Banks and housebuilders bear brunt of market chaos September 29, 2022 Wild swings in UK debt markets and concern over borrowers’ capacity to pay costlier mortgages have whacked London-listed housebuilders and banks this week. Britain’s biggest property developers have been among the hardest hit listed companies during this week’s market sell-off. FTSE 100-listed construction firms Taylor Wimpey and Barratt Developments have shed more than 20 per [...]
Truss defends mini-budget as ‘the right plan’ in bruising local radio interviews September 29, 2022 Prime Minister Liz Truss said she was willing to take “controversial” steps to spur growth today as she refused to reverse her economic plans that have rocked financial markets this week.
Ex Bank of England governor Mark Carney: Government ‘undermining’ financial institutions September 29, 2022 Sir Mark Carney, the former Bank of England Governor, has said the government’s mini-budget tax cuts are “working at some cross-purposes” with monetary policy. The economic accused Liz Truss and Kwasi Kwarteng of “undercutting” financial institutions, after last week’s mini-budget sent markets into turmoil, and the pound plummeting. Speaking to the BBC, his comments came [...]
As Starmer dreams of Downing Street, beware of sweeping electoral reform September 29, 2022 Labour can finally start dreaming about being able to form a majority government at the next election. So it may seem odd timing for the party’s conference to endorse electoral reform for the first time in nearly a hundred years.
Kwarteng tells bank execs he is ‘working closely’ with BoE to calm markets September 28, 2022 Kwasi Kwarteng has told a group of investment bank executives that he is “working closely” with the Bank of England to calm markets. The chancellor and City minister Andrew Griffith said during a roundtable that the government has a “clear commitment to fiscal discipline” and outlined coming post-Brexit changes to financial services regulations, according to [...]
London’s FTSE 100 dragged down by house builders as more rate hikes loom September 27, 2022 London’s FTSE 100 fell today driven lower by house builders tumbling on the prospect of higher interest rates. The capital’s premier index lost 0.52 per cent to drop to below 7,000 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, tumbled 2.36 per cent to [...]
House prices may tumble a fifth if Bank of England hikes rates steeply, economists warn September 27, 2022 House prices could tumble as much as 21 per cent if the Bank of England is forced to hike interest rates steeply in response to the government’s tax and borrowing splurge fuelling inflation, City economists have warned. Mortgage affordability – the ratio of a home purchase loan to the size of the borrower’s income – [...]
Virgin Atlantic boss calls on Govt to make ‘difficult decisions’ and bring pound up September 27, 2022 Virgin Atlantic’s boss Shai Weiss has called on Prime Minister Liz Truss to make “difficult decisions” and bring the pound’s value up. “The message to the government is pretty clear in my mind,” he told journalists on Tuesday morning. “Prime Minister Liz Truss has taken difficult decisions upon entering the role. “Maybe you need to [...]
Mortgage lenders withdraw some products after mini-budget market turmoil September 27, 2022 By PA Banks and building societies are withdrawing some of their mortgages from sale after the Government’s mini-budget on Friday sparked massive market turmoil. Three lenders have so far withdrawn some of their products amid the uncertainty. Virgin Money said: “Given market conditions we have temporarily withdrawn Virgin Money mortgage products for new business customers. [...]
A new Tory green agenda has to be stubbornly pro-growth September 27, 2022 In 1990, Margaret Thatcher called for action on climate change, remarking that we all need to “make changes and sacrifices, so that we do not live at the expense of future generations”. The key question is whether Truss will follow in the footsteps of her idol, or take more inspiration from Thatcher’s climate sceptic Chancellor [...]