Buyers are being tempted back to the property market by the biggest discounts on house prices in four years. Homes are being sold for 4.2pc, or £12,125, below the asking price on average, according to Zoopla, a property website. In September, discounts reached their highest level since March 2019 following a recent jump in mortgage … Read more
Thanks for joining me. A long-awaited decision has been made on the Rosebank oil and gas field in the North Sea, with UK regulators giving the green light for drilling. Norwegian state energy company Equinor has received the go-ahead to progress with development at the site, which is expected to produce 300m barrels of oil from … Read more
Thanks for joining us. Bosses are facing a downturn in demand equivalent to levels experienced during the pandemic and in the wake of the global financial crisis, a survey from Lloyds has shown. The slump comes as businesses prepare for the Bank of England to potentially announce a 15th consecutive increase in interest rates on … Read more
Thanks for joining me. Britain’s largest housebuilders has revealed the slump in profitability and house completions as consumers are squeezed by rising interest rates. Barratt Developments revealed a 16.2pc fall in its adjusted annual pre-tax profits to £884.3m amid the fall in mortgage affordability. 5 things to start your day 1) Saturday post ‘under review’ … Read more
Thanks for joining me. House prices dropped to their weakest level since 2009 in the year to August, according to lender Nationwide. Property values contracted by 5.3pc following a decline of 3.8pc in July. 5 things to start your day 1) British defence giant BAE paves way to building artillery in Ukraine | FTSE 100 … Read more
Public sector borrowing was less than forecasts by the Office for Budget Responsibility – providing hopes that Chancellor Jeremy Hunt will be able to deliver tax cuts. The budget deficit between April and July was £56.6bn, according to the Office for National Statistics, which was £11.3bn below the OBR’s latest forecasts. 5 things to start … Read more
The FTSE 100 has fallen to its lowest level in nine months after gloomy retail sales posted earlier on Friday. Britain’s blue-chip index has fallen as much as 1.25pc to 7,218.61, its lowest point since November 3 2022. The FTSE 100 slightly pared losses after a late-afternoon rally, closing down 0.65pc at 7,262.43. It continues … Read more
Expectations for public sector pay rises have hit their highest level in more than a decade as a shortage of skilled workers continues to drive up wages. Public sector pay expectations have jumped from 3.3pc to 4pc in the last three months, according to the Chartered Institute of Personnel and Development (CIPD), reaching the highest rate … Read more
Thanks for joining me. The supplier of McDonald’s McPlant burger has revealed its revenues slumped by nearly a third as shoppers turned to cheaper animal meat. Beyond Meat shares have slumped 12pc in after hours trading after it lowered its profit forecast for the year amid “softer demand in the plant-based meat category”. 5 things … Read more
Thanks for joining us. Rail strikes and rain dealt a blow to the high street last month, as shoppers opted to stay at home rather than venture into city centres. Retailers face further pain as consumers grapple with the impact of rising interest rates, which the Bank of England is expected to raise for a … Read more