London’s FTSE 100 bumped higher by investors pouring into UK banks September 15, 2022 London’s FTSE 100 bounced higher today driven by inventors pouring into banks on expectations of more interest rate rises from the Bank of England. The capital’s premier index rose 0.07 per cent to 7,282.07 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, climbed 0.2 [...]
£233bn stuck in zero-interest accounts as pressure grows on banks to improve advice May 15, 2023 As banks come under fire for offering “measly” rates to savers, new figures reveal many are leaving hundreds of billions of pounds lying idle in zero-interest accounts. Some £233bn is being held in zero-interest accounts, according to Bank of England Data analysed by asset management firm Bowmore. This is up from the total held in [...]
NatWest, Lloyds, HSBC, Barclays and Santander leaders meet Jeremy Hunt in ‘productive’ mortgage crisis talks June 23, 2023 Bank bosses held a “productive” meeting with Chancellor Jeremy Hunt as the rates increase worsens the mortgage crisis. Natwest chief executive Alison Rose, speaking to reporters as she left Downing Street, said lenders were “doing everything we can” and were “very keen” to help customers. Lloyds Banking Group boss Charlie Nunn described the meeting as [...]
Tighter interest rates and inflation clobber UK business confidence August 1, 2023 Higher interest rates and elevated prices have thrown a wet blanket over UK business optimism, according to surveys out today. Confidence as measured by the lobby group the Institute of Directors (IoD) was largely unchanged last month at minus 30 points, up marginally from June’s minus 31 point reading. It solidifies signs that pessimism is [...]
UK economy: Retail sales crash as cost of living crunch continues to bite October 20, 2023 In an ominous sign for the UK economy, retail spending fell in September with analysts warning of a tough Christmas ahead
Virgin Money agrees to £2.9bn Nationwide takeover March 21, 2024 The board of Virgin Money has accepted a £2.9bn takeover offer from high street rival Nationwide to create the UK's second-largest provider of mortgages and savings.
Boost for Britain as businesses commit to invest £30bn in UK November 27, 2023 Some of the world’s biggest businesses have committed to invest a total of nearly £30bn in Britain, the government has announced ahead of a major investment summit taking place today.
Fleet Street site amongst a host of Barclays bank branch closures January 28, 2023 Barclays has announced the closure of 15 branches across the country, meaning over 100 banks are slated to shut down so far this year. The bank is set to close 14 branches across England and one in Wales from late April to the first few days on May. Sites in London, Gosport, Bridgwater and St [...]
More sectors flash recession warning amid spending cooldown September 21, 2022 More sectors of the UK economy are flashing recession signals caused by consumers cutting spending in response to surging prices, a fresh survey published today reveals. Some 11 sectors out of the 14 tracked by Lloyds Bank recorded a slump in both demand and output last month. It is the fourth month in a row [...]
UK retail sales tick up in July after summer discounts and Euros boost August 16, 2024 Friday's data is among a raft of economic figures released this week that will provide key indicators for Bank of England policymakers as they decide whether to cut interest rates in September.