Rush to beat stamp duty deadline drives mortgage borrowing to record high July 29, 2021 A rush to complete house purchases before the tapering of the stamp duty holiday at the end of June drove mortgage borrowing to a record monthly high, reveal new figures published today. The Bank of England said mortgage borrowing hit £17.9bn in June, surging 163 per cent in just a month from £6.8bn in May. [...]
City Moves: Who’s switching jobs in the Square Mile this week? July 28, 2021 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. Environmental Agency chair joins Green Finance Institute board The Green Finance Institute (GFI) has posted the chair of the UK’s Environmental Agency as its new interim chair, following the death of its founding chairman Sir Roger [...]
Covid recovery: IMF predicts UK economy to grow fastest of all G7 nations July 27, 2021 The UK economy is set to recover much faster than expected from the Covid crisis as a resurgence in consumer spending and the success of the vaccine rollout boosted official forecasts. According to the International Monetary Fund’s latest World Economic Outlook report, the UK economy will expand seven per cent this year, a sharp increase [...]
Average UK house price 30 per cent up on 2007 market peak July 27, 2021 The average price of a home in the UK has risen to a new high of £230,700, up 30 per cent on the 2007 market peak. Since June of last year, the average price has risen by 5.4 per cent, more than double the year on year price growth recorded 12 months ago, when annual [...]
Rishi Sunak: ‘Britcoin’ will not replace cash July 26, 2021 Rishi Sunak has hosed down any suggestion that the government could replace cash with a digital currency dubbed “Britcoin”. Sunak said in a LinkedIn post that the government has “not yet made a decision on whether to introduce a [Central Bank Digital Currency] in the UK”, after reports over the weekend suggested the chancellor wants [...]
Number 10 and Treasury discuss suspending pensions triple lock July 25, 2021 Boris Johnson and Rishi Sunak are in discussions over suspending the pensions triple lock as members of the cabinet raise their concern about a mooted National Insurance increase. The Treasury and Number 10 are inching closer to suspending the pensions triple lock this year as Covid-related statistical anomaly would mean pensioners would get an estimated [...]
Johnson to shift focus to tackling crime after ‘pingdemic’ and Patel police row July 25, 2021 Boris Johnson will seek to shift the focus on to tackling crime when he re-emerges from isolation to counter criticism over the “pingdemic” and police anger at Home Secretary Priti Patel. The Prime Minister is expected to unveil his new “beating crime plan” on Tuesday after leaving quarantine at his Chequers country retreat following a [...]
Health secretary Sajid Javid makes ‘full recovery’ from Covid July 24, 2021 Sajid Javid today said he had made a “full recovery” after testing positive for coronavirus a week ago. In a tweet the health secretary said he had recovered from the virus and encouraged Brits to get their jabs. “Symptoms were very mild, thanks to amazing vaccines,” he wrote. “Please — if you haven’t yet — [...]
Can you really afford a puppy? Britain is facing a petcare crisis after a lockdown boom in demand for dogs July 24, 2021 Even the Chancellor of the Exchequer has succumbed to the lockdown-induced rush for puppies. It’s easy to do when one of those furry little faces is staring up at you, especially after the dreary year we’ve had shut up in our homes. While Rishi Sunak can probably afford to look after his new pup, there [...]
Index Ventures invests $1bn into UK startups and will create 5000 jobs within a year July 23, 2021 Transatlantic venture capital firm Index Ventures has raised $3.1bn in new funds and directly invested $1bn in UK startups to create 5000 British jobs in the next year. Index’s latest cash injection comes just a year after Index raised its last set of $2bn funds. The UK is Index’s single largest destination for investments in Europe, and [...]