The Bank of England "will not hesitate" to take further action to cool Britain's booming housing market and stop the economy from boiling over, Mark Carney has said. On the day official data showed the average UK house price is ten times bigger than the average salary, the Governor used the Bank's annual report to highlight the steps it had already taken to prevent people from taking out unaffordable mortgages. Mr Carney said the Bank was prepared to use its so-called macro-prudential toolkit to support these steps. - The Daily Telegraph
Shares in MySale have slumped 17% since they floated on Monday as confusion over the pricing of the Australian online retailer's stock continued in the market yesterday. In a second day of mixed trading after a botched debut in which the retailers' stock was mistakenly priced in pounds rather than pence by Macquarie, the stock broker sponsoring the issue MySale's shares
closed down at 187.5p after listing at 226p. The Times understands that the London Stock Exchange had warned Macquarie Capital, the nominated adviser and joint broker and bookrunner with Zeus Capital, that it was unusual to list the price in pounds rather than pence. - The Times
The Government has yet to demonstrate that its flagship Help to Buy mortgage guarantee policy is providing value for money, an influential committee of MPs has found. The House of Commons Public Accounts Committee (PAC) warned that the scheme - under which Government equity loans finance up to 20% of the purchase price of homes worth up to £600,000 - has created a "medium and long-term risk" to the taxpayer in the shape of a £10bn portfolio of loans that will impose a "heavy administrative burden" for decades to come. - The Daily Telegraph
Customer complaints to the big six energy companies have reached their highest-ever levels. The big six suppliers - British Gas, EDF Energy, E.ON, Npower, Scottish Power and SSE - received a total of 1.7m complaints in the first quarter of 2014, up from just under 1.5m in the same period last year, according to consumer group Which?. - The Guardian
Trade links with China strengthened yesterday after billions of pounds of deals were signed to coincide with the first visit to Britain by the country's new premier. BP announced a 20-year, £12bn contract to supply Beijing with liquefied natural gas. The London Stock Exchange also said that it had signed an agreement with the Agricultural Bank of China to make it easier for Chinese companies to draw from London's large pools of investor capital by building up the market for renminbi-denominated equity products. - The Times
The energy watchdog has backtracked on its decision to stop small supplier Ovo Energy paying interest on gas and electricity bill overpayments.
Last week, Ofgem caused outrage when it tried to ban the firm from paying 3% interest on their balance to customers who have built up a credit. The bonus has made households more than £1m since 2010. It claimed the interest payment was too confusing and breaks its new rules on the number of discounts suppliers can offer. - The Daily Mail