Financial news

• New account pays 9% interest as UK savers offered highest rates for more than a decade

  01-06-2023 19:41
  
  Building societies offer rates over 7% – but deals have strings attached and are limited to existing membersA new savings account has been launched that pays an inflation-beating 9% interest – hours after a rival institution unveiled an account paying 7.5%.The Bank of England’s 12 interest rate rises in a row have spelled pain for millions of people with existing mortgages and those looking to take one out, but the flipside is that savers are now being offered some of the highe
  
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• UK mortgage lending hits record low in sign of housing market stress

  01-06-2023 16:22
  
  Bank of England data shows sharp dip in April as Nationwide says house prices falling at fastest annual rate since 2009Business live: latest updatesThe UK’s housing market is showing growing signs of stress, with mortgage lending collapsing to the lowest monthly level on record, and property valuations falling at the fastest annual rate in almost 14 years.Figures from the Bank of England show borrowing of mortgage debt fell sharply in April, with consumers repaying £1.4bn more than w
  
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• Eurozone inflation falls as cost of living squeeze eases; Brexit a ‘historic economic error’ – business live

  01-06-2023 12:13
  
  Eurozone inflation eased more than expected last month as underlying price growth also slowed, while former US Treasury secretary Larry Summers warns Brexit helped to drive up inflationBrexit was a “historic economic error” which has hurt the UK economy and helped to drive up inflation, Larry Summers, the former US Treasury secretary has warned.Summers told Radio 4’s Today programme that UK economic policy has been “substantially flawed for some years,” and singles
  
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• UK house prices falling at fastest annual pace since 2009, says Nationwide

  01-06-2023 10:00
  
  Building society warns of ‘strengthening headwinds’ with high interest rates continuing for longerBusiness live: latest updatesUK house prices fell at the fastest annual rate in nearly 14 years in May, as Nationwide building society warned that “headwinds” for the housing market were likely to increase in the coming months as high inflation fuels expectations of further interest rate rises.Prices decreased by 3.4% in the 12 months to May compared with 12 months earlier &n
  
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• We’re a climate action hub in need of an electricity meter

  01-06-2023 09:30
  
  Bulb hasn’t sent a form to the National Grid, and we can’t sign up with any other energy companyI run a community support charity which has spent two years raising £150,000 for a climate action hub. The idea is to run events, workshops and performances on the site, which includes an amphitheatre and field kitchen. Over a year on, planned events and activities are badly affected because we are still waiting for the installation of an electricity meter.Continue reading...
  
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• ‘One guy uses us like a larder’: the British shoplifting crisis – as seen from the tills

  01-06-2023 07:00
  
  In Britain, shop thefts have more than doubled in the past six years, reaching 8m in 2022. We spent a day talking to shopkeepers in Manchester, where raids on the shelves are a regular occurrenceChorlton is one of Manchester’s most aspirational suburbs. Its handsome red-brick semis regularly sell for £700,000 or more. It has a worker-owned, vegetarian cooperative that sells locally grown fruit and vegetables, several reiki studios and an artisanal off-licence where one of the bestsel
  
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• Brexit, the environment, energy bills … it’s hard to tell Labour and Tory policies apart | Larry Elliott

  01-06-2023 07:00
  
  Cross-party consensus was once called Butskellism. What do we call it when even Rachel Reeves and Jeremy Hunt agree?Back in the 1950s, a term was coined to describe the consensus that had allegedly emerged over the way to run the economy in the postwar world. An amalgam of the names of two chancellors of the exchequer – Rab Butler for the Tories and Hugh Gaitskell for Labour – it became known as Butskellism.Dispute has raged ever since over whether there was any such thing, yet while
  
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• UK supermarkets cut diesel prices by 7p a litre after watchdog concerns

  01-06-2023 01:01
  
  Reduction follows CMA plans to grill executives about ‘sustained higher margins’ but RAC says retailers should go furtherSupermarkets have cut more than 7p a litre from the price of diesel since the UK’s competition watchdog warned it would question retail bosses about unnecessarily high forecourt prices, according to the RAC.The motoring group found that the average price of diesel fell by 7.44p a litre, from 151.02p two weeks ago to 143.58p this week, after the Competition an
  
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