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 [...]
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 [...]
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 [...]