The month opens with the UK Bank’s Interim results being issued. Barclays’ boss had previously suggested it may cut lending if it has to meet new demands (discussed with the BoE/PRA) that plus other updates, including capital-raising is expected to be announced alongside the profits report. Lloyds’ announcement could report a jump in profits which would see it coming out of the red and looking to prepare selling off the taxpayer’s 39% stake. RBS might announce a new boss (Stephen Hester’s replacement). Meanwhile a group of City investors is looking to close in on Project Rainbow (Codename for the 316 RBS Branch Sale EU State Aid requirement – Lloyds 632 branches codename Verde).
The Bank of England will be having its Monetary Policy Committee Meeting and Announcement of effective interest rates on 1st August. These are the actual rates of interest ‘received from borrowers and paid to depositors in various economic sectors’. The Bank’s Quarterly Inflation Report is also due out this month – with an overview of economic developments and the quoted interest rates ‘which are the advertised rates offered to households on a wide range of secured and unsecured lending and deposit products’ will be announced later in the month; this is expected to be the announcement of some kind of ‘forward guidance’.
NS and I have announced they’re to reduce their prize fund to reflect market trends. Premium Bond prize fund rate will reduce by 0.20% to 1.30% on 1 August and odds will change to 26,000 to 1 from 24,000 to 1.
There’s a Bank Holiday this month … Stansted faces a threatened walkout by baggage screening staff and August is the time for holidays and shopping for back to school items, except this year, apparently, some might be focusing on college-bound kids instead of the crayon set. Interesting marketing insight via Bloomberg and how things are happening in the US ( If it can happen in America it can happen here).
Image and Article credit: Copyright SUF 2013