The nine members of the Monetary Policy Committee have voted unanimously to maintain the base rate at 0.75 per cent. The meeting minutes reveal that the committee believes that, “there have been indications, most prominently in financial markets, of greater uncertainty about future developments in the [EU] withdrawal process,” before adding that, “any future increases […]
Chancellor Philip Hammond has asked Mark Carney to stay on as Bank of England governor until 31 January 2020 to ensure a smooth exit from the EU. The extension was agreed in an exchange of letters between the governor and the chancellor published this morning. Bank of England deputy governor with responsibility for financial stability Jon Cunliffe […]
The Royal Bank of Scotland is closing a further 54 branches in England and Wales, cutting some 258 jobs in the process. This cuts are the third round of branch closures for RBS in less than a year. The previous round was announced in May, which saw 162 branches shut and 792 jobs lost, following […]
Bank of England governor Mark Carney is willing to prolong his term at the central bank to provide continuity amid Brexit, he said at a parliamentary hearing yesterday. Carney, who was originally set to leave the role in June 2018, agreed to stay until June 2019 following the outcome of the Brexit referendum and the […]
TSB Bank chief executive Paul Pester has resigned in the midst of ongoing IT issues at the lender. Pester had faced challenges from consumers, MPs and regulators after a computer migration in April left nearly two million customers without access to their online bank accounts. The problems were still ongoing more than six weeks after […]
The Treasury has denied reports that it “quietly approached” Bank of England Governor Mark Carney asking him to stay in the role for an extra year after his scheduled departure in June 2019, Reuters reports. Carney’s tenure as the Bank’s chief is already longer than expected. When Carney took over the role in 2013, he agreed […]
Plans to make Britain a “21st century exporting superpower” will be set out today in a new export strategy. International trade secretary Liam Fox will set out today the ambitions through better use of Britain’s overseas network, online tools and building extensive business-to-business networks. Last year £620bn of goods and services exported by British companies, […]
A majority of the public do not trust banks and think they were not held accountable for their role in the crash a decade ago according to a survey. A poll of 2,250 adults by YouGov on behalf of campaign group Positive Money shows how badly the legacy of misbehaviour has damaged the reputation of […]
Britain’s economy rebounded in the second quarter despite Brexit uncertainty according to Office for National Statistics figures published today. GDP expanded by 0.4 per cent in April to June, but on an annual basis the growth rate picked up 1.3 per cent in the second quarter. This was only a touch above a nearly six-year low […]
The Bank of England has increased the UK interest base rate from 0.50 per cent to 0.75 per cent, the highest level since March 2009. This is the second rate rise in a row, the last happening in November 2017, when it was pushed from 0.25 per cent to 0.50 per cent. It is also […]
Aviva is set to start refunding investors who lost money in its preference share fiasco earlier this year. According to The Times, the payout scheme will open this week. In its full-year results in March, Aviva said it could cancel existing preference shares as one option for returning capital to shareholders. However, the provider was met […]
TSB’s losses have spiralled to £107m for the first six months of the year in the wake of a botched IT upgrade. More than a billion customer records were due for migration in April, but more than a million were left without online banking access. In its first results since the failure, TSB has budgeted […]
Data from the Office for National Statistics show that UK property prices grew 1.2 per cent from June to July, giving a nationwide average house price of £231,422. On an annual basis this figure stands at 3.1 per cent, down from last month’s growth of 3.2 per cent, and is the lowest annual rate since […]
Annuity rates have increased nearly 20 per cent since hitting rock bottom two years ago, Hargreaves Lansdown analysis shows. In an update, the fund shop notes annuity rates that nosedived following the EU referendum result have risen. Rates for 65-year-olds are up 19 per cent since their low in 15 September 2016. At their lowest, […]
Bank of England governor Mark Carney has warned the government about the potential economic ramifications of crashing out of the EU with no deal. According to the Financial Times, Carney has warned such an exit could lead to a property crash resulting in house prices falling by a third. The governor told Cabinet ministers that […]
European savers continue to entrust the UK’s asset managers with their investments. According to Investment Association data, total assets managed in the UK on behalf of European clients jumped by nearly 30 per cent in 2016 to reach £1.8trn at the end of last year. Europe makes up the biggest chunk of total overseas assets […]
Trade tensions and a strong dollar mean problems in Turkey may be just the tip of the iceberg In the middle of August, emerging market equities officially moved into bear market territory, with the MSCI Global Emerging Market futures index falling 20 per cent from its late January peak. The trigger for the most recent […]
Data that shows the appetite for UK equities is back has left analysts and investors wondering whether the asset class has pulled through its Brexit slump. UK equity funds saw net retail sales of £114m in November, their first inflow of 2016. They had suffered £5.1bn outflows since the previous January, £3.8bn of which followed […]
From endless trade disputes to long drawn out speeches from unelected bureaucrats clinging desperately to power – there are some stark similarities between the Star Wars saga and the EU. But as Disney’s latest instalment cleans up at the box office, Prime Minister May has her own cabinet rogues to keep under control. Whether its […]
At the Conservative party conference last week, Theresa May announced she will trigger Article 50 by the end of March 2017 and that a Great Repeal Bill will be brought forward at the next Queen’s Speech. While some were calling for more time before pressing the big red Article 50 button (notably one Mr George […]
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Changes in the way long-term care is paid for was the dog that did not bark in Chancellor Philip Hammond’s first Autumn Statement. It failed to get even a mention, despite many telling us there is a crisis in long-term care for older people. There have been calls for tax subsidies for those who save […]
The UK will be living the consequences of Brexit for years to come – yet the rest of the world seems to have moved on. At least that is the conclusion you would draw when observing recent moves in global stock markets. That said, there is no getting away from the fact the global recovery […]