Mortgages: Number of people securing a home shot up weeks before BoE hiked rates June 29, 2023 Mortgage approvals continued to show signs of improvement in May, rising to 55,500 for the month as a whole up across the UK – up from 49,000 for the month of April, new data shows. The data provided by the Bank of England (Boe) is a fresh kick in the teeth for prospective buyers, who [...]
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 [...]
London’s wealthy put homes up for renting as mortgage rate rises bite June 28, 2023 London’s wealthy are placing their homes up for rent as they struggle to reach their ideal asking price on pads across upmarket boroughs such as Chelsea and Mayfair. Following the Bank of England’s decision to hike interest rates by 0.5 per cent, figures from estate agent Knight Frank show affluent sellers in some of London’s [...]
Andrew Bailey, Christine Lagarde and Jerome Powell warn inflation fight not yet done June 28, 2023 Andrew Bailey and the cream of the global central banking crop today warned they may need to keep heaping pressure on the global economy before they can declare victory over high inflation. Speaking at the European Central Bank’s (ECB) annual monetary policy conference in Sintra, Portugal, the chiefs of the Bank of England, Federal Reserve [...]
Mortgage mayhem: Homeowners forced to sell up at discount prices as rates soar June 28, 2023 Red hot mortgage rates are leading to sellers accepting lower prices for their properties, fresh data shows, creating further pain for the housing sector. As the market continues to grapple with the Bank of England’s recent 0.5 per cent interest rate hike, figures by estate agent Zoopla show that 42 per cent of sellers are [...]
Budget Britain: Inflation forces families to trade down and opt for staycations June 28, 2023 Britons are trading down to cheaper products and are opting to holiday at home in response to rampant inflation and higher interest rates squeezing their budgets, new research out today shows. Some 40 per cent of families have been buying more value or own brand products in 2023, according to analysis from consultancy KPMG. The [...]
Scottish Mortgage bosses set for shareholder grilling after ‘painful’ year June 26, 2023 Bosses at Scottish Mortgage Investment Trust are set to face down shareholders tomorrow after a “painful” year in which it has been rocked by a boardroom spat and a plunge in its share price.
Rich Brits only group to pocket disposable income rise as inflation chokes poorest families’ finances June 26, 2023 The richest households in the UK are the only group to have undergone a living standards improvement over the last year, while poorer families are being whacked by sky high energy and food bills, according to research out today. Top earners in Britain have seen their post-bill weekly income increase 2.1 per cent over the [...]
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 [...]