Cost of borrowing surges as overdraft rates hit record highs: Credit card fees back to the ’90s May 10, 2022 Data covering quoted household interest rates on consumer credit products released by the Bank of England this week reveal the rising cost of borrowing for UK households, With the Bank hiking interest rates by 0.25bp last Thursday and inflation expected to show a climb yet again for April, the fresh data demonstrates the difficult decisions [...]
The big boys of the housing sector can’t be the only developers we rely on February 3, 2023 New housing policy from Westminster has been pretty much non-existent, but the market itself can enable more new homes to be built by looking outside of the top developers, writes Phil Hooper.
Kwarteng vows ‘new era’ as he prepares to unveil tax-cutting mini-Budget September 22, 2022 Kwasi Kwarteng will tomorrow outline the biggest package of UK tax cuts in more than 30 years as a part of the government’s bid to launch a Thatcherite economic revolution. The chancellor today confirmed he would axe this year’s 1.25 percentage point increase in National Insurance in tomorrow’s mini-Budget and he is expected to cancel [...]
Mortgage approvals drop dramatically as market hits ‘tipping point’ after stamp duty holiday November 29, 2021 Mortgage approvals for house purchase dropped sharply after the end of the stamp duty holiday, the Bank of England said. Mortgage approvals for house purchase dropped down to 67,200 in October from 71,900 in September, close to the 12-month average up to February 2020 of 66,700. However, approvals in October remained above the pre-Covid averages [...]
As help to buy winds down, caps on savings schemes will only hinder home ownership March 30, 2023 Help to Buy, an equity loan scheme, helped hundreds of thousands of first time buyers get on the housing ladder, as it ends, it makes lifting the cap on Lifetime ISAs all the more important, writes Annabelle Williams
Businesses need to stop looking for a public pat on the back and gold stars July 13, 2023 Businesses must realise that just bragging about how good they are is not a great communication strategy. They won't win a gold star for just doing their job, writes Simon Neville
Record profits place TSB on course for £50m dividend but impairment charges rise on recession fears January 26, 2023 TSB Bank proposed a £50m payout to its parent company in the first quarter of 2023 as its yearly pretax profit increased to a record level. Pretax profit in the 2022 financial year rose to £183.5m from £157.5m in 2021, reflecting lending growth, higher interest rates and higher deposit margins. This figure includes the costs [...]
UK house prices: Growth down while rents soar by their highest in seven years March 22, 2023 Private rent paid by tenants in the UK rose 4.7 per cent in the 12 months to February 2023, up from 4.4 per cent in the 12 months to January 2023, according to the Office for National Statistics which also reported that house prices increased 6.3 per cent in the same period. Annual private rent [...]
Tax cuts won’t cut it; the new Tory leader must bring about innovation July 13, 2022 As I write, every candidate vying to be the next Conservative Party leader – with the exception of Rishi Sunak – has promised major tax cuts. In many ways this is welcome, as taxes can deter investment and increase the cost of living. During a time where families are struggling to make ends meet and [...]
Investment slump amid higher interest rates risks finally sparking UK recession June 6, 2023 A mix of factors are buffeting the UK economy right now. Spending power is being crushed by high inflation eroding family finances. House prices are coming off their heady heights as sellers drop prices to source buyers amid higher mortgage rates. External demand is thinning in response to weak consumer confidence amid a global cost [...]