Credit card market ‘broken’ with as little as three per cent of customers switching, but could open banking provide a solution? April 19, 2023 The UK’s credit card market is “broken” with as few as three per cent of customers changing providers despite the hefty costs that consumers face, a new report shows. According to fintech firm Cardeo, the UK is the European country most reliant on credit card spending with 35 per cent of consumer credit in credit [...]
London rent averages over £900 a month as desperate renters battle over fewer properties April 19, 2023 Private renters in London are faced with the highest costs since 2012 as a sparse and competitive market send the cost of homes in the capital to new highs. Landlords in the capital increased rent by 4.8 per cent in the 12 months to March 2023, up from an increase of 4.6 per cent in [...]
Bank of England to hike interest rates to five per cent after inflation tops forecasts to stay in double digits April 19, 2023 UK inflation has smashed expectations to stick in the double digits, in a sign that the cost of living crisis is still gripping families and businesses across the country, prompting markets to bet the Bank of England will hike interest rates to five per cent. The rate of price increases trimmed to 10.1 per cent [...]
Just Eat: Takeaway giant embarks on £132m share buyback scheme after 14 per cent dip in orders April 19, 2023 Just Eat will undergo a €150 million (£132m) share buyback scheme after the takeaway giant posted a 14 per cent loss in orders in the first leg of the year. The Danish company said that it was impacted by a “difficult pandemic comparison” as an end to lockdowns and a tightening on consumer spending pushed [...]
Sadiq Khan slams private landlords profiteering from shoddy London homes April 18, 2023 The Mayor of London has slammed thousands of private landlords who are pocketing the rent and housing benefits from tenants living in housing riddled with mould and damp, branding it “a scandal”. The reaction came in response to New City Hall analysis which shows that across the country, landlords are collecting £9bn a year in [...]
No break for Brits as inflation pushes the cost of kitchen staples by 80 per cent April 18, 2023 Brits are yet to receive a break from soaring food prices as the price of cheddar cheese, sliced white bread and porridge oats are up to 80 per cent more expensive than a year ago. As inflation reached record highs due to the war in Ukraine, consumers were forced to fork out more for kitchen [...]
UK economic outlook: Moving from shaky ground to stability and growth April 18, 2023 Few would argue that UK businesses have had an easy time the last few years. Between the pandemic, cost-of-living crisis, and rising inflation, many had predicted an upcoming recession for the UK economy. Whilst we may have avoided a sharp economic downturn, there is no denying that businesses in the UK are still very much on rocky [...]
As supermarkets rake in profits, Goldilocks would go hungry on the cost of oats April 18, 2023 The price of food is one of the main factors driving double-digit inflation. It keeps on going up, that's why industry leaders must finally step up to protect supermarkets' customers, writes Sue Davies
Bank of England won’t cut interest rates until Christmas but UK to avoid recession April 17, 2023 The Bank of England is poised to cut interest rates at Christmas, lured into the decision by inflation falling rapidly over the course of this year, new forecasts that also say the UK will dodge a recession out today claim. Governor Andrew Bailey and his team of economists are tipped to launch the first rate [...]
‘A breath of fresh air’ vs ‘more to do’: What City grandees have to say about Sunak April 17, 2023 As Labour leader Sir Keir Starmer doesn’t tire of reminding voters: expertise beyond politics can be invaluable. For the current resident behind that most famous front door, it’s so far proved an advantage. Liz Truss’ accountancy background may not have aided her short-lived leadership bout, but – for the City’s boardrooms at least – her [...]