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Borrowing Shows Signs of Slowing

The Bank of England’s latest report for August offers as its key points:
o “Household borrowing growth moderated slightly in August. Annual consumer credit growth slowed to 8.1%, while secured lending growth ticked down to 3.1%.
o The number of approvals for re-mortgaging, which has been volatile in recent months, increased to 53,125 in August.
o Net finance raised by private non-financial corporations (PNFCs) remained positive in August. Within this, net bank lending to businesses was positive, whilst finance raised through financial markets was negative.
The total amount outstanding of businesses’ borrowing from … sources increased by £3.2 billion in August. Within this, net finance raised from banks remained positive, but weak, at £1.0 billion. There were net redemptions of funds raised through financial markets, however, indicating that repayments were larger than new issuance on the month. There was a £0.9 billion net redemption of bonds, as well as £0.4 billion of commercial paper and £0.2 billion of equities.”
Bank of England August-2018

Posted in FinTech news
Jeremy Lloyd joins MoneyThing

We are pleased to announce that Jeremy Lloyd joined MoneyThing this week as Relationship Director. Jeremy has a wealth of experience in banking as well as the P2P market having held roles at Santander and latterly Assetz Captial.

Jeremy will be responsible for bringing on new business and managing borrowers.

Sophie Pearce commented “We are delighted to welcome Jeremy to the team. Jeremy will play a key role as we ramp up our loan origination in the coming months.”

Jeremy Lloyd stated “I’ve had a great reception and I’m pleased to be part of such a vibrant team. I’m looking forward to the journey with MoneyThing”.

Posted in MoneyThing News
Mark Carney’s comments to the BBC labelled “Project Fear” by Brexiteers.

In an interview on the BBC’s flagship “Today” programme, the Governor of the Bank of England, Mark Carney, spoke of his belief that a no-deal was “highly undesirable and a relatively unlikely possibility, but it is a possibility".

However, he went on to describe how the UK banking system was robust and well tested with the UK being the financial hub of the EU. This makes the UK important for the EU too and their interests lie in it continuing to be successful. For this reason he believes that a reasonable settlement will be found for both sides.

This weekend, Liam Fox announced that he thought the chances of a no-deal were 60-40%, a comment which did nothing to slow the slipping pound against most major currencies.

This morning, the pound was trading at just over 1.29 dollars.

Posted in FinTech news