House prices surge at fastest pace this year to record £373k despite Bank of England rate hikes May 22, 2023 Britain avoiding a much-forecasted recession has helped push house prices up by the greatest amount so far this year to a record high of £372,894, new figures out today reveal. The average price of a home coming to market climbed 1.8 per cent over the last month, the strongest increase in 2023, according to property [...]
Britain firmly on path away from recession as hiring and growth ramp up May 19, 2023 Britain seems almost certain to dodge a recession this year as two new surveys out today reveal businesses are hiring at the strongest pace in half a year and families are upbeat about their finances. Numbers from Lloyds Bank show nearly every sector of the UK economy stepped up headcount last month. Hiring was led [...]
FTSE 100 close: BT and Burberry slump to bottom of London index as easyJet regains ground May 18, 2023 London’s FTSE 100 kicked higher this today, driven by retailers offsetting a sharp sell off in BT shares after it said it will shed 55,000 workers over the next decade. The capital’s premier index jumped 0.25 per cent to 7,742.29 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health [...]
Rising interest rates sees mortgage arrears tick up as repossessions jump May 18, 2023 The number of households falling into arrears continued increasing in the first quarter as rising interest rates continued to hit borrowers. According to figures from industry body UK Finance, arrears picked up in the first quarter with mortgages in arrears of more than 2.5 per cent reaching 76,630. This was a two per cent increase [...]
Why risk culture could be a competitive advantage for your business May 18, 2023 The recent turmoil in the banking sector has underlined the importance of risk culture as a fundamental component of business resilience. The failures of Credit Suisse, First Republic and other banks are a stark reminder of why we must incorporate risk into governance and strategy. All too often, risk management is associated with compliance and [...]
Bank of England governor Andrew Bailey warns of uncertainty over inflation drop May 17, 2023 The risk of inflation staying higher for longer than the Bank of England’s two per cent target than it expects is mounting due to the slow reduction of wage pressures and price rises, the Governor of the central bank warned today. Speaking at the British Chambers of Commerce’s (BCC) annual conference, Andrew Bailey warned the [...]
Jeremy Hunt: UK not ‘in a position’ to know if it can cut taxes before election May 17, 2023 The government is currently not “in a position to know whether we’re going to have any headroom at all” to cut taxes in the run up to the next election, Jeremy Hunt claimed today. Speaking at the British Chambers of Commerce’s (BCC) annual conference, the Chancellor said he and Prime Minister Rishi Sunak “have our [...]
US debt ceiling drama – what is it and why does it matter May 17, 2023 Markets are keeping a close eye on the US debt ceiling debacle – seemingly an attempt by US politicians to tip their own country into default. The debt ceiling is a limit on how much the US government can borrow imposed by Congress. Currently it stands at $31.4trn, although it has been raised 78 times [...]
Signs of unemployment jump emerge in UK economy – and it won’t solve worker shortages May 17, 2023 There are some signs that Britain’s red hot jobs market is calming down. That’ll please officials at the Bank of England, who, remember, are trying to make people and businesses (on average) a bit worse off to tame inflation. Wage growth which, in cash terms, has been rising rapidly for around a year, didn’t spring [...]
China soft data signals economic recovery running out of steam May 16, 2023 China’s April industrial output and retail sales growth undershot forecasts, suggesting the economy lost momentum at the beginning of the second quarter and intensifying pressure on policymakers to shore up a wobbly post-Covid-19 recovery. Tuesday’s batch of data, which also showed a further decline in property investment, adds to concerns about the outlook for the [...]
