The former chancellor suggests that the Government should consider relaxing immigration rules as a solution to the mortgage crisis. Lord Hammond believes that the Bank of England will have to raise interest rates for the 13th consecutive time today, unless ministers are willing to address the issue of labor market supply, which could help slow …
On this eventful day for the markets, government borrowing costs have surged as economists express concern that the Bank of England might need to bring Britain into a recession in order to regain control over inflation. The yield on two-year gilts, which represents the return promised by the Treasury when borrowing money, briefly reached a …
The tightening property lending squeeze in Britain has led to a significant decrease of over 40% in the number of mortgage deals available for first-time buyers in the past year. According to Moneyfacts, there were only 199 products available over the weekend for borrowers seeking up to 95% of the property value, compared to 347 …
New data reveals that the mortgage market is facing disorder, resulting in longer property listing durations and reduced asking prices. Rightmove reports a £82 decrease in average asking prices this month, marking the first June decline since 2017. Additionally, OnTheMarket data indicates that over 50% of properties now take longer than a month to attract …
Renowned billionaire Elon Musk is scheduled to meet Emmanuel Macron in Paris today, marking their second meeting in just over a month. This meeting comes as France aims to attract investment from the Tesla boss and strengthen their relationship. During his visit to France’s largest technology trade fair VivaTech, President Macron confirmed the meeting and …
According to a former Bank of England interest rate setter, the higher number of homeowners on fixed-rate mortgage deals is exacerbating the turmoil in the lending market. Michael Saunders, who served on the Monetary Policy Committee until August, believes that the time it takes for rates to impact the economy has lengthened significantly. This uncertainty …
The Federal Reserve made a noteworthy decision last night by pausing its aggressive round of interest rate increases, the most significant since the 1980s. However, they refrained from celebrating victory over inflation. Instead of opting for the eleventh consecutive increase, the US central bank chose to maintain its target at 5% to 5.25%. Surprisingly, they …
According to the Office for National Statistics, regular pay excluding bonuses has witnessed its fastest pace on record outside the pandemic period, rising by 7.2% in the three months leading up to April. While this is good news for workers, other global events have also made headlines. 5 things to start your day 1) The …
China’s total trade with Russia has reached levels not seen since the beginning of Vladimir Putin’s war in Ukraine, as per official data showing its increased support for its sanctions-hit ally. Trade between the two countries was worth $20.5bn (£16.5bn) last month, with Chinese imports from Russia worth $11.3bn. No official breakdown of the numbers …