UK jobs market on course to lose steam amid economic slump September 16, 2022 The UK jobs market is on course to finally lose some steam, driven by firms cutting staff in response to swelling costs and weaker consumer spending, a new survey published last night revealed. A historic inflation surge is likely to throw the UK into recession as soon as this quarter, forcing firms to cut costs. [...]
Pressure builds to scrap bankers’ bonus cap as BoE says it never backed policy September 15, 2022 Pressure is building on Kwasi Kwarteng tonight to scrap the cap on bankers’ bonuses, as the Bank of England said it never wanted the EU pay restriction. One minister also told City A.M. that scrapping the cap “makes it more attractive to be in London”, with the measure likely to get support among large sections [...]
London’s FTSE 100 bumped higher by investors pouring into UK banks September 15, 2022 London’s FTSE 100 bounced higher today driven by inventors pouring into banks on expectations of more interest rate rises from the Bank of England. The capital’s premier index rose 0.07 per cent to 7,282.07 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, climbed 0.2 [...]
Bank of England says it never wanted bankers’ bonus cap as Kwarteng looks to scrap payout limit September 15, 2022 The Bank of England has said it never supported the bankers’ bonus cap amid speculation that Kwasi Kwarteng wants to scrap the policy post-Brexit. A spokesperson for the Bank told Reuters today that there were better ways to ensure banks account for risks than the EU-enforced restriction, which critics have said hurts the City’s global [...]
London’s FTSE 100 dips after weaker than expected UK inflation September 14, 2022 London’s FTSE 100 dripped lower today after fresh figures revealed UK inflation is cooling. The capital’s premier index tumbled 1.47 per cent to 7,277.30 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, slid 1.66 per cent to below the 19,000 point mark. Traders were [...]
UK house prices continue to soar in biggest annual jump since 2003 September 14, 2022 UK house prices grew 15.5 per cent to £292,000 in the year to July, according to official figures – the highest annual inflation rate since 2003. The average cost of a home in the UK has continued to spiral as demand outstrips supply. In just 12-months, property prices have grown £39,000 higher, several thousand pounds [...]
Inflation drops for first time in nearly a year, but BoE still on rate hike path September 14, 2022 Inflation in the UK dropped for the first time in nearly a year, but will do little to stop the Bank of England from continuing to hike interest rates, City economists said today. Prices climbed 9.9 per cent over the year to August, down from a 40-year high rate of 10.1 in July, according to [...]
Most UK homebuyers and owners are locking in mortgage rates as rises loom September 13, 2022 The majority of homebuyers and owners are locking in their mortgage rates to escape looming rate rises later this year, according to the latest data. Most new buyers – some 95.5 per cent – are taking out fixed rate mortgages, the Financial Conduct Authority (FCA) found, while the proportion of mortgaged homeowners fixing their rates [...]
Congestion to hit London as mourners flock in their thousands September 13, 2022 Congestion is expected to hit London as hundreds of thousands of mourners flock to the capital to pay their respects to the Queen. There are currently up to 750,000 people lining the streets of Westminster queuing to see the Queen’s coffin, in contrast with Westminster Hall’s capacity to process 350,000. Network Rail stations across London [...]
UK joblessness falls to 1970s low, but pay continues to plummet September 13, 2022 UK joblessness has slid to its lowest level since 1974, but scorching inflation is still wiping out Brits’ pay, official figures published today reveal. The proportion of people out of work dropped to 3.6 per cent in the three months to July, according to the Office for National Statistics (ONS). Despite the historic low unemployment [...]