It has invested in HSBC Asset Management’s UK Direct Lending Fund.

Motor insurance to loans group Admiral has backed a fund designed to support the growth of mid-market firms across the UK. Wales’ only FTSE 100 headquartered business has invested into HSBC Asset Management’s UK Direct Lending Fund.

The debt fund has provided vital capital to many UK businesses, including school meal provider, Impact Food Group, and Chepstow headquartered telecommunications hardware recycling business, TXO. This has enabled both businesses to expand their operations and customer base.

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Woking-based Impact Food Group, which was fund backed last year is a food supplier of high nutritional school meals with a focus on limiting food waste and reducing its carbon footprint.

TXO is a provider of telecom asset recycling and other services which support the transition towards a circular economy by reducing waste. TXO’s services extend the life of critical equipment, lessening the environmental impact associated with production cycles.

Mid-market companies, which typically have revenues from £25m to £500m, are the economic engine of the UK, fuelling local job creation and innovation. Admiral has not disclosed the level of its investment into the debt fund.

Geraint Jones, Admiral Group chief financial officer: “Our investment demonstrates our commitment to operating in a sustainable way and enables us to help even more people to look after their future by supporting businesses which make a significant impact in communities. It has been great to see the on-the-ground impact of the Fund and showcase that our investments can generate attractive financial returns and positive change for society.”

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Frank Bandura, Impact Food Group chief financial officer: “We aim to transform lives through the power of food – ensuring that every meal we serve makes our students happy, better able to attend, focus and enjoy school and leads them to achieve better outcomes. The funding structure from HSBC and their investors has enabled our business to scale rapidly, furthering our impact on students.”

Deepak Seeburrun, head of global insurance and partnerships, HSBC Asset Management: “We are incredibly proud of the success of our Direct Lending platform to date, and delighted to have the continued support of Admiral, alongside many other clients. Our partnership approach provides unique access to UK mid-market loans, combining the skill and experience of HSBC AM’s Direct Lending investment team, and the unparalleled market position of HSBC UK Bank.”

Mortgage affordability is at a four-year high after rates fell in January, with the White House touting President Donald Trump’s economic policies and maintaining his promise to “unlock” the opportunity of homeownership for American families.

ICE Mortgage Technology’s February Mortgage Monitor Report showed that the mortgage rate declined in January and opened the door to refinancing opportunities for millions of borrowers. The report said the change brought housing affordability to a four-year-high, according to HousingWire. 

MORTGAGE RATES TICK HIGHER BUT REMAIN NEAR 6%

“Joe Biden’s inflation crisis crushed the dream of homeownership for millions of Americans — but President Trump is bringing it back,” White House press secretary Karoline Leavitt told Fox News Digital. “Thanks to the President’s successful economic policies, unnecessary red tape is being cut at a historic pace, borrowing costs are easing, and income growth is outpacing home price gains — finally making housing more affordable again.”

Mortgage affordability is at a four-year high after rates fell in January. 

Leavitt added: “President Trump knows America is strongest when it’s a nation of owners, not renters, and he is determined to unlock that opportunity for as many American families as possible.” 

Freddie Mac’s latest Primary Mortgage Market Survey in early February showed that the average rate on the benchmark 30-year fixed mortgage was 6.11%. The average rate on a 30-year loan was at 6.89% a year ago.

“For the last several weeks, the 30-year fixed-rate mortgage has remained at its lowest level in years,” Sam Khater, Freddie Mac’s chief economist, said in a statement. “The combination of improving affordability and availability of homes to purchase is a positive sign for buyers and sellers heading into the spring home sales season.”

“President Trump knows America is strongest when it’s a nation of owners, not renters, and he is determined to unlock that opportunity for as many American families as possible,” the White House press secretary said.  (Screen grab )

HOME DELISTINGS SURGE AS SELLERS STRUGGLE TO GET THEIR PRICE

But Realtor.com Senior Economist Anthony Smith said that while the Federal Reserve held rates steady at its January meeting, shifting the focus to Trump’s nomination of Kevin Warsh as the next Federal Reserve chair could cause uncertainty.

Smith said that the nomination “has re-centered attention on the importance of policy credibility and investor expectations.”

More credit scores does not mean more approved mortgages, credit expert Micah Smith explains to Fox News Digital. (Getty Images / Getty Images)

“Mortgage rates are not directly set by the Fed but instead reflect long-term yields, which respond to shifting economic signals, market sentiment and perceived risks. If investors grow uncertain about the Fed’s intentions or begin to question its independence, long-term yields can rise even during a rate-cutting cycle,” Smith said. “That paradox underscores the risk of mixing political objectives with monetary policy.

