Bank of England raises interest rates. For the first time in over a decade, the Bank of England has raised interest rates. The lon g-anticipated move is the first since July 2007, and restores interest rates to 0.5% – the rate it was at before it was cut to 0.25% after the EU referendum. The rise is welcome news for savers, but not for those with variable rate mortgages.
London house price increases projected to fall behind the rest of the nation. For a long time, the London housing market has always been leagues ahead of the rest of the country, but now estate agent Savills has projected that London house prices shall fall by 1.5% this year, and that they will continue to fall until after 2019. Overall though, whilst the UK is set to see lower house price growth, house prices will continue to increase.
Luxury car market continues to boom. Luxury car makers such as Ferrari, Bentley, McLaren, Rolls-Royce, and Lamborghini continue to have record-breaking sales, with sales rising by 51 percent over the last five years. Last year alone, the five car makers collectively sold 30,000 cars, and Ferrari itself is set to earn a record-breaking $1bn (£766m) profit.
Apple shares reach highest values thanks to iPhone X. Thanks to an increase of 19 percent in profits, due to iPhone X pre-sales, Apple’s shares have reached a record high. Now Apple is worth over $868bn, edging it closer to the title of the world’s first $1tn company.
Paradise papers. A number of public figures have had their financial documents released following the leak of the Paradise Papers. The papers include details of the Queen, and Donald Trump’s commerce secretary investing in offshore tax havens.