Bank of England ratesetter: Mortgage pain will affect our decision on interest rates June 13, 2023 The Bank of England’s decision on the interest rate will be shaped by the severity of the coming mortgage shock on households, according to one Threadneedle Street ratesetter. Catherine Mann, who sits on the Bank’s monetary policy committee, said that households had been “very resilient” in the face of inflation so far but said there are [...]
HSBC leads banks’ plans to hike savings rates – and analysts say they could go up even further June 2, 2023 HSBC UK is boosting the interest rates on some savings accounts with increases of up to 0.75 percentage points, the bank has announced. The increases will come into effect next week, on Thursday June 8. They include a 0.75 percentage point increase on the bank’s mysavings and premier savings youth accounts, taking rates to 5.00 [...]
Natwest set to receive £47m after reducing stake in Irish bank Permanent TSB June 2, 2023 Natwest and the Irish finance ministry have sold nearly 55m shares in Permanent TSB, representing about 10 per cent of the Irish bank’s share capital. The sale reduces Natwest’s share holding from around 16.7 per cent to around 11.7 per cent. The Irish government will continue to hold 57.4 per cent of the bank. The [...]
Consumer Duty: High street banks prepare for major regulatory shakeup as clock ticks down May 31, 2023 Banks in the UK have just two months to prepare for the incoming Consumer Duty, with some prominent bankers suggesting the new regulatory standards will prompt widespread changes in the industry. The Financial Conduct Authority’s (FCA) flagship Consumer Duty, which will come into effect on 31 July, requires firms to deliver good outcomes for retail [...]
House sales drop by almost a third as market braces for slowdown in mortgage approvals May 31, 2023 The number of houses sold in the UK has fallen by almost a third as the market struggles to upkeep the momentum from a surge in sales at the start of spring. UK residential transactions fell 32 per cent in April with 67,220 homes sold, figures from HMRC show, 32 per cent lower than April [...]
The UK government needs equity stakes in AI firms to truly safeguard its citizens May 31, 2023 To ensure AI is scrutinised, the UK government should accept some intervention is needed and take on equity stakes in artificial intelligence firms to shape the future of the technology, writes Simon Neville
FTSE 100 close: Debt ceiling breakthrough fails to lift London index as recession fears reignite May 30, 2023 London’s FTSE 100 dropped sharply today as recession fears outweighed US lawmakers closing in a deal to end the debt ceiling deadlock. The capital’s premier index slid 1.38 per cent to 7,522.08 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, was broadly flat, closing [...]
House prices continue to fall as buy-to-let landlords sell up May 30, 2023 House prices are continuing to fall, according to a closely watched index, but transactions are ahead of the long-term average due to landlords selling up. According to estate agent Zoopla, landlord properties accounted for 11 per cent of sales in the last month, as high mortgage rates and energy bills forced many property owners to [...]
FTSE 100 close: Stress over US debt ceiling talks drag London index as IMF ditches UK recession forecast May 23, 2023 London’s FTSE 100 nipped lower today as investors zeroed in on the latest developments in talks between Republicans and Democrats about raising the debt ceiling. The capital’s premier index slipped 0.1 per cent to 7,762.96 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, dipped [...]
Sadiq Khan hosts crunch business talks with City figures May 23, 2023 Sadiq Khan has warned London’s businesses are facing “the most difficult period in living memory” as a result of Brexit, the Covid-19 pandemic and the inflation crisis. The Mayor of London has called for the government to devolve some immigration powers to City Hall as a means of tackling regional labour shortages sparked by the [...]