The UK’s annual inflation rate in June has slowed down to 7.9 percent, largely driven by falling motor fuel prices, according to figures published on Wednesday by the Office for National Statistics (ONS). The drop, bigger than some forecasts, left economists wondering whether the Bank of England (BoE) would go easier on its next interest rate hike,…
Falling Petrol and Diesel Prices Drove Inflation Down to 7.9 Percent: ONS
It’s Price Rather Than Amount or Flow of Money That Matters
Commentary The nightmare for the central bank is not high inflation by itself but when high inflation is not responsive to tightening measures. As an example, we can look at the situation in the UK. The accompanying chart shows that the UK has broad money (M4) growing year-over-year (YoY) at zero percent, down from the…
UK Banks Can Withstand Deep Recession: Bank of England
The UK banking system would be able to withstand a severe economic turbulence, deeper than the 2008 financial crisis, a report by the Bank of England (BoE) has claimed. The stress test performed by the BoE will likely appease British businesses and households who are concerned with the rising interest rates and high inflation. The…
UK Banks Can Withstand Deep Recession Says Bank of England
The UK banking system would be able to withstand a severe economic turbulence, deeper than the 2008 financial crisis, a report by the Bank of England (BoE) has showed. The stress test performed by the BoE would likely appease British businesses and households who are concerned with the rising interest rates and high inflation. The…
MPs Warned Rising Mortgage Rates Will Cause ‘Financial Stress’
While mortgage holders are still managing to cope, more financial stress is expected in the coming months, a committee of MPs heard as mortgage costs hit a 15-year-high. MPs on the Treasury Committee were also told that there may be a shortage of landlords amid rising costs and housing shortages. Figures published on Tuesday by…
Bank of England Calls Mothers ‘Birthing Parents’, Urged to Use Even More Gender Neutral Terms
Controversial charity Stonewall urged the Bank of England to use more gender neutral terms after praising it for referring to mothers as a “birthing parent.” Documents seen by The Epoch Times show how the central bank received a 12-page “feedback” report from the LGBT lobby group after it introduced the controversial terminology—which suggests people of…
Whitehall Pledges Support for Bank of England Ahead of Interest Rate Review
The government has pledged support for the Bank of England (BoE) in its mission to curb inflation. Speaking after the publication of the latest GDP figures, Chancellor Jeremy Hunt attributed the 0.2 percent growth to the “underlying resilience in the British economy.” “Of course that’s positive but we still have a big issue with inflation….
UK House Prices See Biggest Annual Fall Since 2009
The average UK house price saw its biggest annual fall in nearly 14 years in May, Britain’s biggest building society has said. According to the Nationwide Building Society, property values fell by 3.4 percent annually in May, marking the biggest drop seen since July 2009, when an annual fall of 6.2 percent was recorded. The…
UK Inflation Drops But Prices Remain High
The UK inflation rate has dropped for the first time in eight months, but prices on basic essentials remain high. The latest data from the Office of National Statistics (ONS) showed a drop in the Consumer Prices Index (CPI) 12-month inflation rate in April to 10.5 percent, which is lower than November’s 10.7 percent, and…
Mortgage Arrears and Repossessions Jump as Homeowners Struggle Amid Soaring Interest Rates
May 19, 2023
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The number of homeowners in arrears and properties being repossessed jumped in the first quarter of this year, as mortgage costs soared amid repeated interest rate hikes. According to figures from trade body UK Finance, some 750 homeowner mortgaged properties were taken into possession in the first quarter of 2023, a 50 percent increase from…
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