One of Britain’s biggest housebuilders has stopped buying land on which to build new homes due to the ‘considerable uncertainty’ gripping the economy and complex planning rules.

Berkeley Group, which operates across London and the south-east, said it did not invest in any new sites between May and August, due to high interest rates and inflation and ongoing issues with the planning system.

Soaring interest rates have driven up mortgage costs for potential buyers while high inflation is putting pressure on household budgets. Meanwhile, the complexity of the UK’s planning system and a lack of clarity around regulatory changes that will affect the housebuilding sector is also squeezing investment, Berkeley told shareholders.

The update came as the Home Builders Federation accused ministers of being ‘increasingly anti-development’ after ‘capitulation to the Nimby lobby’. Berkeley said it will ‘only invest very selectively in new opportunities’ to acquire sites for new projects.

‘The complexity and protracted nature of the current planning system and lack of clarity surrounding certain regulatory changes affecting our sector, at a time of considerable uncertainty for the UK economy with persistent high inflation and interest rates, continues to deter investment into brownfield regeneration and the wider housebuilding sector,’ the company said in a trading update for the four months to the end of August. 

Uncertainty: Berkeley Group said it did not invest in any new sites between May and August

The FTSE 100 property firm said sales over the four months were 35 per cent below the same period last year. However, it said pricing remains resilient due to a reduced supply of homes coming on to the market.

Richard Hunter, head of markets at Interactive Investor, said: ‘Berkeley Group continues to fine-tune its operations against a notoriously difficult backdrop for the sector.

‘In some ways, Berkeley is a different beast to many of its competitors, with a potential edge coming from its mix of an exposure to London and the south-east, higher-end properties and the regeneration of brownfield sites in which it is well accomplished. The group has also reined back its land acquisition, making no purchases in this period and with the intention of only investing very selectively in new opportunities.’

Rival developers have issued downbeat updates over the summer, with Persimmon, which will this month drop out of the FTSE 100, Barratt Developments and Taylor Wimpey all building fewer homes.

Barratt said this week it has implemented a hiring freeze, reducing its headcount by 6 per cent, following the market slowdown sparked by Liz Truss’ mini-budget last year. Hunter added: ‘Berkeley is far from being immune to the wider issues of mortgage availability and affordability, planning bottlenecks, uncertain consumer propensity to buy and a cloudy outlook.’

Despite the economic uncertainty, Berkeley confirmed it expects to meet a pre-tax profit forecast of at least £1.05billion in the current and next financial years.

Berkeley said it expects forward sales of around £2billion at the end of October, compared to £2.14billion at the end of April.

The developer confirmed it has paid shareholders a dividend of 59.3p per share, totalling £63.1m, and is on track to deliver returns of £282.7m by September next year.

Admiral defied difficult economic conditions in the first half as price hikes helped drive double-digit revenue growth. 

The insurer has hikes prices to offset elevated claims inflation, particularly within its motoring business, which has seen more expensive repairs, supply chain snags and soaring used car costs.

Price hikes led to Admiral’s revenues jumping by 21 per cent to £2.24billion for the six months ending June, with its UK motor insurance arm providing most of the growth.

Cost challenges: Motor insurers like Admiral have been hit by more expensive repairs, supply chain snags and soaring used car costs over the past year

Although the division’s customer numbers dipped slightly, turnover climbed by around £250million thanks to higher average premiums after lifting prices by about a fifth across new business and renewals.

Revenues also expanded in its international insurance and UK household segments for the same reasons, although they further benefited from a bump in customers.

Pre-tax profits rebounded by 4 per cent due to higher interest rates pushing up investment income and fewer payout claims than initially expected.

Milena Mondini de Focatiis, chief executive of Admiral, said: ‘The group has once again delivered a solid performance and strong growth in the context of a challenging market, although we believe that the cycle is turning.’

Admiral noted that secondhand vehicle prices, a major contributor to damage inflation, had seen prices begin to stabilise. 

She added: ‘Inflation persists, but we have navigated the cycle well, maintaining pricing discipline and a focus on medium-term profitability.

‘We recognise that these are challenging times for many people, and we are committed to being there for them when they need us the most, delivering good service and competitively priced products while also actively managing our costs.’

Admiral shares were the FTSE 100 Index’s top performer by early Wednesday afternoon, rising by 6.6 per cent, or 146p, to £23.45.

They have still slumped by over a third from their peak in summer 2021 when the firm was buoyed by a growing customer base and a drop in car accidents from people travelling less often.

Trading has inevitably struggled since then as the end of Covid-related restrictions encouraged Britons to take more journeys.

Matt Britzman, an equity analyst at Hargreaves Lansdown, said: ‘Conditions are likely to remain tough over the rest of the year, but Admiral should be able to continue its string of outperformance versus peers with selective underwriting and strong pricing power.

‘The group’s also been very prudent with reserves in recent years, now sitting on a good chunk of excess which should be unwound into profits over the next few years.’

Aviva also released half-year results on Wednesday, showing operating profits increasing amidst soaring demand for private health insurance as Britons sought to beat record NHS waiting lists.

Mortgage holders face more pain as stronger-than-expected UK economic growth increased the chances of more interest rate rises.

The economy bounced back in June, growing 0.5 per cent after a 0.1 per cent decline in May when output was depressed by the extra bank holiday for the coronation, according to the Office for National Statistics (ONS).

The ONS pointed to warm evenings, cold pints and stadiums packed with screaming music fans at Beyonce and Harry Styles concerts as the drivers behind the growth. A surprise boost in manufacturing also helped.

