Rolling coverage of the latest economic and financial news
Nationwide have also dug into their data, and found that past general elections do not appear to have generated volatility in house prices or resulted in a significant change in house price trends.
Their chief economist RobertGardner says:
“On the whole, prevailing trends have been maintained just before, during and after UK general elections. Broader economic trends appear to dominate any immediate election-related impacts.
BCC calls for improved relations with the EU to cut the costs for business, while sticky inflation worries markets
Those IT problems at TSB appear to be solved!
A TSB spokesperson tells us:
“We’re aware some customers had issues logging into our app and online banking this morning. This issue is now resolved and we’re sorry for any inconvenience it caused.”
Energy prices are an early general election football, with all sides trying to please the crowd.
Claire Coutinho MP, energy secretary, has announced that the energy price cap would be retained in every year of the next parliament, if the Conservatives win July’s election.
“Labour does not have a serious approach to Britain’s energy security and they aren’t honest about the costs that their reckless net zero targets would place on households.
“Thanks to our bold action, energy bills are at their lowest in two years, now we’re telling suppliers to put consumers first and bring real competition back to the market - cutting bills further and improving customer service.
“Families are picking up the tab of 14 years of Tory energy failure and are expected to remain a staggering £400 a year worse off under the new price cap.”
“Labour will stop families paying over the odds for energy. Great British Energy, our new publicly-owned energy company, will invest in homegrown clean energy to boost energy independence and cut bills for good.”
“Energy bills remain far higher than five years ago, on top of sky-high mortgages and rents and prices in the shops.
“Families and pensioners are feeling worse off after years of Conservative chaos.
“A mass programme of government-backed, council delivered home insulation starting immediately after the General Election is a win-win solution for people and the planet and offers people hope and positive change.
“We could reduce bills for the long term and help reduce greenhouse gas emissions by building new homes that are easier and cheaper to heat and boosting insulation in existing homes. Insulating people’s homes means they can stay warm while using less energy, save money and produce fewer harmful carbon emissions.”
“Energy bills more than doubled in the wake of Russia’s invasion of Ukraine, and deepened the cost-of-living crisis across Europe. Households will be relieved to see the energy price cap fall once again to below £1,600, with households spending £370 less for energy this year than last.
“However, the shock has left households paying more for less energy, with more than six in ten households still worried about paying their bills. And with the majority of gas consumption taking place in winter, it’s the winter price cap that matters most for living standards.”
Happy news from Europe: the eurozone economic recovery is gathering pace with new orders rising at the fastest rate in over a year, new data shows.
The latest survey of purchasing managers shows that eurozone companies are growing at the fastest rate in 12 months, with business activity, new orders and employment growing at a more rapid pace in May.
Pennon Group, the water compay behind the waterborne disease outbreak in Devon, has raised its dividend payout for the last year.
Pennon, which owns South West Water, Bristol Water and Bournemouth Water, is handing shareholders dividends worth £126.9m for the last financial year, or 135 more than the £111.7m paid out for 2022-2023.
“Whilst the results we are announcing today are based on our performance for the last financial year, we are 100% focused on returning a safe water supply to the people and businesses in and around Brixham. Normal service has returned for 85% of customers, but we won’t stop until the local drinking water is returned to the quality all our customers expect and deserve. Our absolute priority continues to be the health and safety of our customers and our operational teams are working tirelessly around the clock to deliver this.
UK interest rates could be cut this summer, the Bank of England’s outgoing deputy governor said on Monday, adding to the expectation that a first reduction in borrowing costs could come as soon as next month.
Ben Broadbent, the Bank’s deputy governor for monetary policy, said that if the economy evolves as expected, borrowing costs could possibly be lowered “some time over the summer” in response to a steep fall in inflation.
Rolling coverage of the latest economic and financial news, as deputy governor Ben Broadbent gives his final speech at the BoE
The UK and its financial services sector cannot afford to give the “cold shoulder” to China, the City minister has warned.
Speaking at the CityWeek conference in London this morning, BimAfolami told attendees that it was “crucial” to engage with strategic competitors like China.
“Like with any bilateral relationship, we don’t agree on everything.
We are very clear that you simply cannot give the cold shoulder to an economy that is home to a fifth of the world’s globally systemically important banks, four of the world’s largest banks, and almost a third of the world’s leading global financial centres.
“There is no point in us having the safest graveyard.”
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