International News

Thousands of PwC staff are to get a 9% pay rise in response to rising living costs and a competitive recruitment market, the accountancy giant has said. The company said half of its more than 20,000 employees in the UK would get an increase of at least 9%, while 70% would get a rise of 7% or more. With vacancies at a record high, many firms are offering pay rises to attract and retain staff. But ministers have warned big salary rises could further fuel price rises. Inflation - the ra...

Every economic indicator in Britain has started flashing red, but the housing market has marched relentlessly on. Nationwide building society will release its latest house price index for June this week, along with regional data for the second quarter, while the Bank of England’s latest mortgage lending figures should also shed more light on the state of the UK property market. Prices are up 5% this year, although uncertainty about the wider economy has meant Nationwide has not issued a...

The declining value of the pound has made investment in the UK’s property market increasingly attractive among Middle Eastern buyers. According to new research, the region is taking mounting interest in prime London property in particular. Having briefly rallied in late 2021, the value of the British pound has been steadily decreasing in 2022, and hit its lowest level against the dollar in two years, as of late June. In contrast, the Saudi Riyal has been gaining value, on the back of th...

As the Bank of England base rate creeps up once more, can we expect mortgage rates, savings rates and loan and credit card rates to follow suit? Last week’s announcement that the Bank of England‘s monetary policy committee (MPC) had voted to raise interest rates by 0.25 percentage points to 1.25% did not come as a shock to most. Some pundits had even suspected the increase could be greater, to 1.5%. In the short term, the decision to increase the base rate caused a stir across ...

UK interest rates have risen further as the Bank of England attempts to stem the pace of soaring prices. Rates have increased from 1% to 1.25%, the fifth consecutive rise, pushing them to the highest level in 13 years. It comes as finances are being squeezed by the rising cost of living, driven by record fuel and energy prices. Inflation - the rate at which prices rise - is currently at a 40-year high of 9%, and the Bank warned it could surpass 11% later this year. The Bank said risi...

Food prices will rise quickly this summer due to soaring costs, grocery analysts have predicted. Prices will rise at a rate of 15% as households pay more for staples such as bread, meat, dairy and fruit and vegetables, the Institute of Grocery Distribution (IGD) said. More vulnerable people will skip meals, it warned. It also predicted that prices would rise faster for longer than Bank of England estimates. The IGD, which provides analysis to major grocers, said the UK was facing the...

Government rental reforms will ban Section 21 evictions in England Today has seen the government announce its new Rental Reform Bill for England, which aims to protect tenants, and ensure all private renters are able to access safe and secure living accommodation. Under the bill, Section 21 evictions – also known as no-fault evictions – will become illegal in England, and landlords will need to provide a reason for reclaiming the property. Section 21 evictions are already illegal i...

Even though it is more than 40 years old, the changes wrought by Margaret Thatcher’s right-to-buy policy can still be felt in Britain today. It established the story the Conservative party continues to tell about itself, of being crusaders for opportunity for all; it transformed the way people thought about what it meant to own or rent their homes; and it shifted almost 2m social housing dwellings into private hands. It became the emblematic policy idea of a prime minister who was pretty u...