It’s a similar picture, albeit on a much larger scale, at both the US Federal Reserve and the European Central Bank (ECB). Britain is a forerunner in recognizing these costs. Eventually, the ECB will be forced to confess as well. Expect a furious row in the German Bundestag when it emerges that the ECB is …
Only now are the true costs of quantitative easing being felt – all £200bn Read More »
Building societies are offering new variable-rate mortgages for as little as 3.39% with a 5% deposit as they outperform fixed-term rates in affordability in the wake of the ensuing economic crisis Liz Truss’ mini-budget. Tracker mortgages are fast becoming the cheapest deals in the UK mortgage market as major brokers keep fixed rate mortgages above …
‘Tracker’ mortgages fall to almost THREE per cent – £973 cheaper than fixed deals Read More »
The Bank of England has suspended plans to open a northern hub, in a blow to make the institution less London-centric. The Telegraph understands plans to relocate hundreds of staff to Leeds have been delayed by at least a year as Threadneedle Street scales back its ambition to grow its presence across the UK. An …
Bank of England suspends move to Leeds to level blow Read More »
Rules introduced in the wake of the financial crisis are deepening the chaos in the government securities market and leading to bigger increases in borrowing costs for the Chancellor, an international body of bond traders has warned UK regulators. There is “no doubt” that banks are less able to absorb shocks in the bond market …
Safer banks ‘mean Britain paying more to borrow’ Read More »
Jeremy Hunt’s fall statement presented us with big tax hikes and spending cuts to avoid a big “fiscal hole” created by the need to lower the debt-to-GDP ratio by 2027-28 – the new “budgetary rule”. But it will make the recession worse and, ironically, will also ruin public finances. Public borrowing is an important policy …
Jeremy Hunt has taken a wrecking ball for the UK economy Read More »
Stanley Baldwin’s words may be harsh but they seem appropriate. He used to apply them to an irresponsible press, but now they apply to those who determine economic policy without accountability – “Power without accountability – the prerogative of the harlot through the ages”. The Office for Budget Responsibility wields great authority but has let …
It’s madness to place all our trust in the OBR forecast. Read More »
He added: “Phoenix plans to invest £40-50bn in illiquid assets and sustainable investments over the next five years to support housing construction, green energy and local communities across the country. without compromising the protection of policyholders in any way.” Meanwhile, Tracy Blackwell, chief executive of the Pension Insurance Corporation (PIC), said the announcement “gives us …
Hunt overturns Bank of England decision to push Big Bang 2.0 plans forward Read More »
The PRA launched its latest consultation on reducing the burden of reporting and administrative requirements for Solvency 2 last week. Changes to reporting requirements are one of four main pillars of the government’s proposed reforms to the controversial regulation, which was introduced by the EU in 2016 and requires UK insurers to hold large sums …
Bank of England ‘drags its feet’ on cutting EU red tape Read More »
Yet ministers and critics insist the introduction of a ‘power to intervene’ is key to ensuring post-Brexit regulatory reform can be carried through amid frustration that the pace of change has been freezing since the 2016 referendum. Some even see it as the only way for the government to salvage Brexit reform in the Square …
Rishi Sunak battles Bank of England to save City of London Read More »
A fter the Bank of England’s grim warning of the longest recession in modern times, the UK finds out this week if the downturn has started to come. Third-quarter economic data – due out on Friday – is expected to show the value of all goods and services produced between July and September fell. City …
Recession threatens UK and figures released this week could be start of it Read More »
