A million households will be paying an extra £6,000 per year in mortgage costs by the end of 2026, the Bank of England has warned. Rising interest rates, hiked to tackle inflation, is increasing the pressure on mortgage holders and businesses. But in its report, the BoE said that while borrowers may struggle with rsising […]
Continue Reading
London has lost its crown as the home of Europe’s largest stock market to Paris for the first time since records began in 2003. Stock values in Paris have wiped out a $1.4 trillion gap to London share values in the six years since the Brexit vote, according to Bloomberg. Shares traded in the French […]
Continue Reading
The pound and UK stock markets have plummeted providing an immediate reaction to chancellor Kwasi Kwarteng’s mini-budget aimed to stimulate economic growth. The £45 billion package of tax cuts announced today (September 23) is the biggest tax give-away for 50 years – but experts say that half the cuts in personal tax will line the […]
Continue Reading
On Friday, the new chancellor will be on his feet in the House of Commons to reveal measures to tackle the cost of living crisis and boost the UK economy in his mini-budget. A variety of tax cuts are set to feature, including a reduction in the National Insurance rates, the scrapping of company profit […]
Continue Reading
UK inflation unexpectedly dipped last month to 9.9% after petrol prices finally reflected the recent drop in oil prices. The slight relief has been tempered by the 13 month consecutive rise in food prices coming on top of warnings the upward trend in underlying inflationary pressures will likely see another interest rate rise by the […]
Continue Reading
The Bank of England has raised interest rates by 0.5% to 1.75% and given a bleak warning that the UK faces a lengthy recession that will hit millions of the most vulnerable people hardest. UK interest rates are now at the highest level since January 2009 and today’s 0.5% hike is the steepest in 27 […]
Continue Reading
UK interest rates have risen to 1% – their highest level for 13 years – with the Bank of England (BoE) warning the economy will slip into recession this year as experts predict inflation will go above 10%. The bank’s grim forecast hit the value of the pound which slumped to a two-year low, losing […]
Continue Reading
British bankers are celebrating bumper bonuses set to exceed £4 billion while UK households struggle amidst the cost of living crisis. The Bank of England (BoE) today announced inflation has hit a new 30-year high in January with consumer prices up 5.5% on the year. Surging prices for energy, clothing and footwear is behind the […]
Continue Reading
UK families will be hit with a record rise in energy costs leading to the biggest fall in living standards since records began, the Bank of England (BoE) said on what has been dubbed ‘Black Thursday’. Energy regulator Ofgem today (February 3) confirmed the price cap will rise by 54% in April while the BoE […]
Continue Reading
Chancellor of the exchequer Rishi Sunak is under fire for being “missing in action” in California while British businesses battle against the Omicron variant’s devastating impact on Christmas spending and the UK’s economy. The Bank of England shocked markets with an unexpected hike in interest rates today (December 16) to 0.25%, increasing the cost of […]
Continue Reading