Annual growth in banksa�� gross mortgage lending stood at A?7.6 billion in June, with the figure 11% lower than a year earlier, according to the British Bankers’ Association (BBA). Early signs of growth in the buy-to-let market were evident but both house purchase and remortgaging approvals continued to be weak, and with repayments still at […]
The UK’s Gross Domestic Product (GDP) increased by only 0.2% in the second quarter of 2011, following an increase of 0.5% in the preceding three months. However, the Office for National Statistics (ONS) highlights special events that could have curbed growth, including the additional April bank holiday, the royal wedding and the after effects of […]
The housing market in England and Wales is “in broad equilibrium” despite prices continuing to edge lower, according to Hometrack, which recorded a 0.1% fall in the value of the typical dwelling in July, compared with June. However, there are wide regional variations: prices moved higher across 8% of postcodes (primarily in London) and were […]
In its latest “Red Flag” report, Begbies Traynor highlights a 12% quarter-on-quarter rise in UK businesses with “critical” financial problems, while the number firms with “significant” problems fell away, indicating that many distressed companies made a one-way transition. At the end of June 2011, a total of 5,179 companies made up the insolvency specialist’s “critical” […]
The sluggish performance of the UK economy needs combating with another round of Quantitative Easing (QE), according to Business Secretary, Vince Cable. In an interview with The Financial Times, the minister identifies weak demand as a serious block to growth and urges the Bank of England to resume its QE programme, which was suspended early […]
A new report from a leading think-tank is predicting that UK house prices will fall by 4.5% in 2011, followed by an average 1.5% fall in each of the subsequent four years. According to the National Institute of Economic and Social Research (NIESR), this year’s decline will reflect the squeeze on household finances resulting from […]
Recovery of the UK economy is to remain sluggish, with GDP growing by 1.4% in 2011 and by 2% in 2012, the National Institute of Economic and Social Research (NIESR) predicts. Growth this year will be constrained by government spending cuts and a squeeze on household finances resulting from higher taxes and rising inflation. According […]
The Bank of Englanda��s Monetary Policy Committee has voted to maintain the base rate at 0.5% in May, as widely expected. The Bank’s quantitative easing (asset purchase) programme will also be maintained at its current level of A?200 billion. The base rate has remained unchanged since March 2009, despite inflation running at 4%, double the […]
Latest figures from the Land Registry show house prices in England and Wales falling by 1.1% in March, marking the largest monthly decline seen since February 2009. The only region to experience a monthly rise was the North West, with an upward movement of 0.7%, while in Wales house prices tumbled by 3.3%, compared with […]
Lloyds Banking Group has been forced to set aside a huge sum of money to cover potential costs related to its mis-selling of payment protection insurance (PPI). The bank has made a provision of A?3.2 billion for contacting its PPI customers and making recompense where necessary. As a result it posted a A?3.47 billion loss […]
House prices in England and Wales were unchanged in April, with no price fall recorded for the first time in nine months, according to Hometrack. A 0.3% rise in London prices offset small falls of up to -0.3% across other regions, with just under a quarter of the country showing falls. The housing intelligence firm […]
UK house prices fell by 0.2% in April, leaving the value of the typical home down 1.3% on a year earlier, at A?165,609, according to Nationwide. The decline follows a monthly increase of 0.5% in March and the three-month-on-three-month measure, which is a better measure of the underlying trend, shows a modest year-on-year rise of […]
The UKa��s small and medium-sized manufacturers have seen the volume of orders at home and abroad grow at the fastest rate in 16 years, according to the latest Confederation of British Industry (CBI) SME Trends Survey. Headcount increased for the third consecutive quarter as firms tried to keep up with demand, and output is expected […]
High Street sales remain sluggish, rising slightly in April compared with a year ago, but disappointing retailers’ expectations. According to the latest Distributive Trades Survey from the Confederation of British Industry (CBI), only 12% of retailers reported “good” sales last month, while 35% said they were “poor”. However, many retailing sub-sectors saw a modest improvement […]
UK households face a typical A?780 drop in disposable income this year, the BBC has reported. A study by Deloitte, seen by the broadcaster, argues that tax rises, government spending cuts and higher commodity prices will force inflation above its current 4% level. The financial services firm therefore predicts that 2011 will see real earnings […]
Job vacancies in the UK’s private sector fell in April, according to the latest employment index from recruitment specialist, Reed. The month registered a 2% drop in opportunities, compared with March, reflecting slower growth in the banking and tourism sectors, although vacancies were up 22% on an annual basis. The year-on-year rise is due to […]
Low interest rates look set to continue, with the Governor of the Bank of England having warned that a�?massivea�? economic challenges faced by high levels of debt would only be worsened by rate hikes. Addressing the European Parliamenta��s Systemic Risk Board yesterday, Mr King said: a�?The economic consequences of high-level indebtedness now would become more […]
In its latest Red Flag Alert, Begbies Traynor reports a 15% increase in financial distress across all UK business sectors, with sectors dependent on discretionary spending suffering “particularly badly”. The recovery specialist’s survey for the first quarter of 2011 reveals that 186,554 firms are experiencing “significant” or “critical” financial problems, compared with 161,601 in the […]
The first of the March house price surveys shows the value of the average home up 0.5% during the month, to A?164,751, taking the annual rate of inflation to 0.1%. According to Nationwide, prices have now increased modestly in three of the past four months, with the three-month-on-three-month measure (regarded as a better indicator of […]
House sellers coming to market in February increased asking prices by 3.1%, compared with January, Rightmove reports. The typical home is currently for sale at A?230,030 or 0.3% more than this time last year, but the bulk of vendors could face disappointment in today’s “three-tier” market. The property portal warns that lenders are focused on […]
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