London’s FTSE 100 bags gains as rate sensitive stocks kick higher October 13, 2022 London’s FTSE 100 notched gains yesterday driven by stocks exposed to interest rates receiving a boost from reports the government will roll back some of the mini-budget. The capital’s premier index jumped 0.35 per cent to 6,850.27 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK [...]
UK economy on recession cliff edge as GDP unexpectedly shrinks October 12, 2022 The UK is staring over a recession cliff edge, caused by soaring inflation and rising interest rates, that will be lengthened by turmoil in financial markets, official figures published today revealed. The economy unexpectedly shrank 0.3 per cent over the month to August, according to the Office for National Statistics (ONS). Economists had expected gross [...]
Brits prepared to cough up more for energy efficient homes as living costs bite October 11, 2022 Brits are prepared to pay nearly 10 per cent more for a house that has already been retrofitted, says a new study.
Sofa seller ScS: Shoppers may splurge on home makeovers instead of moving amid high mortgage rates October 11, 2022 Sofa seller ScS has suggested that some consumers may invest in home makeovers instead of opting to move house amid historically high mortgage rates. The furniture firm posted record sales growth on Tuesday morning but warned of “subdued” trading in recent weeks against a backdrop of household bills increasing. Revenue rose 8.6 per cent from [...]
OBR financial report and government fiscal plan to be delivered on 31 October October 10, 2022 The UK’s spending and borrowing watchdog’s assessment of the government’s tax cutting splurge will be released on 31 October, chancellor Kwasi Kwarteng announced today. In a letter to Tory MP and chair of the treasury select committee, Mel Stride, Kwarteng said he has decided to bring the Office for Budget Responsibility’s (OBR) forecasts forward from [...]
Trust the code, not the confused October 7, 2022 Rufus Round, CEO of GlobalBlock says political systems need to adapt to the crypto and digital assets technology heading their way.
UK house prices level out as Covid boom subsides October 7, 2022 UK house prices have dropped for the second time over the past three months in a sign the surge experienced over the previous year is starting to level out. Average UK house prices dropped by 0.1 per cent in September from August’s record highs of £293,992. The September drop marks the second marginal decrease over [...]
EXCLUSIVE: Starmer sounds alarm on house price ‘shocks’ as mortgage rates rise October 6, 2022 Sir Keir Starmer has warned about potential housing price “shocks” across the UK in the wake of dramatic mortgage rate rises. The Labour leader today told City A.M. there’s “no market confidence” in the government and that “we are going to see these shocks in mortgages and housing as a direct result of it”. Starmer [...]
Construction firms clear backlogs before downturn hits October 6, 2022 Construction firms are clearing a huge backlog of work, but the sector is on course to shrivel in the coming months as it is whacked by soaring interest rates, a closely watched survey published today. S&P Global and the Chartered Institute of Procurement and Supply’s (CIPS) purchasing managers’ index (PMI) for the construction industry swung [...]
Home owners at risk of house price crash with London properties facing record value drop of £93k October 5, 2022 Should the market decline at the same rate as the 2008 financial crisis, as predicted by some analysts last week, it could wipe almost £54,000 from the value of the average property in Britain, according to new data shared with City A.M. this morning. The research shows that the average house price across Britain fell by [...]