Atom Bank swings to first profit as juicy rates tempt in savers July 24, 2023 Atom Bank has notched its first full year of operating profit today after jacking up its savings rates and nearly doubling its customer base over the past year.
UK inflation will top Bank of England two per cent target until end of 2024, EY claims July 24, 2023 Inflation will top the Bank of England’s two per cent target for over a year, hobbling UK economic growth and eroding workers’ finances, new forecasts out today claim. Prices are set to ease much slower than previously expected due to food and energy costs remaining elevated, according to consultancy the EY Item Club. UK inflation [...]
FTSE 100 close: London markets measured after strong week July 21, 2023 London markets stayed flat throughout Friday after a strong week, closing slightly higher and extending earlier gains caused by lower than expected inflation. The bluechip FTSE 100 was measured throughout the day and closed in the green at 7,658.53, while the midcap FTSE 250, which is more aligned with the health of the UK economy, [...]
Summer deals help bump retail sales as growth falls at slowest rate in a year July 21, 2023 Retail sales grew by 0.7 per cent in June 2023 with increases across all the main sectors, as warmer weather and a greater selection increased consumer spending. During the month, non-food stores sales volumes rose slightly by 1.0 per cent in June 2023, following a fall of 0.5 per cent in May 2023, according to [...]
London rents hit record high July 21, 2023 Average asking rents in London have hit record highs of £2,567 per month, new data shows, with tenants in the capital now paying a third more than they were pre-pandemic. Renters in the capital are forking out £559 more every month compared to the same period in 2019, a new study by Rightmove shows, as [...]
Brits finally sober up to high inflation and interest rate hikes as confidence slides July 21, 2023 Brits have finally sobered up to the damaging impact high inflation and the Bank of England’s interest rate hikes to tame it is having on their finances, a closely watched survey out today shows. Consumer confidence has dropped for the first time since January, down six points to minus 30 in July, according to research [...]
FTSE 100 close: Dovish Bank of England interest rate bets extend London gains July 20, 2023 London’s FTSE 100 extended gains today as traders continued to cheer signs that UK inflation may have finally turned a corner. The capital’s premier index hopped 0.76 per cent to 7,646.05 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, was broadly unchanged at 19,311.73 [...]
Mortgage costs slip for first time since May as Bank of England rate bets cool on inflation drop July 20, 2023 Mortgage rates have dropped for the first time in two months, sparked by banks passing on a reduction in interest rate bets after yesterday’s better than feared inflation figures. The average rate on two-year mortgages fell to 6.79 per cent yesterday from 6.81 per cent, according to financial data provider Moneyfacts. It is the first [...]
Vistry reports 22 per cent slide in home completions as rate hikes bite July 20, 2023 Vistry Group said the number of homes it completed during the quarter was down 22 per cent compared to the same period last year, as surging mortgage rates continue to hit UK housebuilding companies. The London-listed firm blamed a “tough” economic climate for the decline, with the housebuilder completing 2,847 homes in the period down [...]
Inflation tumbles faster than expected to its lowest level in over a year at 7.9 per cent July 19, 2023 Inflation has slimmed to its lowest level in over a year and is falling faster than expected, raising the chances of the Bank of England hiking interest rates at a slower pace next month, official figures out today reveal. The rate of price growth fell to 7.9 per cent in June, down from 8.7 per [...]