Happening today: All you need to know as the Bank of England set to raise rates again June 22, 2023 The Bank of England is poised to raise interest rates for the 13th time in a row after disappointing inflation figures showed price rises have not eased. The UK’s Consumer Prices Index (CPI) was unchanged in May at a rate of 8.7 per cent , according to the Office for National Statistics. It came in [...]
Does raising interest rates actually bring down inflation? June 22, 2023 Britain’s inflation problem is looking much harder to solve than first thought. Numbers out from the Office for National Statistics (ONS) yesterday revealed the rate of price increases was unchanged in May at 8.7 per cent. The City thought it would slim to 8.4 per cent. Core inflation – the best barometer of underlying price [...]
UK inflation smashes forecasts again raising chances of larger Bank of England interest rate hike June 21, 2023 UK inflation is still outpacing experts’ predictions and is running at a level that could lure the Bank of England into an outsized interest rate hike tomorrow, heaping more pain on families and businesses. Official figures out this morning from the Office for National Statistics (ONS) showed the rate of price hikes held steady at [...]
FTSE 100 close: London’s markets close in the red after inflation shock sends shivers through market June 21, 2023 London’s indexes closed in the red on Wednesday after yet another higher than expected inflation reading earlier this morning. The FTSE 100 closed 0.1 per cent lower at 7,559.18 while the FTSE 250, which is more aligned with the health of the UK economy, sunk 0.9 per cent to 18,571.45. Official figures out this morning [...]
Bank of England risks steering UK into needless recession with more interest rate hikes June 20, 2023 Back in November, the Bank of England took the highly unusual step of explicitly telling financial markets to calm their sky high bets on where interest rates might end up. “Should the economy evolve broadly in line with the latest monetary policy report projections, further increases in bank rate may be required for a sustainable [...]
TSB becomes latest bank to press pause on some mortgage lending June 19, 2023 TSB has become the latest lender to press pause on sales of some of its mortgages. The bank said it was removing some mortgages from sale as of 4pm on Monday. The changes apply to products sold both direct and via brokers and TSB is expecting to reintroduce residential deals on Wednesday. For residential mortgages, [...]
UK inflation tipped to trim to lowest level in over a year as food prices begin to ease June 19, 2023 UK inflation is poised to recede to its lowest level in over a year, pushed lower by food and energy price rises easing, markets are betting. Fresh cost of living figures from the Office for National Statistics (ONS) on Wednesday will top investors’ minds in a busy week of data that will shape movements in [...]
Bank of England to raise interest rates for 13th time in a row this week to tame persistent inflation June 19, 2023 The Bank of England is nailed on to raise interest rates for the thirteenth meeting in a row this Thursday, but markets think there’s an outside chance Governor Andrew Bailey and co will revert to an outsized rise to tame what is emerging as the worst inflation problem in the rich world. Markets reckon the [...]
Pubs closing at fastest pace in a decade as high interest rates and energy bills crush Britain’s boozers June 19, 2023 Pubs are closing at the quickest pace in a decade and experts have warned a further wave of failures are on the way, new research out today shows. Some 620 of Britain’s watering holes disappeared over the year to the end of March, a 68 per cent increase from the 369 failures in the same [...]
House prices drop for first time this year as Bank of England interest rate hikes take hold June 19, 2023 House prices have dropped for the first time this year, sparked by the property market being whacked by the Bank of England’s 12 successive interest rate hikes to quash inflation, new figures out today show. The average price of a home coming to market fell £82 over the last month to £372,812, the first drop [...]
