UK house prices ‘stable in January’; anger as BP profits soar to record – business live
British house prices were unchanged in January, Halifax reports, but annual growth slowed to a three-year low of 1.9% Danny Blanchflower, a former Bank of England policy maker, has predicted that “collapsing” house prices will push the UK central bank into a rapid pivot toward interest rate cuts. Blanchflower, who is now a professor of […]
UK shoppers rein in spending despite sales as cost of living crisis takes toll
British Retail Consortium says sales growth slowed in January amid soaring costs for energy and food British consumers sharply cut their spending in January as the cost of living crisis damaged household finances, retailers have warned, amid growing concern over the impact of high inflation on the economy. The British Retail Consortium (BRC) said sales […]
Retirement boom among UK’s older workers creates economic headache
Wyre Forest in the West Midlands has seen a huge jump in the ‘economically inactive’, many of them affluent older people, but the dearth of workers is a real problem for employers “I always laughed at people who said they’d never been so busy since they retired,” says David Richards, mopping his brow as he […]
‘I’m really worried’: homeowners and would-be buyers on UK interest rates
As the base rate reaches 4%, we hear from people concerned about rising mortgage costs Chris Felix-Hill, 47, and his wife, Adeline, from Steeple, Essex, are struggling to keep alive their dream of one day becoming homeowners, after “demoralising” house price rises during the pandemic and yet another interest rate rise from the Bank of […]
Bank of England raises UK interest rates to 4%
Hike of 0.5 percentage points lifts rates to 14-year high, but BoE says shorter and shallower recession now more likely Interest rates rise again but Bank of England hints at a brighter future The Bank of England raised interest rates for a tenth consecutive time on Thursday from 3.5% to 4%, but said inflation may […]
UK borrowers may struggle to repay debt as economy worsens, says Santander
Bank puts aside more money to protect itself from potential defaults in expected recession The impending recession could leave borrowers struggling to repay their debts, the high street bank Santander UK has said as it put aside more cash to protect itself from potential defaults. The UK arm of the Spanish bank said on Thursday […]
UK demand for mortgages slumps as interest rates deter buyers
Bank of England figures also reveal many households are dipping into savings, rather than using credit cards Demand for mortgages has collapsed to its lowest level since the depths of the 2020 lockdown as potential homebuyers are deterred by rising interest rates, the latest official figures show. The Bank of England said the number of […]
UK economy grew in November despite recession predictions
The increase comes despite forecasts of a UK recession in 2023
The UK may avoid a recession for now but it won’t feel like it for many
Jeremy Hunt is not getting carried away by November growth, and monthly GDP moves can be erratic UK economy grew by only 0.1% in November Business live updates: UK may avoid 2022 recession In normal circumstances the fact that the UK economy eked out a bit of growth in November would be of little relevance, […]
UK economy grew by only 0.1% in November
Figure comes as people began Christmas shopping, while World Cup gave pubs and bars a boost UK may avoid recession but it won’t feel like it for many Business live updates: UK may avoid 2022 recession The UK economy unexpectedly grew by 0.1% in November as consumers headed to the shops in the run-up to […]