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 [...]
Tuffnells saved from administration by logistics firm Shift with new depots and jobs saved June 30, 2023 Logistics tech company Shift has brought Tuffnells back from the brink of closure by announcing a re-launch of the delivery giant in July. Shift said it is securing the future of the delivery giant by opening 25 depots, nine of which were previously operated by Tuffnells. It comes as Tuffnells collapsed into administration earlier this [...]
Rate pain takes its toll as home sales tumbled almost 30 per cent in May June 30, 2023 Home sales tumbled by 27 per cent in May compared with the same month a year earlier, according to HM Revenue and Customs (HMRC) figures. Across the UK, 80,020 transactions were recorded in May 2023, which was also 3 per cent lower than in April 2023. HMRC’s report said the big fall compared with May [...]
FTSE 100 close: London markets end week higher after boost from US GDP June 30, 2023 London markets closed the week higher on Friday after revised US growth figures showed the world’s largest economy was performing better than expected. The capital’s premier FTSE 100 index rose 0.91 per cent to 7,538.36 while the midcap FTSE 250 climbed 0.90 per cent to 18,434.23. Investors were buoyed by stronger than expected growth in [...]
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 [...]
Is the era of ESG investing over? June 30, 2023 Battered by inflation and economic turmoil, ESG funds have to prove their worth again.
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 [...]
Brexit scaremongering must stop, says minister June 29, 2023 Total UK trade is up and Brexit scaremongering “has to stop”, a business minister has said. Nus Ghani told the Commons UK trade is thriving post-Brexit, as she dismissed concerns about the effects of the country’s withdrawal from the European Union as “scaremongering”. Her remarks came in response to a question about the impact of [...]
Number of higher rate income taxpayers soars to record high 5.59m June 29, 2023 The number of Brits paying the higher rate of income tax has surged to its highest level on record, caused by Prime Minister Rishi Sunak and Chancellor Jeremy Hunt freezing tax bands to help rebalance the public finances, official figures out today reveal. Some 5.59m people in the UK are being subjected to the higher [...]