The Office for National Statistics (ONS) has today revealed the UK trade deficit narrowed in August as export values hit an all-time high and imports fell. The goods trade gap shrank to £7.77 billion in August from £8.15 billion the previous month, said the ONS. Total exports of goods reached £25.5 billion, led by fuels [...]
The EU statistics office Eurostat has today revealed euro zone industrial output rose by 1.2% in August. On an annual basis, meanwhile, industrial output grew by 5.3%. Both sets of figures beat economists’ forecasts. On a regional basis, Germany, which is the euro zone’s largest economy, saw a monthly fall of 1% but was 7.8% [...]
Japanese core private-sector machinery orders – a highly volatile series seen as an indicator of corporate spending – surged in August. According to the Cabinet Office, orders grew 11% in August on a monthly basis – the strongest pace in a year – and also beating forecasts. Orders have fallen over recent months due to [...]
The Office for National Statistics (ONS) has today revealed UK factory output fell 0.3% in August on a monthly basis. The reading was worse than economists had expected and confirm weak prospects for the economy after the figures suggest a poor start to the third quarter. On an annual basis, meanwhile, factory output was 1.5% [...]
The Council of Mortgage Lenders (CML) has today reported the number of loans for house purchase rose in August. According to the Council, there were 52,000 loans advanced for house purchase (worth £7.9 billion) in the month – up from 48,700 (£7.2 billion) in July. The Council described today’s figures as “welcome signs of life” [...]
Official data from the Department for Communities and Local Government (DCLG) today revealed UK house prices rose by 0.6% in August compared with July. However, on an annual basis, house prices are 1.3% lower, taking the average UK house price to £208,476. The data from the DCLG is based on mortgage completions figures collected by [...]
Japan’s industrial output recovered further last month after a record drop in March due to the earthquake and tsunami. Disruptions caused by the twin disasters resulted in carmakers being forced to halt production as a result of parts shortages. However, it looks as if the situation continues to improve after output rose by 0.8% last [...]
The Bank of England has today revealed mortgage approvals picked up significantly in August to a 20-month high. According to the Bank, there were 52,410 loans approved in the month – almost 3,000 more than the level seen in July and the highest figure since December 2009. The figure was also higher than the 49,500 [...]
According to the Land Registry, house prices fell by 0.3% in August after a 1.3% rise in July. The latest fall takes the average cost of a home to £162,347 in England and Wales. On an annual basis, meanwhile, the Registry said prices are 2.6% lower. It must be noted that the Land Registry compiles [...]
The Commerce Department has revealed sales of new homes in the US fell to a six-month low in August, suggesting the housing market remains depressed. According to the Commerce Department, new single-family home sales fell 2.3% in August to a seasonally adjusted annual rate of 295,000 units – the lowest level since February. The figure [...]
Figures published by the Society of Motor Manufacturers and Traders (SMMT) revealed a strong rise in UK car production for the month of August. UK car production rose 10.7% in August versus the same month a year ago, the SMMT said, with the total number of cars produced at 86,250. Furthermore, for the year-to-date, car [...]
HM Revenue & Customs (HMRC) has today revealed a fall in the number of homes sold in August in the UK. According to HMRC, 78,000 homes worth at least £40,000 or more were sold in the month – 6,000 less than the previous month and 3,000 lower than in August 2010. However, August is traditionally [...]
The Office for National Statistics (ONS) has today revealed UK public sector net borrowing rose last month. According to the ONS, public sector net borrowing came in at a higher than expected £15.9 billion in August – a rise of £1.9 billion from a year ago and represented the highest for the month of August [...]
Official figures today revealed Japan’s exports rose in August for the first time in six months – suggesting the world’s third largest economy is continuing its recovery from the devastating earthquake and tsunami which struck in March. According to the Ministry of Finance, exports were 2.8% higher last month on an annual basis but this [...]
The Council of Mortgage Lenders (CML), which represents lenders who offer around 94% of all residential mortgage lending in the UK, has today reported UK mortgage lending grew in August. According to the Council, lending was 6% higher in August on a monthly basis, attributed to seasonal factors. The figures come after July saw a [...]
A survey by LSL Property Services has revealed rents in England and Wales continue to surge, with the average rent hitting a further record high last month. August represented the seventh consecutive month that the average rental cost rose. Lenders’ deposit requirements, together with unaffordable house prices has meant the rented sector has been in [...]
Figures today revealed India’s wholesale price inflation rose to 9.78% last month – the highest level in a year – and significantly above the central bank’s target of between 4% and 5%. Not only was the rate up from July’s increase of 9.22%, it was also higher than expectations of a 9.70% increase. This represented [...]
The Office for National Statistics (ONS) has today revealed UK retail sales fell by 0.2% in August after riots earlier in the month affected trade. The fall followed slower growth in the previous two months after sales rose just 0.2% in July and 0.8% in June. In the meantime, food sales were also down – [...]
There is further evidence of a slowdown in the world’s largest economy after retail sales stagnated last month. Sales were flat from the month earlier after July’s figure was revised down to 0.3% from 0.5%. August’s figure was also worse than expected after car sales fell and excluding this item, sales rose just 0.1%. However, [...]
The Royal Institution of Chartered Surveyors (Rics) has today reported that the UK housing market remained weak in August with house prices falling further. According to the Institution, homeowners remain reluctant to put their properties up for sale, while buyers continue to struggle to secure a mortgage and remain uncertain about the economic climate. The [...]
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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