You are here: Home - Household Bills - News -

Senior bank bosses warn UK in ‘false period of calm’

0
24/10/2016
Senior executives from Britain’s major banks, due to report resilient trading results this week, warn the UK may be in a ‘false period of calm, before the storm’.

Speaking to Reuters,  bank heads said consumer spending had held up in the third quarter while mortgages and business loans, a major driver of revenues, had only suffered a modest decline.

While results from Lloyds, Barclays, Santander and RBS are anticipated to paint a stronger-than-expected picture of the health of UK banking, executives are braced for tougher economic conditions once the formal process to leave the EU is triggered no later than March next year.

One senior executive said: “This is a period of calm, maybe a false period of calm, before the storm. But don’t be fooled by it.”

This week kicks off the first round of major bank reporting since the referendum vote was returned in June. The Council of Mortgage Lenders (CML) reported a strong August for both homeownership lending and the volume of loans advanced. Banks and building societies advanced £12.2bn of homeownership loans, a 14% increase on July, converting to 66,000 mortgages, or a monthly rise of 13%.

Lloyds Banking Group and Santander’s third quarter results are set to be published on Wednesday, Barclays on Thursday with Royal Bank of Scotland on Friday.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Your right to a refund if travel is affected by train strikes

There have been a wave of train strikes in the past six months, and for anyone travelling today Friday 3 Febru...

Could you save money with a social broadband tariff?

Two-thirds of low-income households are unaware they could be saving on broadband, according to Uswitch.

How to help others and donate to food banks this winter

This winter is expected to be the most challenging yet for the food bank network as soaring costs push more pe...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week