‘The actions we’re taking to fight inflation are starting to take effect, which means we’re laying the strong foundations needed to grow the economy,’ said Chancellor Jeremy Hunt.

UK inflation data for July, is due next Wednesday, and is expected to show that the pace of price rises cooled to 6.5 per cent last month from 7.9 per cent in June.

But the rise in growth showed consumers were holding up better than expected, despite interest rates hitting their highest levels in 15 years as the Bank of England struggles to bring down soaring inflation, which remains well above its target of 2 per cent.

It means the central bank has more ‘wiggle room’ to consider further rate rises to cool the economy and rein in consumer spending to bring down prices.

Neil Birrell, chief investment officer at asset management company Premier Miton, said: ‘The GDP data gives the Bank of England a headache. They may well have been thinking about pausing interest rate increases soon, but this data will make that more difficult.’

Worries about more rate rises hit trading in the Square Mile, with the FTSE 100 dropping 1.2 per cent, or 94.44 points, to 7524.16.

The Bank of England is still predicted to hike rates at its next meeting as gross domestic product (GDP) rose by 0.2 per cent in the second quarter of this year, up from 0.1 per cent in the first three months of 2023 and slightly ahead of previous forecasts.

UK growth was ahead of other developed nations such as Italy and Germany, which declined 0.3 per cent and saw flat growth for the second quarter respectively, but lagged behind the US and France, which grew by 0.6 per cent and 0.5 per cent.

Data shows 70 per cent of traders expect the Bank to raise rates by 0.25 percentage points next month to 5.5 per cent, with most predicting rates will hit at least 5.75 per cent by the end of the year, levels not seen since 2007.

Following the better-than-expected GDP data, the cost of UK government debt also climbed with yields on two-year gilts, which are sensitive to interest rates, rising around 0.07 per cent to 4.96 per cent. The pound, meanwhile, climbed 0.5 per cent to $1.273 against the dollar. But some economists warned the effects of previous rate hikes had yet to be fully felt by the economy and despite defying expectations, the UK could still slip into recession.

Ruth Gregory, deputy chief UK economist at research business Capital Economics, said: ‘A recession has so far been avoided. But with much of the drag from higher interest rates still to come, we are sticking to our forecast that the UK is heading for a mild recession later this year.’

Others said the 0.5 per cent bounce to GDP in June was likely to be short-lived. Suren Thiru, economics director at the Institute of Chartered Accountants in England and Wales, said: ‘The UK is entering a more challenging period where, with stubbornly high inflation, soaring interest rates and unseasonably wet weather, GDP is likely to weaken considerably in the third quarter, despite a boost from lower energy bills.’

Thiru added that while interest rates would likely rise again next month, further increases risked ‘destabilising an already brittle economy by further suffocating consumer spending and businesses investment’.

Another cloud hanging over the figures was the fact that the UK remained the only country in the G7 group of advanced economies which has yet to see its GDP return to pre-pandemic levels.

Coca-Cola Hellenic Bottling Company has boosted its annual guidance following a bumper performance during the first half of the year.

The anchor bottler revealed operating profits more than doubled to €557.3million (£480million) for the six months ending June, despite consumer weakness and higher energy and ingredients costs.

Rising prices helped the firm’s net sales revenue surpass €5billion, with organic revenue growing by 17.8 per cent and a further boost provided by the consolidation of its Russian business.

Drink up: Coca-Cola HBC revealed operating profits more than doubled to €557.3million for the six months ending June despite widespread cost-of-living pressures 

Turnover across all market segments increased by double-digit percentage levels, offsetting unfavourable foreign exchange movements and a drop in organic volumes caused largely by softer demand in the stills category.

It also expects the cost of goods sold per unit case to expand by a high-single-digit percentage, down from an initial forecast in the ‘low teens’. 

Consequently, the group now anticipates full-year organic sales growth in the ‘mid-teens’, compared to a prior forecast of 5 to 6 per cent.

The blue-chip company has maintained its annual earnings outlook, which it raised last month after seeing a ‘stronger than anticipated finish’ to the first-half of the year.

Zoran Bogdanovic, chief executive of Coca-Cola HBC, said on Wednesday: ‘It has been a very good first half of the year with progress across our strategic pillars.’

He added: ‘While some markets continue to face a challenging consumer environment, revenue per case has been improved through careful price and mix management enhanced by data, insights and analytics.

‘At the same time, volumes have remained resilient, which is testament to the quality of our execution.’

Headquartered in Switzerland but listed in London, Coca-Cola HBC packages and sells dozens of brands, such as Fanta, Fuze Tea, Costa Coffee, and Powerade, across 29 countries.

The business traces its origins back to 1950s Nigeria but was forged in its present form in 2000 through the merger of Coca-Cola Beverages and the Hellenic Bottling Company.

Though known mainly for selling soft drinks, the firm has been expanding its presence into the alcoholic drinks sector, recently agreeing to spend $220million (£172million) acquiring Brown-Forman Finland, the owner of premium vodka brand Finlandia.

It believes the takeover will enhance its premium spirits offering and strengthen partnerships with customers in ‘strategically important’ channels, including the hotel, restaurant and catering industries.

Neil Shah, the director of content and strategy at Edison Group, said: ‘The continued consumer demand for Coca-Cola HBC’s products has helped the bottler not only weather the difficult macroeconomic climate of recent months, but thrive in it.

‘Moreover, the company benefits from the ongoing roll-out of new products, such as Jack Daniel’s & Coca-Cola, which enjoy the advantages of immediate brand recognition that isn’t available to other new drinks on the market.’

