Consumer Duty: High street banks prepare for major regulatory shakeup as clock ticks down May 31, 2023 Banks in the UK have just two months to prepare for the incoming Consumer Duty, with some prominent bankers suggesting the new regulatory standards will prompt widespread changes in the industry. The Financial Conduct Authority’s (FCA) flagship Consumer Duty, which will come into effect on 31 July, requires firms to deliver good outcomes for retail [...]
House sales drop by almost a third as market braces for slowdown in mortgage approvals May 31, 2023 The number of houses sold in the UK has fallen by almost a third as the market struggles to upkeep the momentum from a surge in sales at the start of spring. UK residential transactions fell 32 per cent in April with 67,220 homes sold, figures from HMRC show, 32 per cent lower than April [...]
The UK government needs equity stakes in AI firms to truly safeguard its citizens May 31, 2023 To ensure AI is scrutinised, the UK government should accept some intervention is needed and take on equity stakes in artificial intelligence firms to shape the future of the technology, writes Simon Neville
FTSE 100 close: Debt ceiling breakthrough fails to lift London index as recession fears reignite May 30, 2023 London’s FTSE 100 dropped sharply today as recession fears outweighed US lawmakers closing in a deal to end the debt ceiling deadlock. The capital’s premier index slid 1.38 per cent to 7,522.08 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, was broadly flat, closing [...]
House prices continue to fall as buy-to-let landlords sell up May 30, 2023 House prices are continuing to fall, according to a closely watched index, but transactions are ahead of the long-term average due to landlords selling up. According to estate agent Zoopla, landlord properties accounted for 11 per cent of sales in the last month, as high mortgage rates and energy bills forced many property owners to [...]
FTSE 100 close: Stress over US debt ceiling talks drag London index as IMF ditches UK recession forecast May 23, 2023 London’s FTSE 100 nipped lower today as investors zeroed in on the latest developments in talks between Republicans and Democrats about raising the debt ceiling. The capital’s premier index slipped 0.1 per cent to 7,762.96 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, dipped [...]
Sadiq Khan hosts crunch business talks with City figures May 23, 2023 Sadiq Khan has warned London’s businesses are facing “the most difficult period in living memory” as a result of Brexit, the Covid-19 pandemic and the inflation crisis. The Mayor of London has called for the government to devolve some immigration powers to City Hall as a means of tackling regional labour shortages sparked by the [...]
FTSE 100 close: NatWest lifts after government stake sale as Burberry and JD Sports bump London index May 22, 2023 London’s FTSE 100 started what will be a quiet week in decent style today, driven higher by investors piling into Britain’s largest retailers. The capital’s premier index jumped 0.21 per cent to 7,773.49 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, edged lower to [...]
‘Milestone in returning NatWest to full private ownership’ as government sells £1.26bn worth of shares May 22, 2023 The government has sold £1.26bn worth of its shares in NatWest as it continues to sell-off its stake in the bank it bailed out after the 2008 financial crisis. The shares, sold at 268.4p each, represent 4.95 per cent of NatWest’s share capital and takes it stake below 40 per cent. The Economic Secretary to [...]
FTSE 100 close: HSBC and Lloyds lead gains on London index as Turkish lira slides after inconclusive election May 15, 2023 London’s FTSE 100 kicked off a new week in decent style today, led higher by Britain’s largest banks clocking strong gains. The capital’s premier index advanced 0.30 per cent to 7,777.69 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, climbed 0.37 per cent to [...]