According to the latest Confederation of British Industry (CBI) distributive trades survey, the fall in retail sales slowed in October, but only a modest rise in volumes is expected next month. Consumers continue to be cautious about the economic outlook and rein in their spending on the back of rising unemployment, higher inflation and slow [...]
Following a tense summit in Brussels last night, it has been announced that euro zone leaders have reached a deal which they say will help resolve the growing debt crisis in the 17-member nation. The deal will see the euro zone’s main bailout fund expanded to €1 trillion, while banks will accept a loss of [...]
Bank of England policymaker Paul Fisher has today said Britain is likely to suffer another recession. His comments come just a few days after fellow Monetary Policy Committee (MPC) member, Martin Weale, warned that a contraction in the fourth quarter is possible. Returning to Mr Fisher, he was asked how likely a double dip recession [...]
The world’s largest economy expanded at its fastest pace in a year in the three months to the end of September, official figures revealed today. According to the Commerce Department, the US economy grew at an annualised rate of 2.5% in the third quarter of this year. The figure was in line with forecasts but [...]
According to the Confederation of British Industry (CBI), confidence among UK manufacturing firms has slumped as a result of the debt crisis in the euro zone, as well as a fall in expectations for future growth. The latest industrial trends survey by the employers’ group established that 30% more businesses were pessimistic about the future [...]
The FTSE 100 has fallen as much as 4.28% already in morning trading, as markets price in a Greek debt default. This comes after the failure of the US Federal reserve to implement any real strategy last night, while announcing serious financial headwinds that could potentially put the world’s largest economy into recession. While financial [...]
When consumers shop around for the cheapest insurance, they are in danger of cutting corners and ending up with a policy that will not properly cover them. That’s according to research from Incahoot.com, who say there is little point someone paying cheap for insurance that doesn’t do what it needs to. The study for Incahoot [...]
Members of group-buying website Incahoot.com can save nearly £500, according to latest figures from the company. The total amount saved on contracts for broadband, mobile phone, and energy bills, averages around £476 in total. The breakdown of savings is as follows: £280 on mobile phone contracts £111 on energy bills £85 on broadband A 2010 [...]
Group buying website, Incahoot.com is currently offering a £30 cashback offer on First Utility energy bills, with a free smart meter, which it says will help members cut the risk of a sudden shock fuel bill thanks to 100% accurate monthly billing. The offer comes at a time when heavy winter fuel bills will already [...]
The property market has become unbalanced, caused by excessive lending, and low interest rates. Both of which have allowed for a surge in property prices over the past decade as people were able to buy in excess of their means. The current state of the market, where First Time Buyers are excluded, is a symptom [...]
With Winter officially here, RAC have put together some answers and tips to the most common questions about maintaining your car and driving during the cold weather: Q. How can I keep my cars’ battery in good condition for the winter? It’s a good idea to purchase a good quality battery charger to keep it [...]
Students who work as Santa’s helpers, ice rink supervisors and shop gift wrappers are being reminded today that they may not have to pay tax on the income they receive over the festive season. With universities, colleges and schools set to break up for the Christmas holidays over the coming weeks, many students will be [...]
The average annual cost of owning and running a new car has jumped by 6.3% in the last 12 months, according to RAC’s annual Cost of Motoring (CoM) Index. The £346 increase, which is twice the rate of inflation, takes average costs up to £5,869 from £5,523 in 2009. This equates to £112.87 per week [...]
Consumer Focus Scotland is calling on both the Scottish and UK governments to take radical action now to deal with the huge increase in fuel poverty following official figures, released today, which show that over three-quarters of a million households in Scotland are unable to keep their homes warm. The consumer watchdog says the shocking [...]
If there’s one thing the financial crisis has made crystal clear now, it’s that it’s time to let the banks fail. There’s no longer any reason why the banking sector, which clearly dragged us into the biggest financial crisis for a century, should therefore be subsidised by the taxpayer in order to simply continue it’s [...]
Current suggestions in the media are that in this week’s overhaul of benefits, the long-term unemployed will be made to perform some form of manual labour. Already objectors are rising up to protest: the Archbishop of Canterbury has already thrown his critical oar in. However, let’s be clear, this is not a new concept - [...]
