GDP contracts: Economic growth grinds to a halt as UK reaches ‘dreadful’ recession November 11, 2022 The UK economy contracted by 0.2 per cent between July and September, compared to growth of 0.2 per cent in the previous three months, the Office for National Statistics said this morning. Commenting on the gross domestic product (GDP) figures that showed a 0.2 per cent contraction in the third quarter of the year, ONS [...]
Co-operative Bank eyes acquisitions as profits top £103m November 10, 2022 The Co-operative Bank said it was eyeing up potential acquisitions today after it posted a 75 per cent surge in pre-tax profit to £103.1m in the first nine months of the year. The high street lender said profits had more than tripled from £29m on the same period last year as it became the latest [...]
UK at greater risk of mortgage default wave than international counterparts November 9, 2022 The UK is at greater risk of being jolted by an uptick in mortgage defaults during the global economic slowdown, a top Wall Street bank has warned. Goldman Sachs reckons the country will undergo a bigger unemployment surge compared to other English speaking countries, dealing a heavy blow to households’ capacity to pay off home [...]
Sunak handouts: 8m Brits start receiving £324 into their bank accounts from today November 9, 2022 Close to 8m low income Brits will start to receive payments of £324 into their bank accounts from today as part of the Government’s cost-of-living support. The Department for Work and Pensions (DWP) will start making the payments directly into eligible people’s bank accounts from Tuesday. There is no need for people to apply or [...]
FTSE 100 dragged down by Persimmon tumbling after property market warning November 8, 2022 London’s FTSE 100 today was pulled down by house builder Persimmon tumbling after it warned rising rates will hit its bottom line. The capital’s premier index edged 0.08 per cent higher to 7,306.14 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, climbed 0,75 per [...]
Bank of England not to blame for looming record recession, chief economist stresses November 8, 2022 The Bank of England is not to blame for the UK fumbling into the longest recession since records began and rate setters are not “inflation nutters,” its chief economist said today. Huw Pill, who replaced Andy Haldane last year as Threadneedle Street’s top wonk, said the UK’s slowdown is being “driven by other forces” beyond [...]
Persimmon signals housing slowdown as sales slump amid recession fears November 8, 2022 Soaring interest rates and economic uncertainty are eating into sales and reducing consumer appetite for housing, revealed Persimmon.
Retail giants have an opportunity to plug the holes in a disjointed rental market November 8, 2022 For many people up and down the country, their ability to stay in their home is in peril. And this isn’t about mortgages. Rents have jumped steeply this year and many are forced to move as a result. Others will be forced out because of the collateral damage of landlords not being able to pay [...]
Scorching inflation raises fears of Christmas spending slump November 8, 2022 Scorching inflation hobbling Brits’ finances has triggered a spending squeeze that could bleed into Christmas, research out today reveals. Surveys out from Barclaycard and the British Retail Consortium (BRC) show retail sales volumes likely fell in October. While the organisations measured a jump in consumer spending of 3.5 per cent and 1.6 per cent respectively, [...]
British households have been worst affected by economic downturn within OECD November 7, 2022 British households have been worst affected by the global economic downturn amongst richer nations according to new figures released today. The United Kingdom GDP’s since the fourth quarter of 2019 dropped to -1.2, the lowest out of the seven nations, while its real income fell by -3.5, also the lowest. The figures were published by [...]