Economic growth to pick up but risks to recovery ‘elevated’, say UK forecasts
Households and firms can expect more financial pain despite Britain dodging technical recession, says KPMG Britain will be left with deep scars from the pandemic despite narrowly escaping a second recession within three years and growing signs of an economic pick up, according to new forecasts. A new report by the accountancy firm KPMG has […]
UK banks pull hundreds more home loan deals as fixed mortgage rates rise
Mortgage market turmoil prompts record numbers of people to take out loans of more than 35 years Hundreds more home loan deals have been pulled by banks and building societies since the end of last week while rates on new fixed mortgage deals are continuing to ratchet upwards, the latest data reveals. The continuing turmoil […]
UK homeowners and first-time buyers warned to brace for 5%-plus mortgage rates
Lenders forced to raise fixed-term deals after latest inflation figure pushed swap rates upwards Households looking for a new mortgage deal have been warned to expect 5%-plus fixed-rate deals in the coming weeks, after Wednesday’s inflation figures sent the money markets back into turmoil. Nick Mendes, the mortgage technical manager at the broker John Charcol, […]
Inflation calculator: find out how much UK household price rises affect you
This online tool will help you discover what is contributing to your household’s cost of living increases Inflation has been soaring in the UK, with people being hit by higher prices for everyday essentials. The latest inflation rate for the 12 months to April 2023 means that goods and services cost more than 8.7% more […]
UK inflation drops but food price rises remain close to 45-year high – business live
Rolling, live coverage of business, economics and financial markets as analysts expect drop in consumer price index inflation Rachel Reeves, Labour’s shadow chancellor, is focusing on food prices (as did her Conservative counterpart). But it is the core inflation number that is catching the eye of many analysts. Continue reading…
Bank of England boss urges firms to hold back price rises or risk higher rates
Andrew Bailey says interest rates will have to rise again unless inflation falls Wetherspoon’s boss: hospitality holding off price rises could be ‘catastrophic’ The Bank of England governor, Andrew Bailey, has called on businesses to hold back price rises, telling them that interest rates will need to rise again unless inflation falls. Bailey, who was […]
UK households ‘spent 12% more on essentials in February than year earlier’
Almost four in 10 people have to use credit cards to cover such costs, says Nationwide Inflation and rising bills mean UK households are spending 12% more on essentials than they were a year ago, with almost four in 10 people having to use credit cards to cover these costs, new data shows. Two days […]
UK shoppers: which item in your basket has gone up most in cost?
We would like to know about the key product that has risen in price the most in your shopping basket over the last year The UK’s annual inflation rate rose to 10.4% in February as prices continue to rise for a wide range of goods and services. If you live in the UK, we would […]
Why does the UK have highest inflation in G7 and is Brexit a factor?
Britain appears to be an international outlier after the shock reading in double digits this week Live coverage: Inflation jumps as cost of living crisis intensifies UK inflation rate in surprise rise to 10.4% Inflation calculator: find out how much price rises affect you Britain has the highest inflation rate in the G7, as the […]
Central banks must keep interest rates high to combat inflation, says OECD
Organisation also says UK will be only G20 economy apart from Russia to shrink this year Central banks should maintain the fight against inflation with high interest rates despite fears of a global banking crash, according to the OECD, which said the UK will be the only economy in the G20 apart from Russia to […]