A survey by business group British Chambers of Commerce (BCC) has revealed that businesses are cautious about a recovery next year with figures showing that two thirds are planning wage freezes or pay cuts next year. The survey, which questioned 260 companies, also revealed that in a bid to reduce overheads, one in five is [...]
Business group, the British Chambers of Commerce (BCC), is claiming that small and medium-sized firms are still struggling to access finance. The report comes despite the £200 billion injected into the UK financial system to boost lending. According to the BCC, one third (33%) of companies surveyed said that accessing finance had been more difficult [...]
The Consumer Prices Index (CPI), a key measure of inflation, has fallen from 1.6% to an annual 1.1% in August – the lowest level since September 2004, the Office for National Statistics (ONS) said today. While the decline in inflation was higher than analysts had expected, it was primarily due to lower food and energy [...]
The British Chambers of Commerce (BCC) has cast doubt over the UK’s exit from recession in the third quarter. Many reports are suggesting that the UK will emerge from recession in the July to September, however the leading business group said while business confidence has strengthened, the economy was still “frail”. Recently, there has been [...]
In its quarterly update, the British Chambers of Commerce (BCC) said the UK economy will contract by 4.3% in 2009 and will expand by 1.1% in 2010 (higher than the 0.6% increase forecast in its last update). In June, the BCC forecast the economy would contract by 3.8% in 2009. However, its revised forecasts are [...]
The British Chambers of Commerce (BCC), the leading business group, has voiced its concern about a recovery in the UK. While the group believes that the worst of the UK’s recession is over, it said talk of a recovery is “premature”. Last week, official figures revealed that the UK economy shrank by 2.4% in the [...]
The British Chambers of Commerce (BCC) is calling for Chancellor Alistair Darling not to increase the national minimum wage in Wednesday’s Budget. The request comes as the organisation is calling for measures to drive the private sector out of recession. Other measures including reducing corporation tax paid by small businesses, as well as introducing help [...]
In its quarterly economic survey, published today, the British Chambers of Commerce (BCC) is painting a bleak outlook for the UK economy. According to the BCC, December was one of the worst months ever experienced by the British economy, with a sharp decline in housing market activity and a fall in retail sales. Furthermore, the [...]
The British Chambers of Commerce (BCC) has warned that the recession in the UK will be prolonged with a sharp rise in unemployment. The organisation said that gross domestic product (GDP) in the UK will fall by 1.6% next year, with a peak-to-trough fall of 2.5% throughout the recession. The group is forecasting a modest [...]
The UK economy is heading towards a recession following a new report from the British Chambers of Commerce (BCC). A quarterly survey of 5,000 companies carried out by the BCC, which represents small and medium sized companies, found that business confidence is at an all time low. According to the BCC’s report, confidence has collapsed [...]
In its latest quarterly economic forecast, the British Chambers of Commerce (BCC) said the level of UK unemployment is likely to increase, as up to 300,000 workers will lose their jobs by 2011. According to the leading business group, this will push the number of people out of work close to the 2 million mark. [...]
The British Chambers of Commerce’s (BCC) quarterly report has suggested that a recession in Britain is looming with the credit crunch and soaring costs denting the most important sectors of the economy. The BCC said that activity in the UK services sector (which makes up for 75% of the UK’s economy) had slumped to levels [...]
The British Chambers of Commerce (BCC) has warned that the UK economy set to be even weaker in 2009. The BCC said the current economic slowdown will be more prolonged than previously anticipated. It warned that businesses should prepare themselves for a long slog before the credit crunch is over. The organisation added that the [...]
Phone fraudsters stealing bank card pins
Fraudsters using a phone scam to trick bank card holders into revealing their pin numbers stole £750,000 in the first four months of this year. This is the same amount stolen through this scam in the whole of last year. The fraudster telephones a bank customer, often someone elderly or vulnerable, telling them that their [...]
FSA rules out ban on interest-only mortgages
Speculation that the Financial Services Authority would ban interest-only mortgages as part of its Mortgage Market Review has proved to be unfounded. However, lenders will be required to monitor the performance of the investment product taken out by the customer to repay the mortgage at the end of its term. Investments are performing poorly because [...]
Bank of England may end free in-credit banking
A director of the Bank of England has warned that official intervention could be considered to end the ‘dangerous myth of free in-credit banking’. Andrew Bailey has already spoken out against free banking in relation to the mis-selling of financial products. In a speech made available to media, he reiterated his concern, saying that it [...]
Bank of England votes against more economic stimulus
The Bank of England voted against a further round of quantitative easing, at its latest Monetary Policy Committee (MPC) meeting. Just one member, David Miles, voted for further asset purchase to encourage growth in the UK economy, while the other eight members voted to keep the Bank’s quantitative easing programme steady at £325bn. The minutes [...]
Catalogue debt growing says helpline
Calls from people concerned about their debts with mail order catalogues accounted for more than 12 per cent of all calls received by National Debtline last year, compared with just 8 per cent in 2007. More people were concerned about catalogue debt than about payday loans, mortgage or rent, according to the Money Advice Trust [...]
Homeserve faces mis-selling investigation
HomeServe, which provides emergency insurance cover and domestic repairs to households in the UK, is to be investigated by the Financial Services Authority (FSA). Issues over the possible mis-selling of household emergency policies were uncovered last October during an internal review at the Walsall-based company. Homeserve’s call centre staff were found to be selling ‘Complete [...]
OFT warns Wonga over debt collection methods
Payday loan company Wonga used aggressive and misleading methods to collect debts from customers, the Office of Fair Trading (OFT) has found. Wonga sent letter and emails to certain customers suggesting they had committed fraud and threatening to report them to the police if they did not act in the way Wonga suggested. The company [...]
NS&I re-launches investment account
National Savings & Investments (NS&I) has re-launched its Investment Account at a higher interest rate than it previously offered. The account now offers 0.75 per cent before tax, compared with between 0.2 and 0.3 per cent previously, depending on the account balance. Deposits and withdrawals on the account can no longer be made at Post [...]
Rightmove reports property downsizing trend
Two in five property owners planning to sell in the next year are planning to ‘trade down’, compared with one in four who plan to ‘trade up’. A survey by property website Rightmove found that moving to a smaller home is the main reason for moving in nine out of the ten regions in the [...]
More people failing to save for retirement
The proportion of people with no pension savings has grown from 20 per cent to 22 per cent over the past year, according to Scottish Widows’ latest survey. The pension provider surveyed 5,200 adults in the UK, aged 30 or over, and earning at least £10,000 a year, for its annual review of pensions. Ian [...]
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