All the latest news and views from Financial Advice Network

RICS - rent to rise by 2023

09 Aug, 2018

RICS predict rent rising 15% by 2023

According to a survey conducted by the Royal Institution of Chartered Surveyors (RICS), rent in the UK could rise 15% over the next five years.

This comes as the supply of new rental properties decreases, particularly with small scale landlords pulling out of the housing market.

Sales boost in summer

07 Aug, 2018

Heatwave and World Cup boost sales for some UK retailers

The scorching summer heatwave and the World Cup bonanza as England reached the semi-finals spurred people to spend excessive amounts on food, drink and electric fans in July. This led to a peak in food sales, having their best July in five years.

In a survey carried out among retailers by the British Retailer Consortium (BRC), it was seen that food sales were up by 4.5%, while non-food sales declined by 1.2%.

Interest rates increased by Bank of England

02 Aug, 2018

Bank of England raises interest rates in UK

The Bank of England has increased interest rates in the UK from 0.5% to 0.75%. This is only the second time in the decade this has been done.

The Bank’s Monetary Policy Committee voted unanimously to raise borrowing costs despite concerns over Brexit hurting the economy, arguing that to keep inflation on target a modest increase was needed.

BP to acquire BHP assets

27 Jul, 2018

BP to buy US shale assets for $10.5 billion

British Petroleum (BP) has agreed to buy BHP Billiton’s US shale assets for $10.5 billion, in their biggest acquisition in nearly two decades.

Bob Dudley, BP’s chief executive, acclaimed the deal as “a transformational acquisition.”

FCA enforcement committee

23 Jul, 2018

FCA enforcement committee sees rise in cases

A rise in new cases has been seen by the enforcement decisions committee of the Financial Conduct Authority (FCA) in the last financial year. This is said to have been driven by an increasing number of firms failing to file their returns or pay fees.

The FCA’s annual reports and accounts, published last week, saw the Regulatory Decisions Committee (RDC) open 508 new cases for the financial year 2017/18, compared to 445 cases in 2016/17.

Google to be fined

19 Jul, 2018

Google to be fined by EU for Android

Google is set to be fined by the European Commission (EC) after they claimed that the US tech giant’s mobile device strategy unfairly strengthened its dominance of search.

The fine could be up to 10% of the annual revenue made by the group, which amounts $11.1 billion (£8.5 billion). Additionally, they may be forced to unbundle their Android from Chrome and other Google services.

HSBC contingency plan for no deal Brexit

06 Aug, 2018

HSBC have a plan for a no deal Brexit

John Flint, Cheif Executive of HSBC has stated that in the event of a no deal Brexit, whereby the UK will exit the European Union (EU) without a deal for the financial services industry, the bank has a contingency plan.

Lloyds PPI

01 Aug, 2018

Lloyds profit increases despite £550m PPI costs

Lloyds Banking Group reported a 23% increase in their profits over the first half of the year, despite taking a £550 million hit to cover claims from mis-sold payment protection insurance (PPI).

Their recorded pre-tax profits rose to £3.1 billion in the six months to 30 June, based on higher interest income and lower costs.

FCA propose fixed interest rate

25 Jul, 2018

FCA suggests basic interest rate on older saving accounts

The Financial Conduct Authority (FCA), UK’s financial watchdog, has proposed a minimum interest rate for older cash savings accounts because the market does not seem to be working well for the longstanding customers.

They have stated that customers who have been with their banks for a long time and do not switch are usually worse off. Rather they often receive lower interest rates on easy access cash savings products compared to newer customers.

Budget defecit

20 Jul, 2018

UK budget deficit more than expected in June

The government has recorded a slightly bigger than expected budget deficit in June, even though borrowing over the first three months of the financial year was seen as being the lowest since 2007.

The Office for National Statistics (ONS) reported in June the budget deficit stood at £5.394 billion, which was better than compared to over a year ago where it was £6.239 billion.

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