FTSE 100 close: Bank of England interest hike piles more pain on markets June 22, 2023 The much scrutinised Bank of England’s interest rate hike by half a point to five percentage points today, piled the pressure on London markets. London opened far lower in anticipation of the rate hike and continued in the red following the announcement, which marked the 13th straight rise from the bank and took interest rates [...]
Andrew Bailey under fire from Government and City analysts ahead of rate hike June 22, 2023 Andrew Bailey and the Bank of England have been criticised for moving too slowly to clamp down on inflation
DS Smith: Inflation can’t keep profits boxed up for Amazon cardboard provider June 22, 2023 DS Smith reported soaring profits and trading in line with expectations in its full year results this morning, as the package specialist continued to show strong resistance to high inflation and rising paper costs. The London-listed group – which delivers boxes and paper products to companies including Amazon and Brewdog – saw pre-tax profits up [...]
Happening today: All you need to know as the Bank of England set to raise rates again June 22, 2023 The Bank of England is poised to raise interest rates for the 13th time in a row after disappointing inflation figures showed price rises have not eased. The UK’s Consumer Prices Index (CPI) was unchanged in May at a rate of 8.7 per cent , according to the Office for National Statistics. It came in [...]
Labour’s plan to force banks to help on mortgages branded ‘risky’ and ‘counterproductive’ June 22, 2023 Labour’s plans to force banks to help struggling borrowers with their mortgages have been slammed as “risky” and “counterproductive”. The party says lenders should be compelled to help mortgage holders struggling with payments in a bid to avert a looming mortgage crisis as interest rates are expected to keep rising to bring inflation down. Shadow [...]
Oil prices rebound as the Fed commits to inflation battle June 22, 2023 Oil prices are rising amid a sustained hawkish approach from the Federal Reserve raising hopes of an economic revival in the US.
Does raising interest rates actually bring down inflation? June 22, 2023 Britain’s inflation problem is looking much harder to solve than first thought. Numbers out from the Office for National Statistics (ONS) yesterday revealed the rate of price increases was unchanged in May at 8.7 per cent. The City thought it would slim to 8.4 per cent. Core inflation – the best barometer of underlying price [...]
For all the awards, consumers rarely care about the gold standard City exec June 22, 2023 We've got so obsessed with award ceremonies that they've ceased to be a reliable guide for customer choice and become more of a game of winners, writes Chris Hirst
Shares in UK housebuilders slump as inflation woes increase prospect of rate hikes June 21, 2023 Shares in some of the UK’s biggest housebuilders closed down today after Berkeley Group warned that its sales could fall by up to 20 per cent as rising mortgage rates rock the housing market. Berkeley’s share price fell around 3 per cent this morning following its announcement, but recovered slightly closing down 1.56 per cent. [...]
UK inflation smashes forecasts again raising chances of larger Bank of England interest rate hike June 21, 2023 UK inflation is still outpacing experts’ predictions and is running at a level that could lure the Bank of England into an outsized interest rate hike tomorrow, heaping more pain on families and businesses. Official figures out this morning from the Office for National Statistics (ONS) showed the rate of price hikes held steady at [...]