The recent furore of cuts to Housing Benefit is politically expedient, but I doubt many of the people clamouring against the cuts have ever seen the reality of the system. The truth is that landlords have been shafting councils for Housing Benefit for decades. And because the public sector has been forced to put so [...]
As a woman gets older she can expect her car insurance premiums to rise significantly faster than single men. That’s according to a study by Which?, who used a price comparison site for car insurance to explore differences in pricing for men and women of different ages. Which? found that once a woman reached 60 [...]
A straw poll of 20 UK councils by RAC indicates that roads in rural areas have been hardest hit by last winter’s severe weather, with councils still struggling to deal with the backlog of repairs ahead of this winter. Many councils are also worried by the implications for the road network of this week’s Comprehensive [...]
A report by the IMF has revealed the startling prospect that US and European banks need to refinance around $4 trillion (about £2.75 trillion) in debt over 2011 and 2012. The IMF also reiterated its claim that European banks were still hiding losses off their balncing sheets, having written down only around a quarter of [...]
Pension annuities should be clearer under new code
A new code of conduct is being launched by the Association of British Insurers (ABI) which should ensure that the sale of annuities is fairer and more transparent. The new code is designed to make it easier for people to make decisions about their retirement income, including being more confident in using the so-called ‘open [...]
Saga sees financial green shoots for over-50s
Saga’s latest quarterly report is slightly more optimistic about the financial health of the over 50s than its report for the final quarter of 2011, but the organisation warns that the “green shoots” of recovery are very tentative at the moment. Compared with a year ago, the report suggests that the quality of life for [...]
Drivers switch to autopilot after 11 minutes
A study by car insurance provider, Esure, has found that drivers suffer from a lapse in concentration just 11 minutes into a long journey. Esure questioned more than 1,000 motorists in the UK about their driving habits and attention span. 22 per cent of those surveyed said they fell into ‘autopilot’ easily, while 34% said [...]
Metro Bank launches online ISA service
London-based Metro Bank is partnering with Australian online banking solutions provider Sandstone to create an online application platform for Individual Savings Accounts (ISAs). CallCredit will provide verification and credit checking data for the new service, which will be available in time for consumers to take advantage of the new Isa allowance, starting in April. This [...]
£182bn of tax-free savings unused
More than three quarters of savers are unaware that everyone aged 16 and over is allowed to put £5,340 into cash ISA this year, according to research from uSwitch. Only half of savers are planning to put any money at all into a cash ISA, and just a quarter are using their total allowance, the [...]
Seven in ten UK adults are in debt but many are choosing to ignore the problem instead of seeking help before it gets out of hand. Research by The Co-operative Bank found that 29 per cent of people refuse to confront their debt problems. Many do not admit that they are in debt until borrowing [...]
New mortgage approvals reach two year high
Mortgage approvals have reached their highest level since December 2009 according to Bank of England figures. 58,728 home loans were approved in January 2012, a 30 per cent increase from January 2011, following increased activity among first-time buyers. A two-year stamp duty exemption on properties between the value of £125,000 and £250,000 will end in [...]
Regulator receives most complaints about Barclays
The Financial Ombudsman Service (FOS) received more complaints about Barclays than any other single UK bank in the second half of 2011, but Lloyds topped the list of most complained about banking groups. The FOS received a total of 11,524 complaints about Barclays between 1 July and 31 December - 6,975 were about the mis-selling [...]
Taxpayers to make £11bn profit from Northern Rock
The government’s purchase of Northern Rock in February 2008 and its recent sale of the bank to Virgin Money, is expected to result in a net profit of up to £11bn for UK taxpayers. According to UK Financial Investments Ltd (UKFI) which manages the Government’s stakes in banks bailed out by the state during the [...]
House prices soar near Olympics venue
The average value of houses in the 13 postal districts closest to Olympic park in Stratford, east London, has increased by more than £62,739 to £268,884 since July 2005, when the capital was awarded the right to host the 2012 Olympics. A study by Lloyds TSB shows that house prices have risen by 30%, which [...]
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