Savers suffer worst year on record as rates plunge to 0.01% during Covid pandemic Money Mail analysis reveals that savers have forfeited an estimated £3.55billion in interest as a result of rates plummeting during the coronavirus pandemic Rates have tumbled from an average of 0.5 per cent to just 0.1 per cent rate By Fiona … Read more
UK economy is a ‘crouching-tiger’ on course for a ‘rapid-fire recovery’ after lockdown restrictions ease, Bank of England chief economist says as officials raise growth forecasts Andy Haldane, a famous optimist, delivered his upbeat verdict at a talk today Came as central bank forecasts suggested growth will pick up amid reopening Previously blasted doom-mongers, for … Read more
British businesses are increasingly confident of bouncing back this year, with levels of optimism higher than their global counterparts, according to a new survey. UK firms are more likely to expect a rebound in activity in the coming months than their competitors around the world and expectations of a spike in growth are now stronger … Read more
Work from home is here to STAY, Britons’ lockdown savings can drive booming economic recovery – and inflation fears are overblown, says BofE chief Andrew Bailey Andrew Bailey has said he is ‘more positive’ about the prospects for UK economy Suggested savings warchest can fuel the recovery from the crippling pandemic Bank of England government … Read more
The long-term hit from coronavirus should be smaller than previous recessions despite the massive downturn, the Bank of England governor said today. Andrew Bailey said although the UK has suffered the worst slump in 300 years due to the pandemic the lasting impact is likely to be less than the 1980s. And he suggested unemployment … Read more
The Chancellor announced plans for ‘green growth’ in his Budget today – but they were criticised for being ‘way short’ of the action required to tackle climate change. Rishi Sunak heralded a new national infrastructure bank in Leeds with £12billion to finance a green industrial revolution and £15billion of new green gilts this year. There … Read more
Could cladding scandal trigger new bank crisis? Finance industry could see widespread mortgage defaults if leaseholders are forced to pay for safety repairs, MPs are warned Widespread mortgage defaults could spark a economic meltdown, expert warns It is due to cladding on buildings which could cost thousands to homeowners Expert says unaffordable bills would cause … Read more
Bank of England chief Andrew Bailey warns the EU against ‘serious escalation’ of post-Brexit row over City firms, warning that its attempts to force them to relocate in the eurozone would be of ‘dubious legality’ Andrew Bailey faced MPs on the Treasury Committee this afternoon Europe’s top banks asked to justify why they should be … Read more
Princess Eugenie is set to give newborn son middle name Stamp in honour of 19th century Governor of the Bank of England Princess Eugenie gave birth to baby boy on Tuesday at Portland Hospital The 30-year-old is yet to announce the name of the lad, 11th in line to the throne It has been suggested … Read more
Bank of England governor launches broadside at EU as he warns the bloc is trying to cut the City of London out of its banking market Andrew Bailey warned the Eu that the UK will not become a ‘rule-taker’ nation Bank of England governor was speaking during annual speech to City of London UK granted … Read more