UK mortgage lending slumps in April over stamp duty uncertainty
British mortgage lending slumped in April because of the government’s decision to prolong a tax break on property sales came too late to influence buyers that month. But housing market activity looks on course to rebound. This is shown by the Bank of England data. Net mortgage lending by British lenders slumped in April to […]
Exclusive: Goldman to launch Marcus UK robo-adviser early next year
Goldman Sachs will launch an app for UK users of its digital bank Marcus. This app has a main feature to offer automated investment management to clients in the country. This will come into act by the first quarter of the next year. Des McDaid, the head of Marcus UK said that since launching a […]
UK inflation more than doubles to 1.5% in April
British consumer price inflation more than doubled in April. The Bank of England hopes that this will be a temporary surge, because the economy is recovering from last year’s slump due to the pandemic. The Office for National Statistics said that the Consumer prices rose by 1.5% in April. This follows a 0.7% rise in March. […]
UK Retail spending soars as economy reopens
The official data showed that the British retail sales surged in April as shoppers splashed out on new clothes after shops reopened following months of lockdown. Sales volumes in April jumped 9.2% month on month. Clothing sales soared by almost 70%. Sterling rose slightly against the U.S. dollar on the latest sign of a robust […]
Yet another EU threat, says UK PM’s Spokesman over French financial services move
Boris Johnson, a spokesman for Prime Minister said that the bloc issuing threats at any sign of difficulty. A good example for this is a French move to delay a European Union financial services deal with Britain over fishing access. Until Johnson grants EU fishermen fair access to British waters, Paris has said it will […]
UK government, watchdog pledge action to protect cash
The British government has pledged to protect access to cash for vulnerable people. But this will intervene if cash machines face removal in some areas after a 40% cut in withdrawals last year as a result of the pandemic. The financial regulator quoted this statement. John Glen, the financial services minister told a webcast event […]
British shares lifted by financials, consumer staples; Sanne Group shines
Gains in heavyweight financial and consumer staples stocks have helps much in the rise in British shares. After rejecting a $1.90 billion buyout proposal, the Sanne Group topped the mid-cap index. The software company Sage Group added 3%, and this rose the blue-chip index by 0.7%. After reporting a better-than-expected 4.4% rise in first-half organic […]
UK Economy, gearing up for recovery, grows more than expected
The pandemic battered Britain’s economy is growing stronger than expected. The official data showed that it has bounced back from the slump of corona virus. The public sector activities have been pushed up and the consumers are well spending their lockdown savings. Reopening of schools and other testing and vaccination for covid has raised the […]
UK to help vulnerable countries against Russia, China cyber threat
Britain said that it would invest 22 million pounds ($31 million) to help vulnerable countries in Africa and the Indo-Pacific. This is to build up their cyber defences to prevent China, Russia and others from filling a cyberspace vacuum. Dominic Raab, the British foreign minister said that Britain and its partners needed to take action […]
Record jump for UK mortgage lending after tax break extended
After finance minister Rishi Sunak extended a tax cut for property purchases, British mortgage lending showed the biggest net increase on record. The Bank of England data stated that the Mortgage borrowing rose by a net 11.8 billion pounds ($16.4 billion). This is the biggest increase since the series began in April 1993. British lenders […]