Sunday newspaper round-up: Banks, Asos, UK defence spending
16th Oct 2022 18:32
(Sharecast News) - The Chancellor, Jeremy Hunt, may consider a windfall tax on banks that could raise as much as £90bn. Hunt has indicated that all options to balance the books are under review and he urgently needs to restore the UK's credibility. Just during the previous week, Bank of England deputy governor, Paul Tucker, urged the government to study the possibility of reducing the interest paid on some of the deposits of lenders with the bank. The potential savings from such a move could amount to £60-90bn. - Financial Mail on Sunday
Read moreSunday newspaper round-up: Tiering, Virgin Orbit, Octopus Energy
9th Oct 2022 13:45
(Sharecast News) - The UK's biggest lenders may be facing a huge windfall tax as the Chancellor casts about for ways to calm financial markets, City sources said. The target may be some of the interest payments due to be paid on the hundreds of billions of pounds in deposits placed with the Bank of England, through what is known as 'tiering', mainly to the likes of Lloyds, NatWest and HSBC. That might net the Treasury approximately £10bn, at a cost of a fifth of major UK lenders' annual profits, according to estimates from Numis. Nonetheless, the Treasury itself has played down the possibility of a shift towards tiering as it "risks damaging the UK's fiscal credibility". - The Financial Mail on Sunday
Read moreMortgage lenders to urge Kwarteng to extend guarantee scheme
6th Oct 2022 15:03
(Sharecast News) - Some of Britain's largest mortgage lenders are set to implore chancellor Kwasi Kwarteng to extend a first-time buyer guarantee scheme, it was reported on Thursday.
Read moreUK govt considering QE change to avert £10bn payout to banks - report
21st Sep 2022 15:00
(Sharecast News) - UK Prime Minister Liz Truss's new government has reportedly looked at changing the Bank of England's money-printing programme to save the UK taxpayer billions of pounds.
Read moreCiti sees UK inflation hitting 18% peak in January
22nd Aug 2022 11:15
(Sharecast News) - Economists at Citi raised their forecasts for the peak in UK inflation to 18% in the wake of the additional 25% rally in UK gas prices and 7% rise in electricity costs over the previous week.
Read moreBofA bumps up target price for Lloyds Banking Group citing gearing to higher rates
28th Jul 2022 12:23
(Sharecast News) - Analysts at Bank of America bumped up their target price for shares of Lloyds Banking Group, highlighting the lender's gearing to higher interest rates and earnings resilience to economic shocks.
Read moreLloyds lifts outlook as interim income surges on rising rates
27th Jul 2022 07:02
(Sharecast News) - Lloyds Bank lifted annual guidance after a rise in net income for the half-year due to rising interest rates, and despite a fall in pre-tax profits.
Read moreWeek ahead: FOMC meeting, Q2 earnings reports in the spotlight
22nd Jul 2022 13:01
(Sharecast News) - All eyes over the coming week will be on Wednesday's Federal Open Market Committee, as much for what it has to say on interest rates at the present meeting as well as for its guidance, together with a raft of corporate earnings reports on both sides of the Atlantic.
Read moreSix high street banks broke CMA information rules
22nd Jul 2022 11:07
(Sharecast News) - Six high street banks were found to have broken rules imposed by the Competition and Markets Authority under the Retail Banking Market Investigation Order 2017, it was revealed on Friday.
Read moreCredit Suisse sees value in UK Banks, Lloyds remains 'top pick'
5th Jul 2022 10:57
(Sharecast News) - Analysts at Credit Suisse sounded a bullish note for UK banks, explaining to clients that they now expected upgrades to lenders' guidance for net interest margins and net interest income.
Read moreBoE's Bailey leaves door open to 50bp hike but says economy "at something of a turning point"
29th Jun 2022 15:24
(Sharecast News) - The head of the Bank of England walked a fine line between hawkishness and its gradual approach to interest rates up until now at the European Central Bank Forum in Sintra, Portugal.
Read moreLloyds to give staff one-off £1,000 payment amid cost-of-living crisis
13th Jun 2022 15:31
(Sharecast News) - Lloyds Bank will give staff a £1,000 bonus this summer to help with the increasing cost of living.
Read moreBoE says UK banks no longer too big to fail
10th Jun 2022 07:46
(Sharecast News) - Britain's major banks are no longer too big to fail and could still provide vital services in a crisis without a taxpayer bailout, the Bank of England said, although it said three lenders had fallen short of meeting requirements.
Read moreBank of England chief economist sees further rate hikes ahead
20th May 2022 10:41
(Sharecast News) - The price of money is headed higher still and the risks are that even further rate rises might be needed, the Bank of England's chief economist said.
Read moreAnother 28 Lloyds branches to be closed, union claims
18th May 2022 12:03
(Sharecast News) - Another 28 Lloyds Banking Group branches are on the chopping block, it was revealed on Wednesday, with the UK's second-largest union branding the move as "inexcusable".
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