- Business confidence dips in September-Lloyds
- Market Report-Hargreaves Lansdown
- Global Financial Centres Index 34-confidence in International Financial Centres’ future is strong-Z/Yen Group
- Timings of Basel 3.1 implementation in the UK-PRA
- Demand for fixed savings rates soars-NatWest
- Global Crypto Adoption Index declined by almost 60% Since Q2 2021-Bankless Times
- Cost to borrow rises across credit cards and loans-Moneyfacts expired
- Starfish Digital and Standard Chartered partner to support demand for real-time cash management data expired
- Gen X and Millennials now outspend Gen Z on Buy Now, Pay Later(BNPL) services-TransUnion expired
- Embracing the world of checkout finance beyond BNPL-Deko expired
- FCA and PRA aim to boost diversity and inclusion in financial services expired
- Cybersecurity breaches triple for financial services firms expired
15th September 2023
Market Report-Hargreaves Lansdown
Susannah Streeter, head of money and markets, Hargreaves Lansdown, comments:
"The cost-of-living crisis, high borrowing costs, bad weather and strikes have all conspired to cause the UK economy to contract. As the resilience of consumers and companies is chipped away, more demand is set to be squeezed out of the economy, which should help limit price rises going forward.
Nevertheless, with wage growth still hot and fuel prices higher, it still looks likely that the Bank of England will raise interest rates again next week from 5.25% to 5.5%. The upcoming inflation snapshot will be closely watched for signs that core inflation, which strips out the volatile food and energy prices, is still proving sticky.
The September rate decision may well mark the end of the hiking cycle, given that unemployment has also ticked up, companies are showing more reluctance to hire staff and we have still yet to feel the full effect of previous rate increases. But higher rates are set to linger given that the 2% inflation target still seems so far away, so right now a cut isn’t expected until at least the second half of next year."
Hargreaves Lansdown Trends(171 articles)