UK families set for another year of cost of living crisis and £65bn hit to finances July 12, 2023 UK families are poised to be gripped by the cost of living crisis for nearly another whole year due to the Bank of England keeping interest rates higher for longer in a bid to vanquish inflation, a new report out today claims. Household finances will be corroded by rising living costs and elevated rates until [...]
Mortgage rates: Banks warn of more ‘financial difficulty’ – but arrears increase will be small July 11, 2023 Leading bankers have said that an increasing number of customers will face financial difficulties as mortgage rates rise, but remained confident that both consumers and lenders could withstand the pressure. Bradley Fordham, mortgage director at Santander, said that with rates at six per cent, the average increase in monthly payments for customers coming off a [...]
Exclusive: ‘Draconian’ Net Zero rules will hit landlords to tune of £6,000 – but only save £36 a year July 11, 2023 Government rules which ensure housing meets net zero targets have been branded “draconian” by a landlords group, who say costs massively outweigh benefits. Under new proposals, landlords will be blocked from letting properties unless they upgrade them to meet net zero energy efficiency targets as soon as 2028. Homes will be required to have an [...]
Bank of England won’t hesitate to hike rates if inflation persists, warns Andrew Bailey July 10, 2023 The Bank of England will have to keep on lifting interest rates if wages keep rising at a near record pace and businesses continue to pass on swelling costs, Governor Andrew Bailey has signalled today. In a speech delivered at the annual Mansion House bankers’ dinner, Bailey said price pressures emanating from the labour market [...]
London economy steams ahead of every other UK region but interest rate hikes contain growth July 10, 2023 London’s economy is steaming ahead of every other region in the UK, but there are signs higher interest rates and a return of recession jitters is holding the capital back, a new survey out today shows. Economic growth in London in June was far above the UK average and even its closest competitor, the south [...]
Wall Street falls after hot jobs data raises threat of high rates July 7, 2023 Stocks fell on Thursday after reports suggested the US jobs market remains much more resilient than expected. The S&P 500 lost 35.23, or 0.8 per cent , to 4,411.59. The Dow Jones Industrial Average dropped 366.38, or 1.1 per cent , to 33,922.26, and the Nasdaq composite gave up 112.61, or 0.8 per cent , [...]
London house prices fall at fastest rate since 2009 as rising rates dents demand July 7, 2023 UK house prices fell for the third consecutive month with properties in London and the south east coming under the most pressure. According to the Halifax House Price Index, the average house price fell by 0.1 per cent from the month before, taking the average price to £285,932. This means that over the last year, [...]
FTSE 100 tumbles to year low and gives up 2023 gains after hitting record high just months ago July 6, 2023 London’s FTSE 100 tumbled to its lowest closing level this year today as the index was captured by a global stock market sell off ignited by traders fretting over further interest rate rises. The capital’s premier index cratered 2.24 per cent, its biggest one day fall since March, to close at 7,275.60 points, while the [...]
Legal talent war rages on as Baker McKenzie ups newly-qualified salaries to £118k July 6, 2023 Global law firm Baker McKenzie will increase the salary it gives to newly-qualified (NQ) London solicitors to a cool £118,000. The Chicago-based firm said effective as of 1 July, newly-minted lawyers will get a bump up from £110,000 a year. Last July, Baker McKenzie upped pay for NQs by £5,000. While many industries have been [...]
Explainer: Small house builders face existential hurdles July 6, 2023 As mortgages and rents rocket up, the housing industry hardly needed another blow. But small firms in the sector have warned they risk going bust without an intervention. In a letter to the prime minister this week, more than 200 small to medium-sized companies lamented that changes in the planning systems are blocking new developments [...]