Coca-Cola HBC shares were 1.5 per cent, or 34p, higher at £22.94 on Wednesday morning and have grown by approximately 19 per cent since the start of the year.

The Bank of England’s Monetary Policy Committee has voted by a margin of six to three to hike its base rate to 5.25 per cent. 

The FTSE 100 is down 0.7 per cent in midday trading. Among the companies with reports and trading updates today are Next, Rolls-Royce, London Stock Exchange, Pets at Home, Bupa, Shaftesbury Capital, Smith & Nephew and Belvoir Group. Read the Thursday 3 August Business Live blog below.

> If you are using our app or a third-party site click here to read Business Live

London Stock Exchange plots up to £750m of share buybacks

London Stock Exchange Group expects to complete up to £750million of share buybacks by April 2024 after the firm upgraded its annual outlook.

The financial information provider and trading venue now anticipates full-year income growth on a constant currency basis will be towards the top end of its 6 to 8 per cent guidance range, following a solid first-half performance.

West London landlord Shaftesbury shrugs off market woes as sales jump

Shaftesbury Capital has hailed ‘positive’ trading across its West London portfolio after sales climbed above pre-pandemic levels in the first half.

The landlord posted reported sales growth of 15 per cent for the six months to 30 June as Shaftesbury shrugs off concerns about the broader property market, which has been weighed down by rising interest rates and consumer weakness.

Is the Bank of England’s plan to tame inflation working?

Today the Bank of England made its 14th consecutive rate hike, a 0.25 percentage point rise to 5.25 per cent.

While borrowers might be struggling, it’s the central bank that’ll be feeling unlucky as the tried and tested orthodoxy of raising rates has done little to bring down inflation.

MPC votes for 25bps hike by 6-3 margin

‘The end of this hiking cycle is in sight’

Chief investment officer at LV= Adam Ruddle:

‘The Bank of England’s decision to raise interest rates by a quarter percentage point is in line with our expectations.

‘There was a strong possibility of a larger increase but given the improving position of forward looking inflation indicators such as manufacturing costs, we believe the Bank will steadily increase interest rates over the coming months.

‘This will balance the Bank’s role to retain price stability with the UK’s economic health. However, inflation remains more persistent in the UK, particularly inflation data excluding more volatile food and energy prices.

‘Though more painful for the economy, I believe that further rises are necessary to curb inflation. Importantly however, on the back of improving data, we believe the peak has fallen from 6.5% to 5.75% which suggests that the end of this hiking cycle is in sight.’

Breaking: Bank of England hikes base rate to 5.25%

The Bank of England has hiked its base rate by 25 basis points from 5 per cent to 5.25 per cent.

Marcus ups easy-access savings rates to 4.3%

Marcus, the popular app-based bank from Goldman Sachs, has boosted interest rates on its online savings account, cash Isa and one- year fixed rate saver.

From today, the rate on its online savings account and cash Isa has increased from 4 per cent to 4.3 per cent. This rate includes a 12-month fixed bonus of 0.34 per cent.

Lime boss Wayne Ting on why shared electronic bikes are the future

You might not have heard of Lime bikes but you’ll definitely have seen them on pavements in our biggest cities.

After the successful introduction of ‘Boris bikes’ in London, ride-sharing companies saw the opportunity to launch a more convenient and environmentally friendly way to commute.

Pets at Home sales climb as customer pressure fails to leash demand

Pets at Home shrugged off cost of living pressure in its first quarter as sales and customer numbers continued to climb.

Group revenues jumped 7.9 per cent year-on-year to £436million in the three months to 20 July as veterinary and retail sales rose by 16.3 and 7.1 per cent, respectively.

Drax boss Will Gardiner claims he is not driven by money

Will Gardiner claims he is not motivated by money – but he effectively pocketed a £2million pay rise last year.

His salary, bonus and other perks at Drax went up to an astonishing £5.37million, compared with £3.2million in 2021.

Rolls-Royce’s earnings skyrocket more than fivefold

Rolls-Royce has hailed ‘significantly improved’ first-half results, with earnings soaring more than fivefold against a continued resurgence in air travel.

The engineering giant revealed its underlying operating profits for the six months ending June climbed to £673million from £125million in the equivalent period last year.

Next lifts profit expectations as warm weather boosts sales

Next has lifted full-year profit expectations after warm weather helped to drive bumper end-of-season sales.

The retail bellwether told investors on Thursday it is increasing its full-year guidance for group profit before tax by £10million to £845million.

Full price sales were up by 6.9 per cent year-on-year for the 13 weeks to 29 July, which was ‘mainly driven by warm weather’, while Next’s clearance rates were ‘ahead of expectations’, it said.

Asda is the first fuel retailer to publish prices online

Supermarket giant Asda has become the ‘first’ fuel retailer to publish local petrol and diesel prices online amidst growing pressure from the government and watchdogs.

The group revealed that the price of each of its 320 filling stations across the UK will be made available on the store locator section of its website.

Billionaire George Soros eyes £36m profit from Blancco sell-off

Billionaire George Soros is set for a bumper £36million payday when data company Blancco Technology exits the London stock market.

The tech firm has accepted a takeover approach by US investment company Francisco Partners, in a deal worth £175million.

Supermodels Naomi Campbell and Gigi Hadid help Hugo Boss defy slowdown as sales soar

Supermodels Naomi Campbell and Gigi Hadid helped Hugo Boss defy a slowdown in the luxury sector, with sales soaring thanks to its advertising campaigns.

