Banking

UK Banking Outlook is Bright Despite Economy's Woes 1210 GMT - U.K. banks' prospects are positive despite a grim economic outlook, Citigroup says. The U.K. looks set to face the longest and deepest recession among the major European economies, with an outlook characterised by a large dual deficit and tightening monetary policy, Citi says. Still, U.K. banks are entering the recession in a strong position, with healthy balance sheets, excess capital and improving profitability, helped by higher rates, Citi says. "We see potential for (significant) upgrades to consensus earnings on...

The average UK house price fell for the fourth month in a row in December, according to Halifax.Property values decreased by 1.5% in December, after a 2.4% drop in November, a 0.4% decrease in October and a 0.1% dip in September.The annual rate of house price growth more than halved, to 2% in December, from 4.6% in November.This marked the lowest annual growth rate recorded since October 2019, when a 1.1% increase was recorded.Across the UK the average house price in December was £281,272.Kim Kinnaird of Halifax Mortgages said: “As...