Banks have questions to answer about how quickly they have been passing on interest rate rises to savers, a Cabinet minister has said. Last week, the Bank of England raised interest rates from 4.5 to 5 percent, a level last seen in April 2008. It was the 13th consecutive rate increase in 18 months, putting…
Banks Have Questions to Answer Over Interest Rate Rises for Savers, Says Minister
House Prices Will Fall by 5 Percent This Year: Report
UK house prices will fall by 5 percent this year as buyers have been hit by higher mortgage rates and rising living costs, a real estate portal has reported. Zoopla’s House Price Index showed a 1.2 percent annual rise in UK house prices in the last year, adding, however, that just a year ago, the…
Jeremy Hunt to Discuss Profiteering From Inflation With Consumer Watchdogs
Chancellor Jeremy Hunt is set to meet with consumer watchdogs on Wednesday amid concerns that some retailers have been raising prices to boost profits during the current period of high inflation. Retailers will face questions about failing to pass on lower costs to consumers, as Hunt meets with the Competition and Markets Authority (CMA), energy…
UK Inflation Rate Unchanged at 8.7 Percent in May
The UK’s Consumer Prices Index (CPI) inflation rate stayed at 8.7 percent in May, the same level as in April. Experts had forecast a fall to 8.4 percent, but inflation has proved more stubborn than expected. The inflation figure, which the Office for National Statistics (ONS) said is still at “a historically high level,” is…
Chancellor Backs Interest Rate Hikes Even If They Risk UK Recession
Chancellor Jeremy Hunt has backed further interest rate hikes being used to rein in inflation even if they increase the risk of pushing the UK into recession. The Bank of England (BoE) has raised rates 12 times in a row to 4.5 percent from 0.1 percent in December 2021. The Consumer Prices Index (CPI) of…
Fuel Campaigner and Lobbyist Says Ban on Petrol and Diesel Cars ‘Doesn’t Make Sense’
A lobbyist and campaigner for motorists claimed the ban on the sale of new petrol and diesel cars in the UK in 2030 will cost five times more than any environmental benefits. Howard Cox, CEO of FairFuelUK, said: “There will be about £75 billion worth of benefits in environmental jobs and all those sorts of things,…
UK Food Prices Surge at Fastest Rate for 45 Years Despite Slowing Inflation
Food and drink prices soared last month at the fastest rate for 45 years despite slowing inflation rate in the UK, latest official figures show. According to the Office for National Statistics (ONS), food prices increased by 19.1 percent in March year-on-year, the sharpest jump since August 1977. The prices of bread, cereals, and fruit…
UK Unemployment Rate Rises and Vacancies Fall as Economic Woes Weigh on Jobs Market
The UK unemployment rate has risen unexpectedly and vacancies have fallen for the ninth straight month as the uncertain economic outlook weighs on the country’s jobs market. According to the latest data from the Office for National Statistics (ONS), the unemployment rate for December 2022 to February 2023 increased by 0.1 percentage points on the…
Hunt Says Biden’s Green Energy Policies Will Send World Into Economic ‘Dark Ages’
The UK’s Chancellor of the Exchequer, Jeremy Hunt, has criticised U.S. President Joe Biden’s green energy policies and said they risk pushing the world economy into the “dark ages.” Biden approved a $369 billion package of subsidies for U.S. climate and energy businesses, but Hunt said it could lead to other countries putting up trade…
As UK Economy Flatlines, Hunt Says IMF’s Forecast Is Too Pessimistic
Chancellor Jeremy Hunt has said the International Monetary Fund (IMF) has “undershot” its forecast for the UK in five out of the last six years. The IMF has predicted the UK economy would contract by 0.3 percent this year but Hunt, who is attending the fund’s spring meeting in Washington, said the IMF was “just…
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