“For housing, that means aggressive calls for rate cuts may not lower mortgage rates unless market confidence in the Fed’s inflation-fighting credibility remains intact.”

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Smith also said home affordability benefits from low inflation and a stable labor market, coupled with wage growth to boost household purchasing power.

“Whether buying a first home, relocating or moving up, American families need both stable prices and steady income growth,” he said. “A Fed that is seen as credibly delivering on its dual mandate of price stability and maximum employment is the most durable path to better housing affordability over time.” 

Speaking to ET Now, Ramamurthy said BSE’s strategy has always centred on deepening and strengthening the market ecosystem, rather than chasing headline market share numbers in derivatives. He emphasized that the exchange is still in an early phase of its growth journey.

“BSE has never been going behind the market share as far as derivatives are concerned. Our thought process has always been that we should deepen and strengthen the market, which means in terms of products, in terms of expiries, in terms of participants, FPIs, everybody. That is what we have been working upon. So, we will continue to work. Therefore, it is still a growth path for us,” Ramamurthy said.

He noted that the exchange currently has around 470 foreign portfolio investors (FPIs) on its platform, indicating significant headroom for further participation.

“We just still have only 470 FPIs with us. There are many more FPIs who are yet to come in. We have to build more because there is a good amount of demand. There is a long way for us to go. Sustainability comes when you reach the peak. I do not think we have yet reached the peak. We have just started our journey 30-plus months before and we have a long way ahead. Delhi bahut door hai,” he added.

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On the impact of the recent Securities Transaction Tax (STT) hike, Ramamurthy said historical trends suggest limited impact on options trading volumes, though market structure could evolve as a result.
“As far as options are concerned, if you look at all the previous increases, the previous increases had not had any adverse impact on the volume. So, if we go by history, we have safe reasons to presume that the STT increase on options may not impact volumes. It may shape the market micro structure, that is a different issue,” he said.For futures, Ramamurthy said the government’s broader intent appears to be encouraging longer-term investment behaviour and greater market stability.

“The thought process of the government could have been probably to align the investors more towards long-term equity investment and as far as mutual funds and others who participate in futures market for arbitrage, to move them slowly towards a longer dated futures so that the impact of increased GST is lesser on a longer-term contract compared to a shorter-term contract,” he explained.

He added that this shift could lead arbitrage funds to consider second- and third-month futures, which may help reduce transaction cost impact while enhancing market stability.

“Maybe if an arbitrage fund were to think in terms of second month and third month, it will reduce the impact at the same time bring great stability and it will be more a type of a longer-term product in the market. This is the thought process with which this change is coming,” Ramamurthy said.

He also clarified that BSE’s exposure to futures is relatively limited compared to options, reducing the direct impact of higher taxes on the exchange’s overall volumes.

“Since BSE’s volumes are more in options, the impact of the increased STT should be far less, if not anything, nothing for BSE is concerned,” he said.

Elaborating on how market microstructure could change, Ramamurthy said higher trading costs may push retail investors to consider longer-term investing routes.

“If a retail investor today thinks of trading in options or futures, it may be less costlier for him to think in terms of a broad-based mutual fund or equities and take delivery and hold it for a longer time. So, I feel the move is to making investors think in terms of longer-term equity investment,” he said.

He added that this aligns with the broader objective of capital formation for economic growth.

“The idea of a market is that it should support capital formation for the growth of the economy. Capital formation is supported from a retail perspective by contributing more towards, say, a mutual fund or towards equities,” he said.

On margins, Ramamurthy acknowledged a sequential dip, attributing it to BSE’s ongoing investment phase and one-time regulatory-related costs.

“Neither the revenue nor the margins nor the expenditures at this point of time are fully crystallized for BSE because BSE is in a growth phase. In the growth phase, the last two years we have been investing significantly into technology. Naturally, the depreciation impact of it will start coming,” he said.

He also pointed to changes in labour law-related provisions, which impacted the quarter’s financials.

“There has been a change in the government’s position on this payment for gratuity and other labour laws which has impacted BSE to the extent of around Rs 24 crore in this quarter. It is more a current type of an adjustment and it will also settle,” he noted.

In addition, rising volumes naturally push up operating costs, particularly regulatory and clearing-related charges.

“When we start making more volumes, our operating expenditure will go up because a significant portion, around 50% of our operating expenditure, is towards SEBI turnover fee and clearing and settling fee. That is unavoidable,” Ramamurthy said.

He said the exchange is currently in a transition phase where both revenues and expenses are growing, but expects margins to stabilize as growth matures.

“When the top line is growing in a very big way, opex will grow to a particular level and then probably it will stand still. It will come to a sort of a state of equilibrium when our growth phase reaches a sort of a maturity level,” he said.

