Interest rates: Banks not passing on £23bn to savers Work no longer pays what it used to. Inflation is eroding our earnings and banks aren't passing on higher interest rates to savers. Pensioners like Carol say their money isn't working as hard as it used to. I've been trying to create a financial buffer. And every time I get a little bit saved, something happens. So that's going to be at the moment the cost of living crisis. If I want to actually have a life, I have to work. Back in December 2021, the Bank of England's interest rate stood at just 0.1%. With the average savings rate on the high street at 0.2%. But while the Bank of England has since hiked its main interest rate to 4%, average savings rates among high street banks have only risen to 1.88%. It means that those with £30,000 of savings only stand to make £569 in interest each year. That's less ...

Summary: Retail sales in the UK increased by 0.7% in June 2023 compared to the previous month, but were down by 1% compared to June 2022, indicating a gradual slowdown. Consumer confidence in July showed a decline, attributed to rising interest rates, fiscal drag, and reduced disposable income. Small businesses face challenges due to the cost of doing business, including higher interest rates, inflation, and the highest tax burden in 70 years. The UK government borrowed £18.5 billion in June 2023, with a significant portion going towards paying interest on previous debt. Debates arise about the sustainability of government borrowin...

Summary: The UK economy faces concerns as initial data shows an unexpected rise in June's inflation rate to 4.2%. Job numbers indicate potential hesitance by the Bank of England in raising interest rates . Unemployment reaches levels not seen since October 2021 amid recent events like Wilco's administration. Average hourly earnings grew by 8.2% in June, aligning with expectations of further interest rate increases. The uncertain monetary policy outlook hinges on upcoming consumer price inflation figures. Sterling reacts positively to data release, impacting currency performance. Future economic trajectory depends on up...

Summary: Halifax , the UK's biggest mortgage lender, is reducing rates by up to 0.71 percentage points. HSBC and other major banks have also announced rate cuts in response to rising mortgage rates. The reduction in rates provides relief to homeowners and potential buyers, especially for fixed-rate deals. The move is influenced by expectations of Bank of England rates and inflation trends. Mortgage rates have been on the rise due to consecutive interest rate increases by the Bank of England . Recent decrease in inflation offers optimism about possible rate stabilization. Mortgage companies are aiming to attract customers by ...

Summary: UK housing prices experienced the sharpest decline in 14 years, falling by 3.8% in July. Rising mortgage rates and high interest rates are affecting potential buyers' affordability. Estate agents are witnessing an increase in sellers needing to sell for financial reasons. The Bank of England is expected to raise interest rates for the 14th consecutive time in the near future. House prices are likely to continue falling, presenting an opportunity for first-time buyers. ...

Summary: Chancellor Rishi Sunak admits inflation is not declining as fast as desired but asserts progress is being made. Sunak emphasizes the importance of bringing down inflation to alleviate financial pressures on citizens and lower interest rates. Practical assistance for homeowners includes the mortgage charter, enabling options like extending mortgage terms or switching to interest-only mortgages. Sunak's determination to make responsible decisions and protect citizens' equity aims to prevent people from losing their homes. ...

Summary: Housing costs are rising significantly, affecting millions of homeowners on variable or fixed-rate mortgages. The Bank of England's successive rate increases bring short-term stability but pose challenges for those struggling with housing costs. Volatility in the housing market is expected as some homeowners need to sell their properties at reduced prices. Investment in energy-efficient and high-quality housing stock is essential for the long-term stability of the market. ...

Summary: Rishi Sunak defends his strategy to tackle inflation in an exclusive interview with ITV News, stressing responsible borrowing . Sunak acknowledges the role of the government in curbing inflation and highlights the potential negative impact of excessive borrowing on long-term economic stability . Sunak discusses the effects of interest rate rises and emphasizes the importance of sustainable pay increases tied to productivity growth. Sunak confirms the government's commitment to the triple lock policy for pensions and expresses his intent to support individuals facing inflation -related pressures. Sunak addresses ca...

