Rolling coverage of the latest economic and financial news, as Taylor Wimpey says weaker economic backdrop is hitting the near-term outlook
Bank of England boss signals interest rates may have peaked
The boss of gambling giant Flutter Entertainment has said he watched the Fifa World Cup final “through my fingers”, after paying out heavily to punters at the end of last year.
The tournament’s classic final game – which Argentina won on penalties after the match with France ended 3-3 – saw lots of payouts for goals for the gambling company, PA Media report.
“While the World Cup final was a real spectacle to watch and very entertaining, I was watching it through my fingers because it was a very expensive event for us with all that goal scoring and Argentina winning,”
“After rival Persimmon slumped 10% after warning that new home sales could fall 40% this year, Taylor Wimpey reported less pessimistic full-year results this morning. While the housebuilder saw its order book decrease to £2.15 billion versus £2.9 billion year-on-year amid weakness in the housing market, CEO Jennie Daly said trading was starting to show signs of improving, stemming a more aggressive slide in its share price.
The housebuilders are facing a perfect storm from weak consumer confidence, the fallout from last year’s mini-budget chaos, declining real wages, rising mortgages rates on the back of the Bank of England’s tightening path and softening house prices. The latest figures from Nationwide this week saw annual house price growth slow for the first time since the height of the pandemic.
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