A new report has revealed the British High Street is suffering after shop vacancies rose to a record high in 2010. According to the Local Data Company, the number of vacant shops in Britain increased to 14.5% at the end of last year, up from 12% at the end of 2009 and compares with 5% [...]
As Ireland looks set to accept a multi-billion euro loan, the International Monetary Fund (IMF) and EU officials have commenced their investigation of Ireland’s bank books. Yesterday, Governor of the Irish central bank, Patrick Honohan, said the country is expected to accept a “very substantial loan”. The news comes as speculation has been mounting all [...]
London-based emerging markets bank, Standard Chartered, is looking to free itself from stricter regulations in Britain by considering relocating to the Far East. The bank, which already has a strong presence in the Far East, said relocation “is something we do look at but we have no plans to move.” According to The Times newspaper, [...]
Britain’s ongoing deficit worries continue to weigh heavily on the economy and this was evident after the pound fell to a 13-month low against the dollar today. Sterling fell as low as $1.4249 – its lowest level since March 2009, before recovering to $1.4435 – down 0.7% on the day. Today, at his first press [...]
Struggling Japanese carmaker Toyota is to suspend production at plants in France and Britain for two weeks from Monday amid safety recall problems. The carmaker has been suffering amid major safety fears and has recalled almost 9 million vehicles over concerns about accelerator pedals and brake systems. The problems have been blamed for almost 60 [...]
Leading think tank, the Centre for Economic and Business Research (CEBR), has today claimed that the recession and unemployment would have been much worse if Britain had joined the euro. According to the think tank, if Britain had dropped the pound, the unemployment rate would be at 15% (double what it is now) and GDP [...]
In an effort to tackle Britain’s spiralling public debt, the Government has today unveiled proposals that will see it raise £16 billion via asset sales. In order to reduce the budget deficit, which is set to hit a record £220 billion (the equivalent of 12% of GDP), the Government has taken action by ordering sale [...]
The Office for National Statistics (ONS) has today reported that British exports rose at their fastest monthly pace in July, bringing further hopes of a recovery. According to the ONS, exports rose 5% on the month to £19.187 billion – the fastest rise since January 2008, while the value of imports grew by 3.5% to [...]
Business investment in Britain fell by 10.4% in the April to June period – the biggest quarterly fall since 1985. Official figures show that the amount spent by businesses on a range of investments, such as new computers and building works, fell to £29.8 billion during the period. According to economists, the figures will raise [...]
Figures released today by the Office of National Statistics (ONS) revealed that spending by British households fell by 1.2% in the first three months of 2009 – the largest fall since 1980. According to the ONS, the only positive contribution to growth was Government spending. In addition to the fall in household spending, the ONS [...]
According to the Organisation for Economic Cooperation and Development (OECD), the worst of the recession may be over for Britain. The OECD has gathered its evidence by measuring a range of statistics, including trends in stock markets and business surveys. The influential think tank said while output is still shrinking, there have been some green [...]
The UK is changing its shopping habits as a coping mechanism during the credit crunch, new research has revealed. A survey by Abbey Credit Cards found that Brits are increasingly searching for bargain deals to make every pound go as far as possible. More than a third of shoppers now check the price of an [...]
Chancellor Alistair Darling has admitted that a second package of tax and spending measures may be required to prevent the UK from entering a deep and profound recession. Measures include help for the ailing car industry, which is suffering as consumers continue to cut back on non-essential items. Proposals under consideration include an expansion of [...]
Almost one in three people in the UK would end up in financial disaster within two months if they faced unemployment. In a new survey by MoneyExpert.com, 30% of respondents admitted that losing their job would leave them unable to make repayments on their mortgage and other debts within two months. Half of these people [...]
With the credit crunch biting hard, the majority of British adults have put major life decisions on hold. Research by CreditExpert.co.uk reveals that 75% of Brits are stalling key life plans, including moving house and having a baby, because they fear the worst for the oncoming recession. In addition, more than half (55%) of adults [...]
Professor David Blanchflower, a member of the Bank of England’s Monetary Policy Committee (MPC), is calling for aggressive interest rate cuts in order to boost Britain’s economy and stave off the prospect of a deep and prolonged recession. In response, Chancellor Alistair Darling appeared to be supporting Prof Blanchflower’s call after he stressed that while [...]
A forecast published today by the Ernst & Young Item Club claims that Britain is now in a recession that will last for 12 months, with only a weak recovery in 2010. Peter Spencer, the chief economist at Ernst & Young, said the economy fell sharply in the previous quarter and will shrink for three [...]
In an interview with the Guardian newspaper, Chancellor Alistair Darling said the UK is facing the worst economic downturn in 60 years and it will be ‘profound and long lasting’. Mr Darling’s stark warning comes as the Nationwide revealed that the average house price has fallen by 10.5% over the last year – this represents [...]
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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