How to revive the City? Embrace the ‘Bazball’ spirit, says Lloyd’s of London chair June 29, 2023 The City of London needs to follow the lead of the England cricket team and start playing Bazball, the chair of Lloyds of London said today.
Mortgages: Number of people securing a home shot up weeks before BoE hiked rates June 29, 2023 Mortgage approvals continued to show signs of improvement in May, rising to 55,500 for the month as a whole up across the UK – up from 49,000 for the month of April, new data shows. The data provided by the Bank of England (Boe) is a fresh kick in the teeth for prospective buyers, who [...]
Bank of England chief economist Huw Pill admits forecasts have struggled to explain inflation shock June 29, 2023 Any central banker would have struggled to accurately forecast the impact of the series of shocks that have hit the UK economy, the Bank of England’s chief economist claimed today. Huw Pill, a former Goldman Sachs banker, in response to a letter from the Treasury select committee today hit back at critics who have slammed [...]
Big US banks pass Fed stress tests months after SVB collapse in sign they’d ‘weather a severe recession’ June 29, 2023 The largest banks in the US sailed through the Federal Reserve’s annual stress tests, suggesting they would survive a sharp economic downturn. The Fed said the results demonstrate that large banks are “well positioned to weather a severe recession and continue to lend to households and businesses even during a severe recession.” Despite projected losses [...]
B&M: Bargain hunting Brits help budget chain’s revenues top £1bn June 29, 2023 Brits seeking out bargains have continued to drive earnings at value retailer B&M as it reported a 13.5 per cent rise in group revenue in the first leg of the year. The news, however, failed to impress investors as its share price slumped over 6 per cent when markets opened this morning. The homeware to [...]
Insolvencies set to rise amid ‘perfect storm’ of rising rates and slowing economy, Kroll’s global restructuring lead warns June 29, 2023 Insolvencies are likely to rise amid a “perfect storm” of rising interest rates, higher costs and a slowing economy. “All the indicators show that insolvencies will rise and I think that our message is that management teams need to be taking advice earlier and recognising the problem earlier,” Sarah Rayment, the new co-lead of global [...]
MPs back plans for national Holocaust memorial centre next to Parliament June 29, 2023 MPs have backed plans for a national Holocaust memorial centre next to Parliament despite several Conservatives raising concerns over its proposed location. The Holocaust Memorial Bill, to enable the development to go ahead in Westminster, was given an unopposed second reading in the Commons. Costs have increased by almost 35 per cent due to delays [...]
Mark Kleinman on banks, Ocado and London’s IPO market June 29, 2023 Mark Kleinman is City editor at Sky News Politics could push ministers to punish banks This is a cost of living crisis, not a banking crisis: if I had a fiver for every time a senior bank executive had said that to me over the last 18 months, I’d never need another mortgage of my [...]
Hunt unveils measures to ensure customers get fair pricing June 28, 2023 Chancellor Jeremy Hunt has drafted an action plan with authorities to ensure customers are being facing fair prices during the cost of living crisis. Hunt sat down with the Competition and Markets Authority (CMA), and the regulators for the energy, water and communications sectors, early on Wednesday 28 June at 11 Downing Street. He was [...]
London’s wealthy put homes up for renting as mortgage rate rises bite June 28, 2023 London’s wealthy are placing their homes up for rent as they struggle to reach their ideal asking price on pads across upmarket boroughs such as Chelsea and Mayfair. Following the Bank of England’s decision to hike interest rates by 0.5 per cent, figures from estate agent Knight Frank show affluent sellers in some of London’s [...]