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The latest financial news:
March 17, 2010
by Kay Murchie
Minutes of the Bank of England’s March meeting have been released today and have revealed that the Monetary Policy Committee (MPC) voted unanimously earlier this month to keep interest rates at the historic low of 0.5%.
Furthermore, all nine members of the MPC opted to keep the quantitative easing (QE) on hold.
QE, also known as printing money, ...
by David Masters
Sustainable and ethical investments are expected to increase their share in the ISA market by more than 1000% this year, according to research by The Co-operative.
Ethical investments currently have a 1% share of the ISA market, but The Co-operative predicts that this could increase thirteen-fold later this year as savers use their increased ISA allowance for more eco-friendly investments.
The Co-operative's ...
by David Masters
ISA investors are "disillusioned" with the returns they are receiving on their savings, Barclays claimed this week.
The bank blamed the frustration on historically low interest rates.
The 0.5% base rate has caused many investors to rethink their approach to the financial marketplace, Barclays said.
Research by the bank found more than two-thirds (72%) of investors have changed their outlook because of the low interest rate environment.
A similar number (72%) ...
by David Masters
New government legislation on credit card debt does not go nearly far enough, the director of a financial management charity has claimed.
Chris Tapp, director of Credit Action, said new laws that stop credit card providers increasing interest rates and limits on credit cards are merely "a baby step in the right direction".
Prime Minister Gordon Brown said the new laws will ...
by Kay Murchie
Consumers groups have expressed concern for the elderly if cheques are abolished, suggesting that it will result in them hoarding cash at home.
Appearing before the Treasury Select Committee, Jane Vass, of Age Concern and Help the Aged, warned that there could be a security issue if cheques were to be scrapped.
"This would encourage people to return to ...
by Kay Murchie
The Office for National Statistics (ONS) has today revealed that UK unemployment fell slightly in the three months to January to 2.45 million.
The latest figures take the unemployment rate to 7.8%, according to the ONS.
In the meantime, the number of Britons claiming jobseeker’s allowance (JSA) also fell by 32,300 in February to 1.59 million - the sharpest fall since November 1997, just ...
by Kay Murchie
In order to tackle the UK’s deficit, tax hikes could well be on the agenda, according to reports today.
Last week, Chief Secretary to the Treasury Liam Byrne suggested that no new tax rises will be required in order to cut the UK’s ballooning deficit.
However, in a dramatic u-turn, asked by the BBC yesterday if he was ...
by Kay Murchie
A report has found benefit claimants owe a staggering £1.85 billion in overpayments but less than £300 million a year is being recouped.
As a result, the public accounts committee is calling for the Department for Work and Pensions (DWP) to step up its efforts to recovery the monies.
According to the report, over 30,000 people owe around £10,000, while ...
by Kay Murchie
After a two-day policy board meeting, the Bank of Japan (BoJ) has elected to keep interest rates at 0.1%.
Interest rates in the world’s second largest economy have been at the low level since December 2008 in a bid to fight off deflation.
It is anticipated that the central Bank will leave rates at the low rate until around 2012 as ...
by Gill Montia
The full extent of UK mortgage fraud in the lead up to the credit crisis is probably as yet unknown and signs of economic recovery have prompted the National Fraud Authority (NFA) to remind lenders that they must continue to combat the crime.
According to the NFA, almost £144 billion was loaned in mortgages in 2009, representing an attractive target for criminals.
The ...
by Kay Murchie
The World Bank has raised its GDP forecast for China and urged the Government to let the yuan appreciate to stop the economy overheating.
China‘s economy, which is currently the world’s third largest, has led the way in the global recovery and many have described its recovery as “impressive”.
In a quarterly update on China, the World Bank said gross domestic product would ...
March 16, 2010
by Kay Murchie
The Federal Reserve has today elected to keep US interest rates at the historically low level of between 0% and 0.25%, as widely expected.
After the one day meeting, the Federal Open Market Committee (FOMC) voted 9-1 to keep rates unchanged.
Interest rates in the world’s largest economy have been at the low level since December 2008 and the bank has previously ...
by Kay Murchie
The Commerce Department has today revealed US housing starts fell during the month of February, while building permits were also down.
Both declines were attributed to the severe wintry weather that gripped parts of the US during the month.
According to the Commerce Department, construction of new US homes fell 5.9% during the month to a seasonally adjusted ...
by Kay Murchie
Consumer watchdog, the Office of Fair Trading (OFT), has today revealed UK banks may soon be offering customers the ability to opt out of unarranged overdraft facilities.
Should the procedure be put in place, it would mean consumers would avoid hefty fees if they slipped into the red.
The announcement comes as the OFT took legal action against banks regarding unauthorised overdraft ...
by Kay Murchie
Oil giant Royal Dutch Shell has today announced it will axe a third of its global petrol station network and shed a further 1,000 jobs by the end of next year, as part of its ongoing cost cutting programme.
The Anglo-Dutch firm, which is Britain’s second largest oil company, has been hit by a slump in demand for ...
by Elaine Frei
European markets were higher Tuesday, with gains coming after Standard & Poor’s issued a report saying that Greece is likely to meet immediate goals toward righting its troubled economy.
The FTSE 100 was up 0.48 percent to 5,620.43 in London, while the FTSE 250 added 0.52 percent to 9,930.04.
The biggest gain in London came on the 250, where investment bank Close ...
by Kay Murchie
A study by Lloyds TSB Commercial has revealed the impact the big freeze had on the UK's small and medium-sized companies (SMEs) earlier this year.
According to the research, the coldest winter in decades cost SMEs more than £7 billion.
Seven out of ten small firms were severely affected with snow and ice hitting deliveries and resulting in the firms to ...
by Kay Murchie
Marc Firestone, vice-president of US food giant, Kraft, has today appeared before MPs on the Business Select Committee and has apologised for the firm’s pledge to keep open Cadbury’s Keynsham factory.
Mr Firestone was questioned by MP’s over the company’s takeover of Cadbury. Kraft completed its takeover of the 186-year-old iconic British confectioner on 2 February after a five-month battle.
Kraft, which ...
by Kay Murchie
The European Automobile Manufacturers Association has today revealed registrations of new cars in Europe grew an annual 3.2% in February to 1,000,754 vehicles.
However, a severe fall of 30% was noted in Germany as the country’s scrappage scheme expired, but the fall was offset by growth in Italy and the UK, which still have incentive packages in place.
Overall, sales in the ...
by Gill Montia
New research from Moneyfacts.co.uk claims there has been a 70% rise in the number of mortgage products available in just under a year.
According to the financial website, borrowers now have 2,053 deals to choose from, compared with 1,209 in April 2009, when the figure bottomed out.
Furthermore, a significant boost has occurred since the beginning of January, with the number ...
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Minutes of the Bank of England’s March meeting have been released today and have revealed that the Monetary Policy Committee (MPC) voted unanimously earlier this month to keep interest rates at the historic low of 0.5%.
Furthermore, all nine members of the MPC opted to keep the quantitative easing (QE) on hold.
QE, also known as printing money, ...
