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Soaring interest rates and end of help-to-buy scheme blamed for driving away first-time buyersBritain’s largest housebuilder, Barratt Developments, has suffered a double-digit drop in annual profits after a significant slump in demand, as the surge in …
GDP fell month on month after growth of 0.2% in April, reports ONSBritain’s economy shrank by 0.1% in May after a hit to activity from a trio of bank holidays, including for King Charles’s coronation.The Office for National Statistics said that gross d…
Survey of estate agents reports growing reluctance among potential homebuyers to make a purchaseMortgages to cost 1m borrowers extra £500 a month by 2026, BoE warnsRenting a room in UK tops £700 a month on averageThe steep rise in mortgage interest rat…
‘Not too early to start chilling the champagne,’ says one analyst as traders toast drop in consumer inflation Britain’s blue-chip share index has posted its biggest one-day jump of 2023 after US inflation slowed by more than expected last month.The FTS…
Analysts say 17% rise from spring 2022 shows ‘housing market isn’t working for anyone’The average cost of renting a room in the UK has risen to more than £700 a month for the first time, according to data from the property website SpareRoom.Experts sai…
The Reserve Bank governor will soon find out if his term has been extended – but economic hints from major banks tell a happier story than expectedGet our morning and afternoon news emails, free app or daily news podcastPhilip Lowe may yet go down as o…
Banks ‘could weather £125bn hit in economic downturn’ despite rising interest ratesBusiness live – latest updatesThe UK’s largest banks are strong enough to weather a £125bn financial hit during a severe economic downturn, despite facing mounting stres…
Inflation and borrowing costs make it less likely PM will be able to tackle debt or cut taxThe Treasury’s tax and spending watchdog is preparing to sound the alarm over the impact of rising interest rates on the public finances, delivering a serious bl…
Chancellor thought to have ruled out providing extra cash if PM decides to accept pay review bodies’ recommendations Jeremy Hunt has told ministers there will be no extra money to give millions of public sector workers an average 6% pay rise, potential…
Begbies Traynor’s profits leap 50% as insolvencies in England and Wales hit a 24-year highBritain’s debt-laden “zombie” companies are expected to be wiped out by the surge in interest rates, an insolvency specialist has predicted.Begbies Traynor, a bus…