Influential think tank, the Centre for Economics and Business Research (CEBR), has said higher inflation and low pay rises means British households face their biggest squeeze since 1921. The report suggests a typical British family will have £910 less to spend this year than they did in 2009 due to higher food and energy prices [...]
Moody’s rating agency has revealed it is investigating how the UK’s biggest banks would manage business without Government support. The agency said it may downgrade the debt of its ratings of up to 18 UK banks to reflect the lower chance of a future Government bail-out. According to the agency, those at risk are the [...]
It seems British people are concerned about the economic outlook after the GfK consumer confidence index dipped two points in May to -18 from -16 in April. The reading is the lowest level since January but higher than the -27 reported in May 2009. The news will come as a blow to the new coalition [...]
Official data has revealed the value of British exports grew by just 0.05%, or £28 million, in the final three months of 2009 compared with the same period a year earlier. The figures were a surprise since a weak pound should make UK goods cheaper abroad. Analysis of Government data by Close Treasury revealed that [...]
Hopes that the recession has finally come to an end emerged today after the Institute of Chartered Accountants in England and Wales (ICAEW) said confidence among British businesses has jumped to a six-year high. According to The Times newspaper, the Business Confidence Monitor survey grew to a reading of 24.6 for the fourth quarter, up [...]
Latest figures show that British manufacturing shrank at a record pace in November. The Purchasing Managers’ Index fell to 34.4 in November, compared to 40.7 in October, the lowest level and the biggest fall experienced since the index began in 1992. Rob Dobson, senior economist at Markit which collects the data together with the CIPS, [...]
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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