The German fashion house said sales were up 20 per cent for its second quarter, which covers the three months between April and June.

Daniel Grieder, chief executive of the firm, said: ‘After our highly dynamic start to the year, we continued our strong performance also in the second quarter.

Market open: FTSE 100 down 0.8%; FTSE 250 off 0.3%

London-listed stocks have opened lower this morning, with shares of London Stock Exchange Group weighing on the FTSE 100 index, as investors await the Bank of England’s verdict on interest rates.

London Stock Exchange Group is down 3.9 per cent after its first-half profit before tax fell 17.6 per cent.

Smith & Nephew has slipped 3.2 per cent after the medical products maker reported a 5 per cent fall in trading profit for the six months to July, missing market expectations.

Also weighing was BT Group, which fell 5.1 per cent as shares of the telecom firm traded ex-dividend.

Rolls-Royce: ‘The recovery from the dark days of the pandemic years appears to be progressing well’

Director at Edison Group Andy Chambers:

‘Rolls-Royce appears to be emerging from the clouds with a very strong set of half year results that saw underlying revenues growing 31% to £6.9bn with underlying operating profit more than five times higher at £673m, a margin of 9.7%.

‘With the initial results of the transformation programme enhancing performance all three divisions made positive contributions. Civil Aerospace returning to a healthy profit with a strong order intake reflecting the recovery in the large aeroengine market and strong growth in business aviation.

‘Defence also grew strongly with underlying operating profit up 33% reflecting improving demand and a more favourable delivery profile. While Power Systems grew more modestly with a reduction in margins it is expected to improve in the second half.

‘Net debt was also reduced by almost £0.5bn to £2.85bn during the period. Having recently increased FY23 guidance for underlying operating profit to £1.2bn-£1.4bn and free cash flow to £0.9bn-£1.0bn, management expect to announce their medium-term goals alongside its strategy review ay a capital markets day on 28 November 2023.

‘The recovery from the dark days of the pandemic years appears to be progressing well and investors may now be able to take a more favourable view of Rolls-Royce’s potential once again.’

London Stock Exchange boosted by data and analytics business

London Stock Exchange Group has posted total income growth of 11.9 per cent year on year to £4.2billion for the first half, with the exchange telling investors revenues are set to come in at the top end of expectations.

‘Data & Analytics is growing faster than it has for many years, with the ongoing improvements to our offering and strengthened customer relationships increasingly reflected in financial performance,’ Chief executive David Schwimmer said.

‘We are progressing well with the implementation phase of our transformational strategic partnership with Microsoft, with customers beginning to see the benefits from next year.’

Next ‘weathering the storm of economic uncertainty admirably’

Aarin Chiekrie, equity analyst at Hargreaves Lansdown:

‘Next has got into a habit of beating market expectations on the upside lately, and today’s second-quarter trading statement continued the hot streak.

‘Full-year pre-tax profit guidance got another bump up today, now expected to come in £10m higher at £845m. Online sales were the main driver of this upgrade, with sales in this channel growing at double-digit rates.

‘End-of-season sales were ahead of group expectations in the period, adding to the positive tailwinds that Next seems to be catching lately. The group still has a strong high street presence too, with sales here also heading in the right direction. Next’s certainly weathering the storm of economic uncertainty admirably, and looks well-placed to prosper further when the cycle turns.’

US credit rating downgrade sparks market mayhem: Shock decision by US agency Fitch sends global stocks tumbling

Global markets suffered a mass sell-off after the US government’s credit rating was downgraded following a debt ceiling crisis earlier this year.

Credit rating agency Fitch, one of the industry’s ‘Big Three’ alongside Moody’s and Standard & Poor’s, lowered its rating on the US to AA+ from AAA, saying the tussle over the country’s borrowing limit in May could threaten its ability to pay its bills.

The firm also predicted the country’s fiscal situation would deteriorate over the next three years as increased polarisation between the Democrat and Republican parties was likely to lead to further stand-offs in the future.

Rolls-Royce set for £100m legal bill

Rolls-Royce has told investors it expects to pay out £100million this year ‘in respect of the outcome of a legal judgment’.

On other costs ahead, Rolls said: ‘We continue to anticipate a year-on-year headwind of c.£200m associated with legacy Boeing original equipment concessions, an increased £150million adverse impact due to fires at two suppliers’ premises, and a new expected outflow of c.£100million in respect of the outcome of a legal judgment.’

Next lifts profit guidance

Next has raised its guidance for annual profit by £10million to £845million, after full price sales and the end-of-season summer sale came in ahead of forecasts.

It comes just six weeks after the retailer’s last upgrade and shows shoppers continue to defy tough economic conditions.

Next’s forecast for profits of £845million means they will come in 2.9 per cent lower than it made last year.

‘The BoE is clearly still concerned about changes to the UK mortgage market’

Isabel Albarran, investment officer at Close Brothers Asset Management:

‘Given the recent drop in inflation data, we expect to see a 25bps rate hike by the Bank of England today. We believe last month’s surprise double hike was likely an anomaly, an emergency response to the disorderly moves in market pricing of rates and inflation, which have to some degree normalised.

‘However, at a time when the Fed have stepped back from hiking at every meeting and the ECB’s language suggests the Council is considering adopting a similar approach, the Bank of England is a hawkish outlier. When will a break be on the horizon for the UK?

‘The BoE is clearly still concerned about changes to the UK mortgage market, and how this will affect the transmission of monetary policy, and the labour market remains tight. However, super-strong wage growth appears to be lagging falling inflation and broader employment indicators show signs of easing. We will be closely watching the announcement today for any signals that the end of the hiking cycle is near.

