Credit card lending fell for the first time in March May 1, 2020 UK consumers’ credit card debt fell for the first time since records began in March, as lockdown measures froze spending. The annual growth rate of credit card lending fell to minus 0.3 per cent, the first negative annual growth since the Bank of England (BoE) started tracking the data. The annual growth rate of other [...]
Profits plunge at retirement housebuilder McCarthy & Stone April 10, 2019 Retirement housebuilder McCarthy & Stone’s profits decreased by two-thirds in the first half of 2019 as it undertook a strategic shift to deal with a weak second-hand housing market. Read more: UK house prices drop in March after shock rise, says Halifax The company said it had increasingly turned to discounting and other incentives as [...]
Bubble trouble: Lessons from three centuries of boom and bust August 6, 2020 While 2020 has seen its fair share of market turbulence, it has some way to go to match the volatility of 1720. This month marks the 300th anniversary of the peak of the South Sea Bubble — one of the first financial bubbles, and still one of history’s greatest. The bubble began when the South [...]
British Steel deal could fall through as Chinese buyer Jingye ‘falters’ December 15, 2019 The takeover of British Steel by Chinese giant Jingye is said to be in jeopardy, as the government lines up alternative buyers. If the talks between the Official Receiver and Jingye collapse, it will be the second time the government’s chosen buyer for the stricken firm falls through. Read more: Jingye Group promises to save thousands [...]
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 [...]
ECB intends to be ‘significant’ buyer in commercial debt market March 24, 2020 The European Central Bank intends to become a major buyer of commercial debt when it enters the market, according to ECB policymaker Francois Villeroy de Galhau. In an interview with French website Wansquare, Villeroy said the central bank plans to enter the market for commercial paper — a type of short-term unsecured debt issued by [...]
US oil prices rebound into positive territory after historic crash April 21, 2020 US crude oil has bounced back into positive territory after plunging into negative territory for the first time, as the coronavirus outbreak crushes demand. The US oil benchmark – West Texas Intermediate (WTI) – was at $1.43 a barrel in afternoon trading in Asia after starting the session at minus $14. It means producers were [...]
Taking the higher ground rent: How homeowners can stop themselves falling victim to dubious leasehold contracts May 28, 2019 Finally able to buy your first home, you skip away from the rat race that is the rental system, proudly boasting the much-revered title of “homeowner”. And yet, if you’ve bought a leasehold property, it might not be the picket-fenced dream that you’d bargained for. Millions of UK properties, typically flats, are sold as leasehold. This [...]
Budget reactions: Optimism and relief to Sunak’s plans March 4, 2021 Following Chancellor Rishi Sunak’s announcement yesterday, of a raft of new support measures alongside plans to shore up Britain’s finances in the wake of the coronavirus pandemic, the details of this year’s Budget gradually become clear to SMEs, entrepreneurs, startups and others in London and across the country. Sunak set out extensions to the furlough [...]
Covid-19 creates a perfect storm for debt crises March 24, 2020 The coronavirus epidemic means that the global economy will experience a severe shock this year. In addition to the human and social impact of the epidemic, output is stalling around the world. Quarantine measures, illness, and negative consumer and business sentiment suppress demand. At the same time, the closure of some factories and disruption to [...]