DeVere shutters UK property investment division as mortgage rate rises loom October 3, 2022 Independent financial advisory organisation DeVere is to pull all its property investments in the UK market amid looming interest rate rises. The group, which advises on around $12bn (£10.7bn) in funds, said today it will temporarily shutter its property investment division as inflation in the UK spirals. The Bank of England is widely expected to [...]
Peel Hunt says revenues will tumble to £40.5m as capital market slump continues October 3, 2022 Investment bank Peel Hunt said it expected revenues to come in at £40.5m in the first six months of the year as it continues to feel strain of a slump in capital markets activity this year.
Greater London boroughs most at risk of ‘monster’ mortgage rate hikes, say Lib Dems October 3, 2022 Greater London boroughs are most at risk as “monster” mortgage rate hikes loom, according to research by the Liberal Democrats. Sutton, Bexley, Kingston upon Thames and Redbridge are home to the highest proportion of properties owned with a mortgage, with one in three households ladened with the debt – far above the city average of [...]
Kwarteng says ‘we must stay the course’ as he defends tax cuts October 2, 2022 Kwasi Kwarteng will tomorrow defend his tax cuts and declare “we must stay the course”, after the first day of Tory party conference was overshadowed by blue-on-blue attacks. The chancellor is expected to say he is committed to “fiscal responsibility”, after funding his tax cuts through more borrowing, in a bid to calm financial markets. [...]
Retail traders look to profit from tumbling pound October 2, 2022 Retail traders have been looking to follow the lead of hedge funds in the past week and capitalise on wild swings in the value of the sterling, sparked by the government’s tax-cutting mini budget.
Explain decision to pull mortgage products, FCA warns lenders October 2, 2022 The chief of the City watchdog has fired a warning shot at lenders after banks pulled mortgage products from the market in droves this week amid extreme market volatility.
Truss: I should have ‘laid the ground better’ for tax cuts package October 2, 2022 Liz Truss has said she should have “laid the ground better” for her package of debt-funded tax cuts as she refused to rule out public spending cuts. The Prime Minister said “I have learnt from that and I will make sure in the future we will do a better job of laying the ground”, after [...]
EU brings in windfall tax but bloc divided over gas price caps October 1, 2022 The EU has confirmed it will impose a windfall tax on energy firms' profits, as the bloc grapples with a cost of living crisis crunch this winter.
Rail strikes: Brits face worst disruption to rail network in decades October 1, 2022 The biggest rail strike in decades threatens to grind the the network to a halt today, forcing Brits to make new travel plans.
Govt must decide which ‘unpleasant combination’ of investment and benefit cuts will fuel mini-budget September 30, 2022 The government will have to decide which “unpleasant combination” of investment and benefit cuts will fuel its mini-budget stimulus package. a leading think tank has said. Prime Minister Liz Truss is appearing to stick with to Chancellor Kwasi Kwarteng’s mini-budget plans, despite the Tories sinking in the polls overnight with YouGov saying Labour now has [...]