The International Monetary Fund (IMF) has warned euro zone policymakers to take immediate action to prevent the debt crisis spreading outside Europe. The warning comes as Spain’s borrowing costs rose to a 9-year high today as fears continue to grow over the debt crisis in the euro zone. There are fears that Spain, which is [...]
The price of gold has risen to a fresh all-time high of $1,610 an ounce on the back of US and euro zone debt worries. As debt concerns in the US build, the dollar continues to weaken and the price of gold typically moves in the opposite direction to the precious metal. Some believe gold [...]
Standard & Poor’s (S&P) has warned it may lower the US triple-A debt rating if a deal to lift the Government’s $14.29 trillion borrowing limit is not agreed soon. The news comes just one day after fellow ratings agency Moody’s said there is a risk of a possible downgrade. Both warnings come as tense negotiations [...]
The Italian Senate has today passed a tough austerity budget, which proposes cuts of €48 billion (£42 billion) over the next three years. Senators voted 161 to 135 in favour of the measures. The country’s Finance Minister, Giulio Tremonti, is aiming to cut the deficit to zero by 2014 from this year’s 3.9% of GDP. [...]
Statistics from the Department of Energy and Climate Change (DECC) have revealed fuel poverty continues to soar amid higher energy prices. Anyone spending over 10% of their household income on heating their homes are said to be in fuel poverty. Figures from the Department showed that the number of households in fuel poverty in 2003 [...]
In order to avoid a bailout, the Italian senate is set to vote on austerity measures, which proposes cuts of €48 billion (£42 billion) over the next three years. The country’s Finance Minister, Giulio Tremonti, is aiming to cut the deficit to zero by 2014 from this year’s 3.9% of GDP. Mr Tremonti said the [...]
The International Monetary Fund (IMF) is urging Italy to introduce austerity measures to lower the country’s debt. Its warning comes as there are fears that the euro zone’s third largest economy could be dragged into the euro zone’s debt crisis as it has the second highest sovereign debt ratio in the region. As a result, [...]
Fears for Italy becoming the next victim of the euro zone debt crisis sent stocks down today. The euro dived to a record low against the Swiss franc and fell to a four-month low against the Japanese yen. An emergency meeting took place today in Brussels as EU officials met to discuss the ongoing debt [...]
European stocks were lower today after it emerged that top EU officials are meeting in Brussels to discuss the ongoing debt crisis in the euro zone. Germany’s DAX 30 lost 0.68% to 7,352.73, while France’s CAC 40 was down 0.89% to 3,878.60. London’s FTSE was 0.2% lower at 5,977.31. The meeting has been arranged as [...]
Euro zone finance ministers have approved the latest instalment of financial aid for Greece. The latest tranche of €12 billion will be released this month so the crisis-torn economy can avoid defaulting on its mountain of debt. The release of the funds comes after the Greek parliament approved fresh austerity measures, which include further spending [...]
Protesters have gathered on the streets of Athens today as a 48-hour general strike commences, which will see the country come to a virtual standstill. Apart from the metro, no public transport is operating as many people opt to join the fourth general strike called this year by the country’s two largest unions. The general [...]
A second rescue package for Greece has been agreed, which is understood to be in the region of €120 billion. The money will come from its fellow euro zone nations, as well as the International Monetary Fund (IMF). The news of the deal sent stockmarkets higher this morning after the crisis-torn economy has been thrown [...]
Greek Prime Minister George Papandreou last night survived a crucial confidence vote by 155 to 143. EU leaders were insistent that Mr Papandreou’s new cabinet secure support for new austerity measures that are a condition of the latest instalment of financial aid for the country. MPs will now have to approve the next round of [...]
The International Monetary Fund (IMF) has warned the Spanish Government to continue with its efforts of cutting public spending and reducing unemployment. Like many other Governments across the globe, Spain is taking steps to reduce the deficit but the IMF warned the economy still faces “considerable” risks. In an annual report, the Washington-based Fund said: [...]
Later today, Greece’s Prime Minister, George Papandreou, faces a confidence vote after the crisis-torn country needs to introduce further austerity measures in order to avoid the euro zone’s first sovereign debt default. EU leaders are insistent that the PM secure support for the measures that are a condition of the latest instalment of financial aid. [...]
The Office for National Statistics (ONS) has today revealed UK public sector borrowing fell slightly last month. According to the ONS, public sector borrowing fell to £15.15 billion last month compared with £16.46 billion in May last year. The figure was lower than analysts’ expectations of £15.75 billion and was attributed to an increase in [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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