Government eyes bank surcharge U-turn despite Lloyds profits tumbling October 27, 2022 Britain’s biggest mortgage lender, Lloyds Bank, has set aside hundreds of millions of pounds in preparation for a surge in loan defaults caused by the rising cost of living and higher interest rates squeezing household budgets. The lender today said it had banked £668m over the three months to September to absorb souring loans, primarily [...]
ECB fires second successive jumbo rate hike in push to end Europe’s cheap money addiction October 27, 2022 The European Central Bank (ECB) today fired its second jumbo rate hike in a row in another sign that it is putting years of ultra-cheap money to the sword. The central bank that oversees the financial system of the 19 countries using the euro lifted borrowing costs 75 basis points to 1.5 per cent as [...]
Shell will not pay any windfall tax despite booming profits October 27, 2022 Energy giant Shell does not expect to pay the windfall tax this quarter, as it has invested sufficient funds in North Sea oil and gas projects.
Fracking fury: Industry body hammers Sunak after shale gas U-turn October 27, 2022 UKOOG has expressed its fury with Prime Minister Rishi Sunak's apparent decision to re-impose the ban on fracking.
We must not put a salami slicer to our public services in a bid to balance the books October 27, 2022 Our country is deeply in debt, with a deficit that is viewed by the markets as on an unsustainable path. The mini-budget and the subsequent reaction from the markets have undoubtedly made the situation significantly more challenging. The new prime minister must now seize the opportunity to restore fiscal credibility. Both unfunded tax cuts and [...]
Start-ups look to debt after VCs ‘lost discipline’, says Silicon Valley Bank chief October 26, 2022 UK start-ups are leaning on debt to fuel their growth this year as venture capital investors are buffeted by a downturn, having “lost discipline” in a funding frenzy last year, the UK chief of Silicon Valley Bank has said.
Businesses’ ask for the next budget? Make a decision and stick with it, for all our sakes October 26, 2022 Taxes will have to go up and spending down – to the tune of some £40bn on top of what has already been announced by the Chancellor, Jeremy Hunt.
Backing the central bank pivot is a risky bet October 25, 2022 It is easy to criticise central banks for heaping pain on households and businesses. But, this is exactly what they are supposed to do under current economic conditions. Inflation in the UK, US and eurozone has hit 10.1 per cent, 8.2 per cent and 9.9 per cent respectively, all historic highs. The Bank of England [...]
More households fall onto prepayment meters as energy crisis bites October 25, 2022 The energy crisis has pushed more households onto prepayment meters, according to new research from USwitch.
Falling yields take edge off UK borrowing costs but City’s eyes are on Rishi Sunak October 25, 2022 The rebound seen over the course of the last couple of days appears to be being driven by a sharp fall in bond yields, at least in European markets with the sharp drop in UK gilt yields marking the unwind in premium that we saw in the aftermath of the market turmoil post the UK [...]