House purchases have been delayed by a glitch with a global payment system that left banks unable to transfer large sums of money. The Bank of England said on Thursday it had suffered a temporary outage to its CHAPS interbank payment system, which handles more than £360bn on an average day. The Clearing House Automated...
Tag: Cost of living crisis
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Britain to be fastest growing major European economy, IMF predicts
Britain to be fastest growing major European economy, IMF predicts Jump to content
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Reeves vows to ‘work hand-in-glove’ with business as British stocks surge
Reeves vows to ‘work hand-in-glove’ with business as British stocks surge Jump to content
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In final days before UK election, PM Rishi Sunak insists he can stay in power
“It’s entirely wrong, this kind of declinist narrative that people have of the UK. I wholeheartedly reject,” he said. “It [the UK] is a better place to live than it was in 2010.’’ After 14 years of Conservative-led governments, many voters blame the party for Britain’s cost-of-living crisis, long waiting lists for healthcare, high levels...
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Britain snubs GSK in favour of US pharma giant for RSV vaccine
The NHS has turned to US drugs giant Pfizer over its British rival GSK for vaccines against Respiratory Syncytial Virus (RSV), the winter infection known as the “silent killer” of the elderly. Officials have signed a two-year supply agreement with Pfizer for more than 3.5 million doses of its RSV vaccine for older people and...
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Britain’s biggest union demands a four-day week
One of Labour’s biggest backers has called on the next government to enshrine the right to a four-day work week “for all” after members backed the idea. Unison, which represents public service workers including NHS staff and police, said delegates voted through a motion to “demand the next government takes action to ensure more employers...
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Bank of England accused of ‘penalising the young’ by keeping mortgage rates high
The Bank of England is “penalising the young” by keeping rates on 95pc mortgages artificially high, the boss of one of Britain’s biggest housebuilders has warned. Rob Perrins, chief executive of Berkeley Group, said the Bank has “a moral duty” to cut rules that require lenders offering riskier mortgages to hold a certain amount of...
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Labour risks higher mortgage bills and worse unemployment, says HSBC
The Bank of England is currently laser-focused on whether inflation is proving particularly stubborn in the services sector. Its panel of rate-setters is reluctant to start reducing interest rates from a 16-year-high of 5.25pc until they feel confident that this type of inflation is fading. Markets are only fully pricing in one rate cut from...
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US employment growth smashes predictions in blow to hopes of rate cuts – latest updates
Thanks for joining me. We begin with data showing house prices stalled between April and May. Average property values fell by 0.1pc over the month to £288,688, the Halifax house price index showed. 5 things to start your day 1) British tech tycoon Mike Lynch cleared in $11bn US fraud trial | A San Francisco...
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British children among world’s worst for exercise and healthy eating
Children in England and Wales are among the most inactive in the world, according to the World Health Organisation. In a study covering 44 countries, England, Wales and Scotland perform poorly on markers such as brisk walking, while some pupils miss breakfast, as experts warned day-to-day exercise was “largely disappearing from young people’s lives”. While...
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Bank of England will cut interest rates in August, says Goldman Sachs – latest updates
Thanks for joining me. We begin the day with the economic news that has been keenly anticipated by mortgage holders and the Prime Minister. Inflation fell to 2.3pc in April, according to the Office for National Statistics, raising hopes that interest rate cuts will not be far away. 5 things to start your day 1)...
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‘More job losses to come’ as UK stuck in ‘painful’ place, warns economist – latest updates
Thanks for joining me. Average wages have grown faster than expected in a blow to hopes for interest rate cuts in June. UK average regular earnings growth remained unchanged at 6pc in the three months to March, the Office for National Statistics said, which was higher than the 5.9pc expected by economists. 5 things to...
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