In defence of landlords, by the Bank of England July 18, 2023 Few people in Britain draw as much scorn than landlords. It’s easy to understand why. Young people shackled to renting see landlords as a barrier to their homeownership dreams. Particularly in London, renters hate handing over a huge share of their monthly wage to property investors. Doing so stops them from using their cash [...]
US Federal Reserve will slash interest rates in March 2024, Morgan Stanley bets July 17, 2023 The US Federal Reserve will in the early part of next year slash interest rates for the first time since the onset of the Covid-19 crisis, Wall Street analysts are betting, Researchers at Morgan Stanley have said they expect the federal open market committee (FOMC) to bring rates down in the first quarter of 2024, [...]
UK inflation to fall to lowest level since March 2022 but Bank of England still tipped to hike interest rates July 17, 2023 UK inflation is on course to drop to its lowest level in over a year, but lingering underlying price pressures will heap expectation on the Bank of England to keep on hiking interest rates, new figures out this week are tipped to show. The rate of price growth in Britain is expected to have dropped [...]
Bank of England interest rate hikes trigger record £2.1 trillion UK wealth collapse, report claims July 17, 2023 The Bank of England has engineered the largest contraction in UK household wealth on record by jacking up interest rates in response to scorching inflation, a new report out today has claimed. Asset values have collapsed by £2.1 trillion since early 2021, mainly driven by a sharp fall in bond prices in response to UK [...]
New data: Cost-cutting and restructuring helps keep restaurant industry alive July 17, 2023 Bank of England interest rate rises could threaten the UK restaurant sector’s return to profitability, according to national accountancy group, UHY Hacker Young. The group say the percentage of UK restaurant companies turning a profit has more than doubled from 35 per cent to 78 per cent in the past year, but recent rate increases could [...]
Jeremy Hunt on track to ‘obliterate’ fiscal rules as OBR warns of much higher debt bill July 13, 2023 Jeremy Hunt is on track to blow out his financial goals due to the Bank of England hiking interest rates aggressively to bring down sticky inflation, according to new forecasts out today from the UK’s spending watchdog. Payments to investors who have purchased UK government debt are poised to rise more than £90bn above what [...]
King’s coronation steers UK economy back into red as GDP shrinks 0.1 per cent in May July 13, 2023 Lost work owing to the additional bank holiday to celebrate the King’s coronation has sent UK economic growth into reverse, official figures out today reveal. UK gross domestic product (GDP) contracted 0.1 per cent in May, a much smaller drop than the City expected and down from a 0.2 per cent expansion in April, according [...]
US inflation slumps to lowest level in more than two years and is now well below UK July 12, 2023 Inflation in the US has slumped to its lowest level in more than two years and is now far below the UK’s rate, official figures out today reveal. American inflation fell to three per cent in June on an annual basis, down from four per cent in the previous month, according to the US Labour [...]
Nearly one million UK homeowners to have £500 a month eaten up by higher mortgage payments July 12, 2023 UK homeowners are poised to hand over a bigger chunk of their income to their lenders every month after they roll on to a new mortgage with a much higher interest rate, the Bank of England has warned today. By the end of 2026, around 1m families will be paying an at least additional £500 [...]
Bank of England says UK’s big banks passed stress test and are ‘resilient’ to rising rates July 12, 2023 The UK’s largest lenders passed the Bank of England’s stress tests with flying colours, even as concerns grow around the health of the mortgage market. In its latest stress test, the Bank of England concluded that banks were “resilient”, enabling them to withstand persistently higher inflation and a deep global recession. “The UK banking system [...]