Growing European Coronavirus fears April 3, 2020 Sterling and the Euro – a story of two halves. The pound had another resilient week, strengthening by an average of 1.9% against the other major currencies. This is despite the downgrade of Britain’s credit rating by Fitch. The pound’s strength can be attributed to the US Federal Reserve announcing billions of liquidity to stabilise [...]
Coronavirus: City watchdog proposes credit card payment freeze April 2, 2020 The UK’s financial watchdog has proposed that banks freeze loan and credit card bills and cancel overdraft interest payments for people hit financially by coronavirus. The Financial Conduct Authority (FCA) said it will carry out a “brief consultation” on the plans. If accepted, they will come into force on 9 April. The FCA made a [...]
Coronavirus: UK house prices growth ‘grinding to a halt’ April 2, 2020 UK house prices rose three per cent last month just before the coronavirus outbreak hit, according to Nationwide figures released today. But the bank warned housing market activity is “grinding to a halt” as the coronavirus lockdown stops buyers and sellers from viewing properties. Banks have also withdrawn mortgages or made it tougher to secure [...]
Nationwide pulls sales of mortgages for small deposit holders March 31, 2020 Nationwide is temporarily pulling its mortgage offering for low-deposit borrowers including first-time buyers as Britain’s biggest building society grapples with the impact of coronavirus on the housing market. Nationwide said that from Tuesday it would withdraw all fixed-rate and tracker mortgages above 75% loan-to-value (LTV) from sale for remortgage, first-time buyers, and new house purchases. [...]
Co-ordinated stimulus package recognises the critical role of banking to support the economy March 30, 2020 A consistent message from financial regulators post 2008 was that the next financial crisis would look different. Few would have predicted a global health pandemic, coupled with an oil price war, would dramatically curtail economic activity. Yet while banking was not the cause of this crisis, regulators, politicians and the industry itself have quickly moved [...]
New FCA boss to hold crisis coronavirus meeting with banks March 29, 2020 The interim boss of the City watchdog is set to hold crisis talks tomorrow with the Bank of England and the heads of the high street banks to try and plot a course through the economic chaos triggered by coronavirus. Chris Woolard said he wanted the industry to work out how to protect people unable [...]
Coronavirus dividend cuts produce £4.4bn hit to investor portfolios March 27, 2020 With more UK firms announcing coronavirus-fuelled dividend cuts this week, the total loss of investor income so far this year is now £4.4bn. The pace of dividend cuts is accelerating as coronavirus wreaks havoc on world economies. In March 116 companies have suspended their dividends totalling £4.2bn, according to investment fund AJ Bell. That compares [...]
We need Alan Turing’s innovative mindset to make it through coronavirus March 27, 2020 Alan Turing designed the curiously named Bombe machine during the early stages of World War II. A forerunner to the computer, the Bombe was able to rapidly intercept messages, quickly decode them, and thereby allow allied forces to react within hours rather than weeks. Stories from the world of codebreaking today bring to vivid life [...]
Time for a staycation? Mortgage payment holidays explained March 26, 2020 As part of its plan to reduce the economic damage done by staying at home during the coronavirus outbreak, the government has granted a holiday on what is many people’s biggest outlay: mortgage payments. For three months, those who are paying off their mortgage will get a temporary break from their monthly payments, one of [...]
Redrow scraps interim dividend as coronavirus restrictions tighten March 24, 2020 Housebuilder Redrow is cancelling its interim dividend, anticipating a sharp drop in sales as the government tightens restrictions amid the coronavirus outbreak. The FTSE 250 company said it is cancelling its 10.5p interim dividend, amounting to £37m, which was due to be paid next month. Shares in Redrow are up five per cent. Redrow said: [...]