Crash warning: House prices slump in July as market hits 2009 lows August 1, 2023 House prices have slumped by 3.8 per cent year on year, the latest closely watched figures from Nationwide show, as a season of high interest rates and weak consumer confidence continues to batter the market. The figure is the weakest since July 2009, although it is only slightly lower than the -3.5 per cent recorded [...]
Bank of England to hike interest rates for 14th time in a row to 2008 high of 5.25 per cent July 31, 2023 The Bank of England this week is tipped to hike interest rates for the 14th time in a row as it extends its fight against roaring inflation. Members of the nine-strong monetary policy committee (MPC) are expected on Thursday to back a 25 basis point increase to the UK’s official interest rate, which would send [...]
UK private economy wilts amid high inflation and interest rates, CBI survey shows July 31, 2023 Britain’s private sector economy is being trapped by high inflation and elevated interest rates and companies fear growth will continue to contract, a new survey out today shows. Research by the lobby group the Confederation of British Industry (CBI) has found that activity across the private sector – which generates most output in the UK [...]
European Central Bank hoists interest rates to joint record high of 3.75 per cent July 27, 2023 The European Central Bank (ECB) today lifted interest rates for the ninth time in a row, following the US Federal Reserve’s rise last night. It means the eurozone’s key interest rate now stands at 3.75 per cent, its highest level in 22 years. President Christine Lagarde and the rest of the governing council opted for [...]
Welcome to the Great Green Delay, and Khan’s Ulez expansion is the first victim July 26, 2023 As Sadiq Khan’s expansion of the Ultra Low Emission zone became a flashpoint for the Uxbridge by-election, other green policies face being quietly shelved, writes Comment & Features editor Sascha O’Sullivan.
IMF warns Germany and UK will be G7’s laggards this year despite upgrades July 25, 2023 Britain is on course to register the second weakest growth in the clutch of rich countries this year, beaten only by Europe’s economic powerhouse Germany, which will be the only advanced economy to contract this year, the world’s lender of last resort has signalled today. UK output will expand 0.4 per cent this year, the [...]
Utilita boss: We’ve got ‘no faith’ in Ofgem’s ability to manage the market July 25, 2023 The price cap is still "the biggest single risk to supplier profitability," warned Utilita boss Bill Bullen, as he called for more household support.
UK recession risk just got a whole lot lower after inflation undershoot July 25, 2023 From the Bank of England to recession warnings, Jack Barnett gets under the skin of Britain’s economy in his weekly column Bank of England Governor Andrew Bailey would not have been the only person in the City last week breathing a sigh of relief after the better than expected inflation numbers. It was the first [...]
UK inflation will top Bank of England two per cent target until end of 2024, EY claims July 24, 2023 Inflation will top the Bank of England’s two per cent target for over a year, hobbling UK economic growth and eroding workers’ finances, new forecasts out today claim. Prices are set to ease much slower than previously expected due to food and energy costs remaining elevated, according to consultancy the EY Item Club. UK inflation [...]
Sadiq Khan is open to tweaking ULEZ expansion – but won’t scrap it July 23, 2023 Sadiq Khan is prepared to review the expansion of the ULEZ policy, but remains committed to delivering it, City A.M. understands. The London mayor has faced criticism after opposition to his plans to roll out the ultra low emission zone (ULEZ) across the capital played into the Uxbridge by-election defeat. Labour leader Sir Keir Starmer [...]