Gap between rich and poor grows despite jump in savings ratio November 16, 2020 The wealth gap between rich and poor people in the UK is widening as a result of the ongoing coronavirus pandemic and the ensuing lockdowns, according to an Oxford-based think tank. Research from the Centre for Enterprise, Markets and Ethics has found that a third of British people now have less than £1,500 in the bank, [...]
Before the Bell: Sunak’s Budget aims to boost GDP, the pain comes later March 4, 2021 Although yesterday’s UK Budget was generally well received in the international markets, with the fiscal taps to be left fully open until December, the British Pound did rally. With the major decisions pre-announced earlier this week, a big equity market reaction to the Budget speech was unlikely anyway. In addition to the extension of Covid-19 specific support, [...]
Barratt shares rise on strong forward sales despite Covid-19 hit September 2, 2020 Shares in Barratt Developments rose today as it announced strong forward sales despite taking a hit from the coronavirus lockdown. Forward sales at 23 August stood at 15,660 homes valued at £3.7bn, compared to 13,064 homes valued at £3bn last August. Barratt shares rose 5.7 per cent to 532p this morning. The company today scrapped [...]
Co-op Bank losses deepen amid tougher mortgage competition February 27, 2020 The Co-operative Bank has reported an increased pre-tax loss for 2019, as the high street lender struggled with tough mortgage competition and PPI compensation payouts. The figures Co-op Bank posted a loss before tax of £152.1m for 2019, an eight per cent rise on the £140.7m recorded the previous year. It said that its underlying [...]
Saving the nation from a crisis November 26, 2020 In the late 1970s when I was taught economics as an undergraduate, we were told that savings equalled investment (S = I). Of course, there were caveats, mainly that we were dealing with a closed economic system without international trade and finance — in other words, not an economy which actually exists in the real [...]
Remortgages jump as owners invest in home improvement projects February 18, 2020 The number of homeowners remortgaging their properties to access additional cash jumped in December, as Brits took advantage of low interest rates to invest in home improvements. Remortgages with additional borrowing increased 5.9 per cent at the end of last year as homeowners borrowed money for DIY projects. The average additional amount borrowed in the [...]
Government must re-engineer the economy for a new way of working February 14, 2021 The Bank of England predicts the UK economy will recover rapidly from the Covid-19 shock, as vaccines are rolled out across the country. But might a vaccine-resistant mutation and a failure to bring workers back to offices with sufficient speed scupper such optimistic forecasts? The threats are real and worth considering. The chance of a [...]
Stamp duty holiday: Chancellor confirms immediate property tax changes July 8, 2020 The chancellor has confirmed an immediate stamp duty holiday in a bid to reinvigorate the housing market after the coronavirus lockdown. Speaking in the House of Commons this afternoon, Rishi Sunak said the threshold for paying stamp duty will be raised from £125,000 to £500,000. The chancellor said the stamp duty holiday, which will run [...]
Banking industry group UK Finance names David Postings as new boss October 7, 2020 UK Finance, the banking lobby group, has appointed David Postings as its new chief executive to help steer the industry through the Covid-19 crisis. Postings, who recently stepped down as global chief executive of Bibby Financial Services, will take up the role at the start of next year, UK Finance said. He had previously held [...]
Raise sick pay and extend furlough, Royal Society urges government August 14, 2020 Statutory sick pay should be increased and the furlough scheme extended, according to a new report by the Royal Society. The research has suggested it would be the best trade-off between public health and economic risk moving forward. It argues that health and economic data should be combined to produce the best economic outcome at [...]