‘For assets, confirmation that the Bank is close to the end of hiking will be a boon. We have already seen this dynamic play out in the US, where equity sector behaviour suggests investors are already looking past the peak to expected rate cuts.’

Bank of England expected to hike base rate

The Bank of England’s Monetary Policy Committee is expected to hike interest rates later today.

Market pricing is currently leaning towards a 25 basis point hike to 5.25 per cent, but some forecasters predict the MPC will instead opt for a bigger 50bps hike to 5.5 per cent.

The FTSE 100 closed down 104.64 points at 7561.63, tracking losses globally after ratings agency Fitch unexpectedly downgraded the US top-tier sovereign credit rating. 

Among the companies with reports and trading updates today are BAE Systems, Taylor Wimpey, Haleon, Coca-Cola Europacific Partners, Virgin Money UK and Ibstock. Read the Wednesday 2 August Business Live blog below.

> If you are using our app or a third-party site click here to read Business Live

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FTSE 100 closes down 104.64 points at 7561.63

The Footsie closes soon

Just before close, the FTSE 100 was 1.53% lower at 7,549.28.

Meanwhile, the FTSE 250 was 1.35% lower at 18,808.86.

House prices fall at their sharpest rate in 14 years

House prices are falling at their sharpest rate in 14 years, with borrowing costs set to rise further tomorrow.

Property prices have dropped 3.8 per cent over the past year in the biggest downturn since July 2009, according to Nationwide Building Society.

Proxy adviser backs Nanoco board against shareholder revolt

Shareholders have been urged by a proxy advisory firm to support the leadership of nanotechnology developer Nanoco Group after some investors called for their removal.

Institutional Shareholder Services (ISS) is recommending that investors vote against plans to oust the board and install five new directors at a general meeting that is due to happen on 14 August.

FTSE suffers as fallout from Fitch US credit rating downgrade unravels

The FTSE 100 slumped into the red today after Fitch downgraded the US government’s credit rating in a decision branded ‘arbitrary’ by the country’s Treasury Secretary.

The world’s biggest economy has been stripped of its top level AAA credit grade by the agency two months after it came close to defaulting on its debts.

Hugo Boss stays strong amid tough China, U.S. markets

(Reuters) – Hugo Boss raised its sales and profit outlook on Wednesday as a brand revamp and marketing push helped the German fashion house overcome sluggish sector-wide demand in China and the United States.

The premium fashion group has shown resilience in slowing U.S. and European markets while boosting sales in Asia despite China’s slower-than-expected recovery.

Shares in luxury goods companies have come under pressure due to worries over the pace of China’s post-pandemic rebound.

Still, Hugo Boss reported a 56% increase in currency-adjusted sales in China from a year earlier in the second quarter, while the business in the Europe, Middle East and Africa region and the Americas benefited from a pick-up in tourism and gained market share among younger consumers.

“What they’ve achieved over the past couple of years is quite extraordinary, how quickly they have managed to reposition the brand away from formalwear to a 24/7 lifestyle brand with a more appealing casualwear offering,” said Thomas Chauvet, analyst at Citi.

After reporting a jump in group currency-adjusted sales to €1.03billion ($1.13billion) in the second quarter from €878million a year earlier, the retailer forecast full-year sales would grow 12% to 15% to €4.1billion to €4.2billion, up from its previous 10% growth forecast.

Operating profit was now expected to hit €400million to €420million, up from €370-400 million seen earlier.

Big five banks rake in £18.4 BILLION from paying savers low rates

High street banks have already pocketed £18.4billion this year from the gap between what they charge borrowers and pay savers – as they come under fire from politicians and the financial regulator.

This is Money’s analysis of the major banks’ half-year results showed every single firm made a growing amount from net interest margins – the difference between low savings rates and high mortgage and loan costs.

Coca-Cola EP agrees to buy Philippines-based bottler

Coca-Cola Europacific Partners has struck an agreement to jointly acquire a soft drinks bottler in the Philippines for $1.8billion.

The anchor bottler has signed a letter of intent with the conglomerate Aboitiz Equity Ventures (AEV) to buy Coca-Cola Beverages Philippines (CCBPI).

Bank of England interest rates: How high will base rate go tomorrow?

The Bank of England is expected to hike its base rate to a 15-year high on Thursday, but forecasters are still split of how aggressive it will be.

Market pricing currently favours forecasts of a 25 basis point hike from 5 per cent to 5.25 per cent.

Virgin Money credit card arrears rise while mortgage lending falls

Virgin Money UK has maintained its full-year outlook and reported stable net interest margin in the third quarter, despite pressure from its mortgages business.

The challenger bank has been restructuring itself as it grapples with a drop in footfall and transaction volumes.

UK could see a £5 billion Brexit boost if ‘tourist tax’ is scrapped

Scrapping the ‘tourist tax’ could unlock a Brexit boost, with Europeans spending £5.1billion on tax-free shopping in the UK, analysis suggests.

More than 300 business leaders have backed a Mail campaign to bring back the VAT exemption for foreign visitors, arguing it would encourage tourists to visit the UK.

Sensodyne owner Haleon boosts profit expectations

Haleon has raised its annual sales guidance after higher prices helped offset inflationary pressures in the first half.

The consumer healthcare company now expects organic revenues to expand by 7 to 8 per cent this year, up from previous guidance of ‘towards the upper end of the 4-6 per cent range’.

Haleon forecasts that full-year adjusted operating profits will increase by 9 to 11 per cent at constant currency levels.

