Category: Economy

Coronavirus: Banks issue emergency loans

Economy

Banks are issuing emergency loans to businesses experiencing financial strain on the back of the coronavirus outbreak, with Barclays, Santander UK and Royal Bank of Scotland among those who have been contacting business customers to check whether factory disruptions in China have put their supply chains and cash flow...

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UK manufacturers struggle at the end of 2019

Economy

The end of 2019 saw UK manufacturers hit by one of their harshest months for a decade as political turmoil put pressure on the industry, according to the IHS Markit/CIPS manufacturing Purchasing Managers’ Index. The index fell from 48.9 in November to 47.5 in December. Some economists have expressed...

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UK borrowing up by £20bn a year

Economy

The Office for Budget Responsibility (OBR) says government borrowing will increase by around £20bn a year due to accounting changes. Its updated forecasts show that the budget deficit will be £33.3bn by 2023/24, up from a previous estimate of £13.5bn. Much of the difference between the new total and...

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October slowdown for mortgage market

Economy

Bank of England figures reveals that banks and building societies made 64,602 approvals for mortgages in October – 2% lower than the previous month and the weakest since March. The average rate on new mortgages is 1.96%, compared to the 2.39% average on existing home loans. Meanwhile, the pace...

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Interest rates on credit cards hit record high

Finance, Economy

Research by Moneyfacts reveals that banks are now charging an average of 25.1% for credit card purchases – the highest-ever figure – leading former pensions minister Baroness Altmann to accuse providers of profiteering. Baroness Altmann says the Bank of England’s attempt to stimulate the economy by lowering its base...

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John Lewis to axe a third of top jobs

Economy

The John Lewis Partnership is to axe a third of its senior management roles as part of a significant restructuring from February next year. JLP will merge the management teams at John Lewis and Waitrose into a single team, with the aim of saving £100m through the loss of...

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FRC to probe EY over Thomas Cook collapse

Economy

The Financial Reporting Council (FRC) has launched an investigation into the collapse of travel firm Thomas Cook, which will examine EY’s audit of the company for the year ending September 30th, 2018. The FRC said the investigation would first look at whether EY had a case to answer, and...

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