The McMurtry Spéirling PURE was envisioned by the late billionaire inventor and Renishaw founder Sir David McMurtry

An electric racing car that broke the track record on Top Gear last year is to be manufactured at a new factory in Gloucestershire. The McMurtry Spéirling PURE was envisioned by the late billionaire inventor and Renishaw founder Sir David McMurtry, who died in 2024.

Spéirling is an electric single-seater fan car, known for smashing the Goodwood Hill Climb record and becoming the first car to drive upside down. The company behind the car – McMurtry Automotive – was founded a decade ago by Sir David and is now run by his sons, Richard and Ben, who both sit on the board.

Having already accumulated over 5,000km of test mileage, McMurtry is now preparing for Spéirling PURE production. The company has invested in a new 2,700 metre sq facility in Wotton-under-Edge, near its existing HQ, which the business says will allow it to expand its model range in future years.

The first cars are expected to be ready by the summer and will be on sale for nearly £100,000.

In a ground-breaking performance last year, the McMurtry Spéirling PURE VP1 obliterated Top Gear’s previous record, setting a blistering lap time of 55.9 seconds. The previous lap record was held by Fernando Alonso’s 2004 Renault F1 Car at 59.0 seconds.

Richard McMurtry, joint owner at McMurtry Automotive, said: “Our father’s philosophy was to seek solutions beyond the known limits, to engineer creatively and freely. That remains our guiding principle today.”

The business has also established a new arm – McMurtry Technology – which will be located in the original Swinhay House estate. It is understood the division will be focused on commercialising the intellectual property, technology and processes.

“With Spéirling entering production and McMurtry Technology established to commercialise our innovations, this is an exciting new phase of strategic growth,” added Mr McMurtry.

“We have an exceptional team that is dedicated to building a future worthy of his legacy, focused on unparalleled vehicles and technologies that conclusively demonstrate the pinnacle of British engineering.

Thomas Yates, managing director and co-founder of McMurtry Automotive said the company’s tenth anniversary was “a pivotal milestone” for the business.

“Every day since our inception in 2016, has been exciting and challenging, but mainly exciting. We are carving out a new category for extremely engaging electric track vehicles.

“This has required inventing new technology, plus building a team and facility to realise the dreams of our customers from around the world.

“We are really proud we are contributing to the advancement of the industry in a small way and are attracting work from other OEMs to be able to widen the impact of our work via our technology division too. We cannot wait for the customer cars to be spotted at race tracks around the world.”

The developer said intervention is needed if the Government is to meet its housing targets

Housebuilder Bellway says the Government must introduce help for first time buyers amid a subdued market.

The North East firm says there are signs of improving demand in the early spring selling season having pointed to a tough autumn in which sales slowed down thanks to uncertainty in the run up to the Budget. In a trading update for the six months to the end of January, Bellway said its private reservation rate including bulk sales had fallen to 0.47 from 0.51, but it saw an increase where bulk sales were excluded.

There was growth in total completions from 4,577 to 4,702 as the average selling also crept up to £322,000 from £310,581. The FTSE250 builder is now on track to deliver more homes this year, at an estimated 9,200, up from 8,749 previously.

Bellway talked of “clear signs” that demand was improving but said it was mindful of customers’ sensitivity to mortgage affordability and the changing economic backdrop. It had been encouraged by a pick-up in reservation rates.

Underlying operating margin was about 11%, up slightly from 10.9% at the end of July, 2025. And housing revenue increased by more than 6% to £1.51bn. The firm’s forward order book was down, with 4,442 homes at the end of January compared with 4,726 in 2025.

Jason Honeyman, chief executive, said: “Bellway has delivered a robust first half performance in a challenging market. Notwithstanding the current industry headwinds, our forward order book and strong outlet opening programme leave us well-placed to meet our targeted growth in volume output for the full year, and I remain confident that we can drive increased cash generation and shareholder returns in FY26 and beyond.

“We welcome the Government’s reforms to the planning system, however, to make meaningful headway against its ambitious housing targets, the Government must also make an early commitment to ease demand-side pressures by introducing essential financial support for first-time buyers.”

Bellway also pointed to land bank activity where it had contracted to buy 4,721 owned and controlled plots in the first half of the year across 15 sites, up from 5,246 last year across 32 sites. Total contract value was £227m, compared with £378.2m, and included a large 1,900 plots site in the Dunfermline Strategic Development Area – which is intended to spur growth in Bellway’s Scotland West and Scotland East divisions

During the six months the group also made agreements to buy 11 sites with its strategic land team submitting planning applications for 29 sites representing 3,900 plots. A further 30 sites comprising 6,500 plots are expected to go to planning by the end of July.