FCA will ‘keep its eyes’ on banks’ Q1 results for evidence of savings rate profiteering April 20, 2023 Savers are facing a rising “loyalty penalty” from high street banks, the Financial Conduct Authority (FCA) has warned. Customers banking with the UK’s big name lenders are likely to earn less competitive interest rates on their savings over time, while new savers are given more attractive offers, the City watchdog told MPs today. “Harm” from [...]
London rent averages over £900 a month as desperate renters battle over fewer properties April 19, 2023 Private renters in London are faced with the highest costs since 2012 as a sparse and competitive market send the cost of homes in the capital to new highs. Landlords in the capital increased rent by 4.8 per cent in the 12 months to March 2023, up from an increase of 4.6 per cent in [...]
Moneysupermarket sales lifted as Brits go deal hunting to protect finances April 18, 2023 A boom in consumers shopping around for better savings accounts has boosted sales for comparison site Moneysupermarket. The platform profited from people hunting down better deals throughout last year and saw revenues across its money division, which compares current and savings accounts, credit cards, and loans, jump by 37 per cent. The company said this was [...]
Bank of England won’t cut interest rates until Christmas but UK to avoid recession April 17, 2023 The Bank of England is poised to cut interest rates at Christmas, lured into the decision by inflation falling rapidly over the course of this year, new forecasts that also say the UK will dodge a recession out today claim. Governor Andrew Bailey and his team of economists are tipped to launch the first rate [...]
Britain still at risk of ‘mild recession’ despite better than feared start to year, Lloyds Bank chief predicts April 16, 2023 Britain could still suffer “a mild recession” despite the economy performing much better than experts warned at the turn of the year, the head of Lloyds Bank, the country’s largest mortgage lender, has said. Charlie Nunn, chief executive of Lloyds Bank, told The Sunday Times that there is a “more positive outlook” about the UK [...]
Wall Street rally lifts tech stocks in latest signal US inflation is cooling, now eyes turn to Fed rate decision April 14, 2023 A rally on Wall Street on Thursday lifted stocks to their highest level in almost two months following the latest sign that inflation continues to cool. The S&P 500 rose 1.3 per cent after a report showed inflation at the wholesale level slowed last month by more than expected. The Dow Jones Industrial Average gained [...]
UK banks report more defaults – and it’s likely to get worse April 13, 2023 Banks and building societies have seen an uptick in defaults in both secured and unsecured lending – a trend that is expected to continue over the next three months, according to new data published by the Bank of England today. In the three months to February, UK lenders included in the Bank’s credit conditions [...]
London flat sales beat pre-pandemic levels as property market stabilises April 12, 2023 Sales of London flats are up nearly 25 per cent on pre-pandemic levels, according to new data, in a sign that the City’s property market is starting stabilise. In March, flat sales in London were 23 per cent higher than in March 2019 – the first time monthly sales have been higher than in 2019 [...]
Is it over now? Where next for the banking crisis in Europe April 7, 2023 Is that it? After a few weeks of exhilarating volatility, European banking stocks have settled into a more reliable pattern. It seems dramatic regulatory interventions have stemmed the possibility of immediate financial difficulties. The question now is whether the events of the past few weeks are symptoms of wider financial problems which will be brought [...]
Google bans personal loan apps from accessing sensitive data April 6, 2023 Google is banning apps that provide personal loans from accessing sensitive user data in a bid to clamp down on predatory activity among some lenders. In a policy update late Wednesday, the company said that the apps available on Google Play were “prohibited” from accessing sensitive data, such as photos or contact books. The new [...]