Ibstock interim results show revenue and profit slump

Ibstock’s profits slumped in the first half, but the materials group still beat expectations amid a building slowdown.

The FTSE 250 group’s revenue declined by 14 per cent year-on-year to £223million for the first six months to 30 June, with Ibstock citing ‘reduced activity levels in [its] residential markets’.

Homeowners face new mortgage woe ahead of expected interest rate rise

Homeowners are bracing for potential fresh mortgage agony with the Bank of England expected to again increase interest rates tomorrow.

Bank ratesetters are widely expected to increase the base rate from 5 per cent to 5.25 per cent as they attempt to bring down inflation.

Taylor Wimpey profits slump on higher mortgage rates

Housebuilder Taylor Wimpey has warned higher mortgage rates are weighing on potential customers’ ability to afford to buy new homes.

The group has forecast a halving of annual operating profit as elevated mortgage costs make home purchases less affordable amid wider strains in the housing market.

The FTSE 100-listed housebuilder also unveiled a drop in sales and profits for the past six months.

Fears grow car giants could pull investment from UK over EV targets

Ambitious targets on electric vehicles could see car giants pull investment from the UK, ministers have been warned.

Business Secretary Kemi Badenoch is said to have told Cabinet colleagues of major concerns about plans to fine car makers £15,000 a vehicle if they fail to meet production quotas on electric vehicles.

HSBC silences Ping Am with bumper profit: Bank boss says tussle with Chinese investor is now closed

HSBC’s boss has drawn a line under the bank’s battle with its largest shareholder over the future of the business.

The banking giant, which delivered a surge in half-year profits, spent the last year in a tussle with a Chinese insurance giant.

Ping An owns an 8.4 per cent stake in the FTSE 100 group and in May failed to force the company to split off its Asian business at the AGM.

But three months after the vote, HSBC chief executive Noel Quinn said the matter was ‘now behind us’.

Taylor Wimpey H1: ‘It could have been worse’

Andy Murphy, director at Edison Group:

‘This update from Taylor Wimpey constitutes a clear case of “it could have been worse”, as a weakening property market and high operational costs having combined to put huge pressure on the construction sector during H1 2023.

‘With the impact of the building hiatus, induced by Covid-19, still being felt by the industry, current market conditions are naturally taking their toll.

‘That being said, tight cost management, strong brand awareness, and savvy operational maneuvers have helped to mitigate the effect of these external factors on Taylor Wimpey’s profits.

‘Moreover, while not currently translating to strong market demand, the fact remains that Britain needs new homes and will continue to need new homes when mortgage rates stabilise.

‘Current conditions are unfavourable, yes, but the question now is what position Taylor Wimpey will be in when the situation turns.’

‘Inflation has been passed on with no real dent to demand for firms like Haleon’

Adam Vettese, analyst at eToro:

‘Haleon has posted a squeaky-clean set of numbers this morning, one year on from being spun out of GSK.

‘The firm, which is the home of household pharmaceutical brands such as Sensodyne toothpaste and Centrum multivitamins, has seen a positive uptick in revenues while increasing operating profits by 8.9%. It has now increased profit guidance four times in a row.

‘This has been a familiar story in the past year for major name-brand consumer staples firms. The one thing that unites these companies is pricing power. Inflation has been passed on with no real dent to demand for firms like Haleon as the strong revenue growth suggests.

‘In the past consumer staple brands have tended to be good value-oriented defensive moves for investors in times of economic stress. Haleon fits this mould well but since it is a spin-off, we don’t have a good past measure from the firm to guide what will happen to its demand during a recession.’

Market open: FTSE 100 down 0.8%; FTSE 250 off 0.6%

London-listed stocks have tracked global markets lower after risk sentiment took a hit after ratings agency Fitch cut the United States’ credit rating.

Fitch on Tuesday downgraded the U.S. to AA+ from AAA, citing fiscal deterioration over the next three years and repeated down-the-wire debt ceiling negotiations that threaten the government’s ability to pay its bills.

But BAE Systems has added 4.7 per cent after Britain’s biggest defence company upgraded its guidance for 2023, forecasting annual earnings per share would grow 10-12 per cent.

Smurfit Kappa is down 3 per cent, after Europe’s largest paper packaging producer reported a fall in first-half core profit to $1.21billion.

BAE Systems boosts profit forecast as military spending balloons

BAE Systems has upgraded its 2023 guidance thanks to an upturn in global government spending on military equipment in an ‘increasingly certain world’.

The war in Ukraine has supercharged demand for weapons and left the group, which is Britain’s biggest defence company, with a record order book.

BAE told investors on Wednesday: ‘A significant amount of BAE Systems equipment has been provided by our government customers to Ukraine and, as the war in Ukraine continues, we remain closely engaged with our customers around the world to provide effective ongoing support.’

How Gregg’s became Britain’s favourite baker

Greggs’ iconic signs and sausage rolls are a staple on every high street. But it is a far cry from the company’s humble origins in Newcastle more than 80 years ago.

The Northern baker has achieved a cult-like status – Greggs bucket hats were everywhere at music festivals this summer thanks to a collaboration with high street fashion store, Primark.

New female chief facing a baptism of fire at Man Group after hedge fund manager sees profits collapse

Man Group’s incoming boss is facing a difficult start after profits collapsed in the first half of this year following a series of bad bets on the market.

Robyn Grew, the hedge fund manager’s president, will become its first-ever female chief executive when she takes over from Luke Ellis at the start of September.

