Chancellor Rachel Reeves delivered Labour’s first Budget in 14 years, announcing £40bn of tax rises, Central London Alliance comments
Silicon Valley Bank: ‘Resuming normal operations’ after HSBC rescue swoop – Live March 13, 2023 HSBC’s move to snap up the stricken UK arm of Silicon Valley Bank has been hailed a “relief” for the UK’s tech firms today after nerves spread of contagion across sector over the weekend.
London economy steams ahead to top UK growth league and on track to avoid recession March 13, 2023 London’s economy is racing ahead of the rest of the UK and is on track to power the country’s GDP out of its current slump, new figures out today show. The capital’s purchasing managers’ index (PMI) shot up to 56 points last month, up sharply from 50.5 points and far above the 50 point threshold [...]
What’s going on at Silicon Valley Bank and why is it shaking UK banking stocks? March 10, 2023 Silicon Valley Bank (SVB) has built its reputation lending to some of the world’s most innovate start-ups and investors. But the Nasdaq-listed bank has now been rocked by what some fear could turn into a very old-fashioned bank run. Shares in the firm have plunged more than 60 per cent in two days and jitters [...]
London banking stocks tumble as Silicon Valley Bank shockwaves spread to HSBC, Barclays and Lloyds March 10, 2023 A crisis at US start-up lender Silicon Valley Bank (SVB) has sent shockwaves across the Atlantic today and dragged down shares in London-listed lenders. Shares in Nasdaq-listed SVB plunged over 60 per cent yesterday after the firm announced a $1.75bn share sale on Wednesday in a bid to shore up its balance sheet and plug [...]
Banks must pass on rate hikes to savers – or risk a windfall tax, warn experts March 5, 2023 Banks should pass on higher interest rates to savers in order to stave off pressure for a windfall tax, a host of experts have warned. Calls for a windfall tax on the banking sector have grown after most of the UK’s largest lenders recorded strong profits in their latest results. After a decade of ultra-low [...]
Crypto: Nationwide bans credit card exchange payments and HSBC limits digital currency spending as consumer risk fears grow March 3, 2023 Several UK banks have restricted their customers from buying crypto assets as concern grows about the risks posed by digital currency to customers. In an email to customers earlier this week, Nationwide said it would not allow payments to crypto exchanges using its credit cards and would impose a £5,000 daily limit on current account [...]
Jack Dorsey’s Block puts £2m into Birmingham community lender breaking ‘new ground’ for industry March 2, 2023 A not-for-profit community lender in Birmingham has received £4m in funding, including £2m from ex-Twitter CEO Jack Dorsey’s company, in a sign the local finance sector is set to enter a new phase. Block Inc, a mobile payments firm set up by Dorsey in 2009, is providing £2m to ART Business Loans, representing its first [...]
Savings accounts: Banks under fire as MPs demand to know why interest rate rises have not been passed on to savers March 1, 2023 MPs have asked further questions of banks’ savings rate as pressure increases on the UK’s major high street lenders to pass on higher interest rates to consumers. In a letter to the heads of four of the UK’s largest banks, chair of the Treasury Committee Harriet Baldwin asked banks why their savings rates remain lower [...]
Isa explainer: should you go for cash or stocks & shares? February 23, 2023 Savers have just over four weeks to make the most of this year’s tax-free savings allowance. We look at the different types of ISA available and how to find the one that’s right for you. Individual Savings Accounts, or Isas, were introduced by the government to encourage more people to save and allow savers to [...]
The Notebook: Victoria Scholar on a wave of bank results, Elon Musk, and a holiday read February 22, 2023 The Notebook is where interesting people say interesting things. Today it’s Victoria Scholar, head of investment at interactive investor, on bank results, Elon Musk and an unputdownable holiday read Bank on it? With UK banks currently reporting earnings, key themes so far have been rising interest rates, growing credit loss provisions, share buybacks, volatile financial [...]