Federal Reserve slashes interest rates to zero amid coronavirus chaos March 15, 2020 The US Federal Reserve has cut interest rates to near zero this evening in a fresh attempt to shore up the economy amid the devastation caused by the coronavirus epidemic. The move, which cuts rates to 0.0 to 0.25 per cent, comes just days after an initial emergency cut of 50 basis points, which had [...]
UK coronavirus: Sixth Brit dies as Covid-19 infections hit 373 March 10, 2020 A sixth person has died after testing positive for coronavirus in the UK, as the number of confirmed cases rises to 373. The patient, who was in their eighties and had underlying health conditions, was treated by West Hertfordshire Hospitals NHS Trust. Chief medical officer Professor Chris Whitty said it appeared that the virus was [...]
UK house prices: Brexit clouds lift, but coronavirus threat looms March 6, 2020 UK house prices rose 2.8 per cent in February compared to the same month last year, Halifax data showed today. Homes’ values increased 0.3 per cent month on month and 2.9 per cent on a quarterly basis, Halifax’s House Price Index found. That left the average UK house price at £240,677 in February. But while [...]
UK PMI: Construction expands at fastest rate in over a year March 3, 2020 UK construction output rose at its fastest rate in over a year in February, a survey showed today, as new orders picked up at a fast clip. The IHS Markit/Cips construction purchasing managers’ index (PMI) jumped to 52.6 in February, up from 48.4 in January. A score of above 50 indicates expansion and it was [...]
UK mortgage approvals hit highest in four years March 2, 2020 UK banks approved the highest number of mortgages for four years in January, official statistics have shown, in a sign the housing market is recovering after a rocky 2019. Mortgage approvals for house purchase rose to 70,900 in January, up 4.4 per cent from December’s 67,930 figure, the Bank of England said today. The jump [...]
Co-op Bank losses deepen amid tougher mortgage competition February 27, 2020 The Co-operative Bank has reported an increased pre-tax loss for 2019, as the high street lender struggled with tough mortgage competition and PPI compensation payouts. The figures Co-op Bank posted a loss before tax of £152.1m for 2019, an eight per cent rise on the £140.7m recorded the previous year. It said that its underlying [...]
PPI, profit drop, and a mixed 2020: Five takeaways from Lloyds’ results February 20, 2020 Lloyds reported a 26 per cent drop in annual profit on Thursday, with Britain’s largest domestic lender hit by a rise in bad debts and billions of pounds of customer compensation payout. Chief executive Antonio Horta-Osorio said the results demonstrated a “solid financial performance in a challenging external market”, but analysts have described them as [...]
Remortgages jump as owners invest in home improvement projects February 18, 2020 The number of homeowners remortgaging their properties to access additional cash jumped in December, as Brits took advantage of low interest rates to invest in home improvements. Remortgages with additional borrowing increased 5.9 per cent at the end of last year as homeowners borrowed money for DIY projects. The average additional amount borrowed in the [...]
Consumer credit forecast to grow at lowest rate for six years in 2020 February 17, 2020 Consumer credit is forecast to grow at its lowest rate in six years in 2020, despite a post-election pick-up in consumer confidence. The EY Item Club predicted consumer credit growth of 3.2 per cent this year. Although lending rose slightly at the end of 2019, signalling a post-election increase in demand, the annual forecast remains [...]
RBS to rebrand as Natwest as bank posts £4.2bn profit under new boss Alison Rose February 14, 2020 Royal Bank of Scotland reported profit of £4.2bn for 2019 today, beating its financial targets as new boss Alison Rose outlined a rebrand of the bank to its Natwest name. But RBS’s share price sank 6.4 per cent to lead the FTSE 100 fallers today. Traders reacted badly to a cautious outlook on growth amid [...]