But she faces a baptism by fire after the FTSE 250 group reported a pre-tax profit of £107million for the six months to the end of June, down 65 per cent year-on-year, as the fees it raked in from fund performance tumbled by 92 per cent to £25million.

‘Taylor Wimpey is demonstrating it can still function effectively under housing market pressure’

Oli Creasey, equity research analyst at Quilter Cheviot:

‘Taylor Wimpey’s half year results show a resilience that is likely to surprise the market on the upside this morning.

‘The company has exceeded its own guidance for weekly sales rate…Management have increased and narrowed their FY guidance for completions to between 10,000-10,500 homes in the full year.

‘The average sale price of a Taylor Wimpey home grew +7% year-on-year and +2% in the past six months, based partly on a change in types of houses sold, but is also a demonstration of pricing discipline by the company, particularly with volumes as strong as they were.

‘The operating margin fell -6% to 14.4%, but we would suggest this is better than expected given the operating environment, particularly cost pressures, which are now moderating to around 6% annualised cost inflation.

‘It is notable that the company is remaining in a broadly steady state – the net cash position is largely unchanged, as is the size of the landbank, despite the operational pressure being felt.

‘The company has announced a +4% increase to the November dividend, in line with the existing policy to pay out 7.5% of net assets each year, equating to an annual dividend yield of over 8%.

‘The UK housing market remains under pressure. However, Taylor Wimpey is demonstrating that it can still function effectively under this pressure.’

BAE Systems: ‘The sky really is the limit for this jet-maker’

Aarin Chiekrie, equity analyst at Hargreaves Lansdown:

‘A strong set of first-half results have shown that BAE occupies a key space in the defence market.

‘And with some of its biggest buyers, the UK, US and Europe, all expected to continue raising defence budgets over the coming years, the sky really is the limit for this jet-maker.

‘With orders almost double the group’s sales in the first half, the group’s order book’s now sitting at an incredible £66.2bn. Given the increased defence spending environment, that figure’s expected to continue ballooning.

‘Free cash flow’s also increased by around £1bn in the past year, meaning there’s plenty of room to return cash to shareholders via increased dividends and a fresh new buyback programme.

‘All of this has led BAE to bump up its full-year guidance for all key metrics, putting serious weight behind the expectation that stellar progress will continue.’

Bank of England insider Sarah Breeden named as its new deputy governor

A senior insider at the Bank of England has been named as its new deputy governor.

Sarah Breeden led the Bank’s response to the Northern Rock crisis in 2007 and will take over from Sir Jon Cunliffe, who has been in the role since 2013.

She will sit on the rate-setting monetary policy committee and financial policy committee.

Haleon shrugs off consumer pressure

Haleon has raised forecasts for annual organic revenue growth, with the healthcare company confident that demand for its oral and respiratory health products will stick despite a cost-of-living squeeze.

Haleon, the world’s largest standalone consumer healthcare firm, told investors that full-year organic revenue growth is now expected to come in at 7 to 8 per cent, compared with an earlier forecast of the top-end of a 4 to 6 per cent range.

Analysts on average expect growth of 6.2 per cent.

Taylor Wimpey suffers high mortgage rates

Taylor Wimpey has flagged affordability concerns due to elevated mortgage rates, but the housebuilder has still forecast annual UK home-build targets excluding joint ventures at the upper end of its previous estimate.

The company, Britain’s third largest housebuilder by market value, posted pre-tax profits of £237.7million for the six months to 2 July, down about 29 per cent from a year earlier.

Jennie Daly, chief executive, said:

‘The first half of the year has been characterised by variable market conditions including substantially higher mortgage rates. While this has inevitably impacted our results, I am pleased that we have delivered a resilient performance with first half completions slightly ahead of our expectations. This performance is testament to the hard work of our teams on the ground and our strong focus on operational excellence and tight cost management.

‘As we move into the second half of the year, our focus remains on optimising all areas of our operations as we continue to support our customers during this uncertain period. With a healthy orderbook and strong underlying interest for our well-located, high-quality homes, we expect full year UK completions excluding joint ventures to be in the range of 10,000 to 10,500, the upper end of our previous guidance.

‘Taylor Wimpey is a strong, sustainable and agile business underpinned by a robust balance sheet and an excellent landbank. We remain well positioned to manage the business through near term challenges while maximising value in the medium to long term.’

European manufacturing sector slide worst since the start of the Covid-19 pandemic

Europe’s manufacturing sector fell deeper into decline with the Continent recording its fastest contraction since Covid-19.

Data showed activity in the sector last month dropped to its lowest level since May 2020.

The purchasing managers index (PMI) recorded a reading of 42.7 for July, down from 43.4 the previous month. A reading below 50 indicates a contraction.

BAE hikes profit forecast

BAE Systems has significantly boosted profit growth expectations for the year as Britain’s biggest defence company continues to benefit from higher spending on military equipment by governments around the world in response to a fragile geopolitical environment.

Fresh forecasts of earnings per share growth of 10 to 12 per cent compare to a range of 5 to 7 per cent increase predicted in February, while BAE also lifted sales guidance to 5 to 7 per cent growth from 3 to 5 per cent.

For the first six months of the year, underlying earnings per share rose 17 per cent to 29.6p

Charles Woodburn, chief executive, said:

‘We’ve delivered a strong financial performance in the first half of the year, thanks to the outstanding efforts of our employees.

‘Our global footprint, deep customer relationships and leading technologies enable us to effectively support the national security requirements and multi-domain ambitions of our government customers in an increasingly uncertain world.