Summary: The Jackson Hole symposium begins, raising expectations about its impact on markets, interest rates , and the US dollar. Central banks grapple with the challenge of balancing inflation control and fostering economic growth . Fluctuations in the US dollar are not solely tied to the symposium but have multiple influencing factors. The euro's performance is analyzed in relation to recent dollar movements and support levels. Federal Reserve Chairman Jerome Powell's upcoming speech holds key insights for future market trends. ...

Summary: Central banks face a significant week with crucial interest rate decisions. The Federal Reserve is expected to raise rates and provide insights through the press conference. The European Central Bank will likely indicate ongoing commitment to supporting economic growth. The Bank of Japan is anticipated to maintain its short-term interest rate target. Global markets closely monitor these decisions for potential currency shifts and investor reactions. Central banks wor...

Summary: UK Chancellor Rishi Sunak accused of dishonesty for claiming the hospitality sector is thriving. Critics argue that rising inflation, energy bills, and interest rates make such claims hard to believe. Hospitality business owners counter the Prime Minister's statements, asserting that business is far from 'good.' The industry demands concrete measures to address increasing costs and decreasing profits. Debates continue on the real impact of government policies on the hospitality sector's well-being. ...

Summary: German PMI services plunge from 52.3 to 47.3, while manufacturing PMI improves slightly from 38.8 to 39.1. Economists warn about the possibility of stagflation in Germany 's services sector, requiring ECB to consider rate hikes. Eurodollar chart shows Euro weakening against the US dollar, with implications tied to the upcoming Jackson Hole symposium . Germany 's position as the Eurozone's largest economy intensifies the impact of these economic developments. ...

Summary: Trump 's absence from the debate overshadowed Republican candidates' discussions. Trump conducted an interview with Tucker Carlson, reiterating claims of election fraud . The interview was strategically timed to coincide with the debate and influence media coverage. Trump aimed to portray himself as a dominant figure in the news cycle. ...

Summary: Investors await the US inflation data for July as a significant market driver. After a notable drop in June, expectations rise for an acceleration in July's inflation figures. The Fed eral Reserve's stance on interest rates is poised to be influenced by the inflation trend. Core inflation remains a key concern and could impact the Fed 's decision on rate hikes. US dollar strength and Euro 's performance hold implications for trading dynamics. Crude oil's price surge contributes to inflation, adding to the cautious market sentiment. ...

Summary: FTSE 100 reaches four-week highs after consumer prices rise 7.9% in June, according to ONS data. Tata Motors announces £4 billion investment for the UK's first large-scale EV battery plant. National Grid sells 20% of the UK's gas network in a £700 million deal. Hargreaves Lansdowne reports a 6% jump in net new business during the quarter. Thacker Pass Lithium project gets approval from the US Court of Appeal, boosting Trident Royalty shares. London's FTSE...

Summary: UK house builders experience stock price declines following figures and comments from Halifax. Volatility in the housing market presents opportunities for investors. Halifax reports a fourth consecutive monthly decline in British house prices . Resilience observed in the market among first-time buyers seeking smaller properties . ...

Glazers DETERMINED TO SELL United For £5 Billion+ | Takeover UPDATE: Five Bidder Identities Revealed When it comes to Manchester United right now, nothing is more important than the sale of the club than getting rid of the glazes. In this video, I'm going to bring you bang up to date with everything that is happening because stage two is now underway. My interview with Ben Jacobs covered all of that in some real detail. This one's I suppose a little bit of a bite-size version of that and also some updates from James Ducker and Tom Morgan from the Telegraph because all the identities have now been revealed as to the hedge funds who are looking to come in from Manchester United. And I really want to serve this video as a warning against anything like that and why it isn't right for the club. Now look, last night at Old Trafford, the banners were there against Real Betis. The...