firms a false positive’, warns Leonard Curtis CEO September 20, 2022 City A.M. reported recently that millions of people across the UK are now struggling to make ends meet, with only one in ten saying they don’t have any financial concerns. And it’s not just individuals that are struggling: Rising bills are the biggest worry for UK businesses, with many concerned about the spiralling cost of [...]
US dollar this year has become the only asset in town September 20, 2022 Investors have had an insatiable appetite for US dollars this year. According to the Wall Street Journal’s dollar index, which measures the greenback against a basket of some of the world’s top currencies, the dollar is its strongest for over a decade. One dollar will buy you the greatest amount of Japanese yen since the [...]
Federal Reserve and Bank of England set to tighten policy once again this week September 19, 2022 The US Federal Reserve and the Bank of England this week are set to hike interest rates steeply again in a bid to chase down scorching inflation, investors are betting. The two central banks are expected to look through recession fears and continue their fight against historic price rises. Despite inflation dropping to 8.3 per [...]
City braces for BoE rate hike and mini-budget September 19, 2022 The City is bracing for a bumper week of economic data and policy announcements in a trading week shortened by the UK bank holiday for The Queen’s funeral. London’s premier FTSE 100 index posted mixed performance last week, initially jumping higher before closing 1.56 per cent lower at 7,236.68 points. Its mid-cap domestically-focused counterpart, the [...]
Childcare costing parents up to 70 per cent of total pay with huge differences across UK September 19, 2022 Childcare in England, Scotland and Wales for children under the age of two is costing some parents more than half of one person’s weekly take-home pay. In fact, in some areas, this figure climbs to a staggering 70 per cent of parents take-home pay. The analysis was shared by Business in the Community, The Prince’s [...]
1,000 fewer mortgage deals to pick from as hundreds of offers are pulled in just one month September 18, 2022 House hunters and other borrowers across borrowers have close to 1,000 fewer mortgage deals to choose from than they did a year ago, as more than 500 deals have simply vanished since last month. The number of available fixed and variable rate home loans has shrunk to 3,890 – marking the lowest level since April [...]
Will the UK lead the way in embracing crypto assets and blockchain? September 17, 2022 Sean Kiernan discusses the challenge of finding a balance between regulation and opportunity for the UK and crypto.
Property guru: Truss’s energy package has helped housing market from cliff edge September 17, 2022 The Government’s action to limit the impact of energy price rises has helped pull the housing market back from the cliff-edge, a leading property association told City A.M. this morning. But the National Association of Property Buyers’ (NAPB) does stress further steps are urgently needed to ensure we don’t see a serious downturn in house [...]
British savers handed September boost as rates climb to highest level in a decade September 17, 2022 A new market analysis shared with City A.M. this weekend shows that the average rates being offered on some savings accounts have reached their highest level in nearly a decade. At 0.84 per cent, the average easy access rate is at its highest since a rate of 0.87 per cent was recorded in December 2012. [...]