‘With a record order backlog and good operational performance, we’re well positioned to continue delivering sustained growth in the coming years, giving us confidence to continue investing in new technologies, facilities, highly-skilled jobs and in our local communities.’

The pound rose alongside government borrowing costs again yesterday as investors ramped up bets on further hikes in interest rates.

With the Bank of England widely expected to raise rates to a 15-year high of 4.75 per cent next week, sterling topped $1.28 against the dollar for the first time since April last year.

It rounded off the pound’s biggest weekly gain for six months, having been trading around $1.25 at the start of the week.

The yield on two-year gilts – a key driver of mortgage rates – also headed to within a whisker of 5 per cent for the first time since 2008.

Two-year bond yields are now higher than they were in the aftermath of the Liz Truss mini-Budget in September – pushing up the cost of borrowing for the government, households and businesses.

Flag day: Sterling topped $1.28 against the dollar for the first time since April last year

Philip Shaw, an economist at Investec, said financial markets had ‘suffered a huge panic attack for the past month’ as inflation remains stubbornly high.

Investors are betting interest rates will keep rising to at least 5.75 per cent this year and possibly even 6 per cent – a level not seen since 2001.

That would spell misery for millions of households with mortgages. Laith Khalaf, head of investment analysis at AJ Bell, said ‘alarm bells [are] ringing in the market’.

He added: ‘The Bank of England is caught between a rock and a hard place, as it has to choose between pushing more mortgage borrowers towards the brink and letting inflation run riot.’

Sterling and bond yields have risen sharply since official figures last month showed inflation at a higher than expected 8.7 per cent.

The rally gained steam this week when the Office for National Statistics reported that wages were up 7.2 per cent on a year ago – the sharpest increase on record outside the coronavirus pandemic.

The figures fuelled expectations that the Bank will have to keep raising interest rates in the coming months – starting again on Thursday next week.

Nicholas Rees, currency market analyst at Monex Europe, said expectations for interest rates were ‘flirting with a terminal peak rate closer to 6pc’.

He said: ‘Markets have, in our view, become more comfortable with the idea of a higher terminal rate. This shift has provided modest support for sterling over the course of the week.’

All eyes will be on the latest inflation data, which the ONS will publish on Wednesday before the Bank’s announcement.

The Bank has raised interest rates from 0.1 per cent in December 2021 to 4.5 per cent.

Khalaf said: ‘The market is now firmly pricing in an interest rate rise at the MPC’s June meeting, and then four further hikes, taking us to 5.75 per cent. A few hawkish comments from the Bank of England, or more ugly inflation data, could easily tip those expectations up to 6 per cent.’

The European Central Bank (ECB) has raised interest rates in the single currency bloc to a 22-year high as it stepped up the battle against inflation.

It increased benchmark borrowing costs in the 20-nation bloc by 0.25 percentage points, 3.5 per cent – the highest level since 2001 – in a bid to control the eurozone’s inflation, which is at 6.1 per cent, more than three times the 2 per cent target. 

The bloc is in recession, led by a downturn in Germany, which was once the single currency’s powerhouse economy but is now seen as ‘the sick man of Europe’.

Rate hike: The European Central Bank increased benchmark borrowing costs in the 20-nation bloc by 0.25 percentage points to 3.5% – the highest level since 2001

ECB president Christine Lagarde said further rises would be needed. ‘Inflation has been coming down but is projected to be too high, for too long.

‘Key rates will be brought to levels sufficiently restrictive to achieve a timely return of inflation to the 2 per cent medium-term target and will be kept at those levels for as long as necessary.’

It came after the Federal Reserve left interest rates in the US unchanged on Wednesday following ten successive hikes.

The Federal Reserve last night left interest rates in the US unchanged for the first time since it kicked off an aggressive round of hikes last year.

The central bank held its benchmark rate at between 5 per cent and 5.25 per cent following ten successive hikes since March 2022.

But in a sign that rates have not yet peaked, officials suggested there would be two further increases before the end of the year.

While further rate rises are therefore likely in the coming months, the move reflected the fact that inflation in the US has fallen to 4 per cent.

Rate relief: The US Federal Reserve (pictured) held its benchmark interest rate at between 5% and 5.25% following ten successive hikes since March 2022

That is still double the 2 per cent target but marks significant progress after inflation peaked at 9.1 per cent in June last year.

By contrast, inflation in the UK is still running at 8.7 per cent having peaked at 11.1 per cent last year.

So while the Fed was last night able to leave interest rates unchanged, the Bank of England looks set to press ahead with further increases next week.

The Bank has already raised rates from 0.1 per cent  to 4.5 per cent since December 2021 and is widely expected to hike them to 4.75 per cent next week. 

It is feared rates could hit 6pc by the end of the year – driving up mortgage costs for millions of borrowers.

With investors betting on yet more rate rises in the UK, the pound rose to a 14-month high against the dollar close to $1.27. 

Sterling also topped €1.17 against the single currency for the first time since August last year.

Official figures yesterday showed the UK economy grew by 0.2 per cent in April as it bounced back from March’s decline.

Against that backdrop, Chancellor Jeremy Hunt warned the Bank has ‘no alternative’ but to hike interest rates again in order to tame runaway inflation.

The British economy grew by 0.2 per cent month-on-month in April thanks to solid growth within the services sector, fresh Office for National Statistics data shows. 

The FTSE 100 will open at 8am. Among the companies with reports and trading updates today are Shell, Robert Walters, Games Workshop, AssetCo, Motorpoint, WH Smith, M&C Saatchi and E.ON. Read the Wednesday 14 June Business Live blog below.

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