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City of London

Here’s What Happened in the City of London This Week

The Bank of England took center stage while HSBC plugged its strategy to shareholders 

A statue of a dragon marking the boundary of the City of London, UK.
A statue of a dragon marking the boundary of the City of London, UK.Photographer: Jason Alden/Bloomberg

Good afternoon from Bloomberg’s UK finance team. Here are five news stories from the Square Mile and beyond that caught our eye this week.

1)   BOE Raises Rates by Most Since 1995, Warns of Long Recession
The Bank of England unleashed its biggest interest-rate hike in 27 years as it warned the UK is heading for more than a year of recession under the weight of soaring inflation. The pound fell. 

2)  UK Considers Divisive Home Loan Revolution to Rival Thatcher
Plans by the ruling Conservative Party, including possible 40-year fixed-rate mortgages, are the latest part of the “property-owning democracy” idea championed by generations of UK politicians.

3)  HSBC Faces Skepticism as Pushback Against Breakup Call Starts
HSBC kickstarted its public fightback against Ping An’s push to break it up this week. The early indications are that the lender has a long way to go to convince some shareholders of its strategy.