Jeremy Hunt to meet CMA, Ofgem, Ofwat and Ofcom over ‘profiteering’ concerns June 26, 2023 Jeremy Hunt will ask industry regulators what they are doing about any companies exploiting rampant inflation by raising prices. The Chancellor is set to meet the Competition and Markets Authority (CMA), and the watchdogs for energy, water and communications on Wednesday. He will press them on whether there is a profiteering problem in their sectors [...]
Roaring mortgage rates to keep a lid on housing demand as City eyes Bailey and Pill remarks June 26, 2023 Roaring mortgage rates in response to markets betting the Bank of England will have to send official borrowing costs to over six per cent are poised to have kept a lid on housing demand. Fresh figures out this Thursday from the Bank of England are expected to show the volume of mortgages approved in May [...]
Labour now 25 points clear of Tories as mortgage rates batter Rishi Sunak’s party June 25, 2023 Labour has posted its biggest lead over the Conservatives since March, new polling data has revealed, as the public grows increasingly tired of the government’s perceived mismanagement of the economy. Labour’s vote share jumped four points to 47 per cent, giving the opposition party a 25 point lead over the Tories, according to fresh polling [...]
Bank shares slump: Barclays, HSBC, NatWest and Lloyds down as investors fret over loan defaults June 23, 2023 Shares in Britain’s big banks have tumbled again today as investors fret over the impact of rising interest rates and the prospect of loan defaults on the horizon.
Hunt and big banks vow to ease mortgage pain with repossessions grace period June 23, 2023 Mortgage holders will get a 12-month grace period before banks begin repossessions on their homes, Jeremy Hunt has announced, after a crunch meeting with lenders at No11. The Chancellor said ministers were “particularly worried” about people falling behind on payments or having to switch deals at the end of a fixed rate mortgage. He announced [...]
NatWest, Lloyds, HSBC, Barclays and Santander leaders meet Jeremy Hunt in ‘productive’ mortgage crisis talks June 23, 2023 Bank bosses held a “productive” meeting with Chancellor Jeremy Hunt as the rates increase worsens the mortgage crisis. Natwest chief executive Alison Rose, speaking to reporters as she left Downing Street, said lenders were “doing everything we can” and were “very keen” to help customers. Lloyds Banking Group boss Charlie Nunn described the meeting as [...]
Chancellor Jeremy Hunt to meet lenders as mortgage crisis worsens June 23, 2023 Chancellor Jeremy Hunt will ask banks if they can do more to support struggling households after a shock interest rate hike deepened the mortgage crisis. He is meeting large lenders including HSBC and Santander in Downing Street this morning as the government comes under pressure to relieve the pain. Prime minister Rishi Sunak and Hunt [...]
Housing market reeling after BoE hike interest rates in fresh blow for mortgage holders June 22, 2023 Prospective buyers and homeowners looking to reinstate fixed rate or tracker deals on their homes were met with a fresh blow this afternoon following the central bank’s decision to hike interest rates for the 13th time in a row in efforts to cool soaring inflation. It is expected that the decision will lead high street [...]
Credit fears send bank shares lower after Bank of England lifts rates by 50bps June 22, 2023 Shares in the UK’s biggest banks today fell after the Bank of England raised interest rates by 50 basis points, heaping more pain onto borrowers. The Bank’s Monetary Policy Committee reverted to a larger rate hike after inflation remained stuck at 8.7 per cent last month. It was the 13th rate hike in a row [...]
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 [...]