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The Latest Breaking News on Financial Services

Mortgage costs face 30-year high of 6% as Bank of England issues stark warning

Huw Pill warned borrowers to brace themselves for a “significant” rate hike after lenders Santander and HSBC, along with the Nationwide and Yorkshire building societies, joined a rush of lenders to pull home loans or up their rates

Daily Mirror

Former Bulwell town centre bank put up for sale

It was closed due to a drop in footfall since the pandemic

Nottingham Post

Why now is the best time for Greater Bank and Newcastle Permanent to merge

The two Hunter-based customer-owned financial institutions are focused on a merger's long-term benefits for the region.

Newcastle Herald

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Members have their say on Newcastle Perm - Greater Bank merger

Almost 600,000 Newcastle Permanent and Greater Bank members will start voting on Wednesday on a proposed historic merger of the institutions.

Newcastle Herald

Homeowners warned of ‘significant’ rise in UK interest rates

Bank of England’s chief economist speaks out after mini-budget, with financial markets expecting rates to reach up to 6%

The Guardian - UK

Bank of England warns of ‘significant’ rate rises amid sterling turmoil

The Chancellor sought to reassure investors as the Bank of England’s chief economist said they could not ignore the fall in sterling

Evening Standard

Kwarteng’s tax cuts will force ‘significant’ interest rate rises by Bank of England

Chief economist says mini-budget will increase inflationary pressure in remarks likely to further spook mortgage borrowers

The Guardian - UK

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Bank of England chief economist says pound slump will ‘require significant response’

Huw Pill said there had been ‘significant market consequences’ following the chancellor’s announcement of tax-cuts

The Independent UK

Newcastle city centre bank to close - one of an estimated 325 UK branch closures this year

As more customers shift to mobile and online banking, RBS has announced its Newcastle city centre branch will close in October - one of 12 around the country

Chronicle Live

Bank issue warning after victims of 'friends and family' WhatsApp scam soar

The cost of living scam sees fraudsters pose as friends or family members

Liverpool Echo

World Bank slashes economic outlook for Asia over China slowdown

The Washington-based lender expects the region to grow 3.2 percent in 2022, down from a 5 percent forecast in April.

Al Jazeera

Development bank fires director after ethics probe

Governors of the Inter-American Development Bank have voted to fire its president, Mauricio Claver-Carone

The Independent UK

Bank of England’s wait-and-see approach unlikely to calm nerves

After a day of volatility, the Bank’s statement was a far cry from the cavalry arriving to help the battered pound

The Guardian - UK

Exclusive-Trump nominee Claver-Carone voted out at IDB, threatens legal action

The governors of the Inter-American Development Bank (IDB) on Monday voted to fire Mauricio Claver-Carone, the bank said, after an investigation showed that the only American president in the bank’s 62-year history had an intimate relationship with a subordinate.

Reuters

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Chronicle Live

Gateshead niece who stole cash from shielding elderly uncle given one last chance to avoid jail

Linzi Elder, of Gateshead, has breached her suspended sentence order for fleecing her relative three times by failing to attend appointments

The Guardian - UK

Pound comes under new pressure after Bank of England fails to raise rates

Central bank stops short of emergency rate hike and instead says it will make full assessment in November

Daily Mirror

Bank of England 'won't hesitate' to change interest rates after pound plummets

Andrew Bailey, the Governor of the Bank of England, has said there will be no hesitation to change the interest rates "by as much as needed" to get inflation under control after the pound hit a record low

Evening Standard

Lloyds warns British Gas customers about email scam

Energy customers warned about hoax to get payment details

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The Independent UK

What could the Bank of England do after pound plummets to record low?

Analysts want Bank of England to increase interest rates to ‘restore credibility’ to UK economy

The National (Scotland)

Bank of England says it 'will not hesitate' to change interest rates in emergency statement

THE Bank of England is preparing to make an emergency statement this afternoon after the pound plummeted to its lowest ever level against the US…

Daily Mirror

Metro Bank to give staff 2.75% pay rise to help with soaring cost of living

The UK bank said 98% of employees will get the bonus - and it comes on top of the 5% average salary increase that came into effect in April this year, meaning a total pay rise of 7.75%

The Independent UK

Lebanese banks reopen partially after weeklong closure

Banks in crisis-hit Lebanon have partially reopened following a weeklong closure amid a wave of heists and protests

Bangkok Post

Bank of Thailand to go for another modest 25 bps hike on Wednesday

BENGALURU: The Bank of Thailand will deliver another 25 basis-point rate hike on Wednesday, its second in a row, even as many of its peers opt for larger increases to fight high inflation, a Reuters poll showed on Monday.

Nottingham Post

Work starts on transforming dilapidated bank in Sutton-in-Ashfield into flats

The bank shut three years ago

The Independent UK

‘A matter for the Bank of England’: Liz Truss refuses to discuss if UK in recession

Chancellor Kwasi Kwarteng also claims he can’t comment on ‘market movements’ following pound’s plunge

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