The Irish Government has outlined its austerity budget, aimed at saving €6 billion in spending cuts and tax hikes, designed the trim the country‘s budget deficit. Ireland is aiming to save €15 billion (£13 billion) between 2011 and the end of 2014 – 11% of the economy‘s annual output. The measures are a condition of [...]
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 [...]
Influential think tank, the Organisation for Economic Co-operation and Development (OECD) has today revised its growth for the UK economy, as a result of the Coalition Government’s austerity measures, designed to bring down the budget deficit. However, the revision comes as no surprise as experts have been predicting that the harsh spending cuts will undoubtedly [...]
Ireland is the latest in a long line of nations forced to introduce tough austerity measures to deal with its spiralling budget deficit. The country’s Government has outlined €15 billion (£13.1 billion) worth of budget cuts and is aiming to shave the deficit to 3% of GDP by 2014 to keep within euro zone rules. [...]
Figures have revealed that Spain’s economy stalled in the July to September period. The disappointing 0.2% annualised growth will be a blow to the economy, which is stalling due to measures taken by the Government to trim its spiralling budget deficit. The country is also battling with the highest unemployment rate in Europe. However, last [...]
Greece has today forecast that its economy will contract by up to 3% in 2011 – worse than a previous estimate of 2.6%. Greece’s finance minister, George Papaconstantinou, said today: “Growth will contract by 4% this year, and next year by between 2.5% and 3%.” The country has been battling with its spiralling deficit and [...]
The Office for National Statistics (ONS) has today revealed UK economic growth for the third quarter slowed to 0.8%, albeit double the rate analysts had forecast. Today’s figures will reduce the chance of more quantitative easing from the Bank of England in the short-term, according to many. Some have been calling for an injection of [...]
The initial reading of third quarter economic growth will be published tomorrow by the Office for National Statistics (ONS). Economists expect growth to slow to 0.4% in the July to September period – down from 1.2% in the second quarter. However, tomorrow’s estimate is the first of three and could be revised upwards or downwards [...]
Chancellor George Osborne has today unveiled his Comprehensive Spending Review – in what has been described as the most savage spending cuts since the Second World War. Mr Osborne confirmed he would proceed with almost all of the cuts he detailed in his emergency budget in June. Firstly, defending the cuts, Mr Osborne told parliament: [...]
The Office for National Statistics (ONS) has today revealed public sector net borrowing totalled £15.607 billion in September – its highest for the month of September since records began more than 17 years ago. The figure was also higher than the £14.2 billion economists had expected and compares with £14.806 billion a year earlier. Overall, [...]
Chancellor George Osborne will today reveal the Comprehensive Spending Review. He is set to provide details of how he intends to slash spending by £83 billion by 2014 as he endeavours to bring down the spiralling budget deficit. The cuts have received mixed responses; many have been critical of them warning that slashing the deficit [...]
According to Government figures, the US budget deficit fell to $1.294 trillion (£813 billion) in the 12 months to the end of September. The deficit equates to 8.9% of GDP, down from 10% of GDP in 2009, but still represents the highest since the end of the Second World War. The target for President Barack [...]
It has been announced that the Government is to reduce the annual amount of pension tax-free income in order to save £4 billion a year, to reduce the spiralling budget deficit. The tax-free amount is being slashed from £255,000 a year to £50,000 from April 2011. High earners will continue to be paid tax relief [...]
Ireland’s central bank has said that Anglo Irish Bank, Allied Irish Bank and building society Irish Nationwide are all likely to need extra capital in order to stay afloat. The central bank has previously warned that a potential rescue for troubled lender, Anglo Irish Bank, will cost up to €34.3 billion (£29 billion). This has [...]
Credit rating agency Moody’s has downgraded Spain’s credit rating today – just a day after unions held a general strike to protest against tough austerity measures. Like many other euro zone nations, Spain has introduced austerity measures, aimed at cutting its budget deficit, which is currently 11% of GDP. Spain aims to reduce the deficit [...]
The International Monetary Fund (IMF) has today said it supports the Coalition Government’s tough austerity measures, designed to cut the budget deficit. The support comes despite many experts suggesting that the tough measures could pose a threat to the fragile recovery, because spending cuts and a hike in taxes will have slashed the forecast for [...]
Romania’s President, Traian Basescu, has today said its entry date for the euro zone may be delayed as it introduces tough austerity measures in order to avoid a Greek-style debt crisis. The country’s current target date for euro zone entry is 1 January 2015 but Mr Basescu said this could be postponed by “one or [...]
The Office for National Statistics (ONS) has today revealed public sector net borrowing totalled £15.302 billion in August – a record high for the month. The figure was higher as interest payments on gilts rose because of higher inflation. It was also much higher than the £12.51 billion expected by analysts. However, despite this, receipts [...]
Business Secretary Vince Cable has warned that the UK’s car industry will not receive any further funding from the Government. Mr Cable was speaking at a conference in London organised by trade body, the Society of Motor Manufacturers and Traders (SMMT). However, he said the industry is “incredibly important to the UK economy” and insisted [...]
As it continues with its priority of cutting Britain’s budget deficit, the coalition Government has indicated that incapacity benefits will be targeted in a welfare crackdown. Chancellor George Osborne has already announced tough austerity measures to cut the £155 billion deficit but has now made it clear that sickness benefits will be targeted, as they [...]
Gender directive could slash men’s annuity payouts
The EU Gender Directive, which came into force today, could see men losing up to £10,000 from their annuity payouts, according to research by PricewaterhouseCoopers. Under the new rules insurers are no longer allowed to take gender into account when setting annuity rates and premiums on insurance products. Men previously enjoyed higher annuity rates than [...]
Home rental costs down in November
The cost of renting a house in England and Wales fell by 0.4 per cent in November, its first dip since March, according to a survey by LSL Property Services. Average rent was £741m during the month, returning to the level seen in September. However, it was 3.4 per higher than in November last year. [...]
Lloyds TSB halts sale of packaged accounts in branches
Lloyds TSB will stop selling packaged account in its branches from 1 January 2013, until its sales procedures are brought into line with those operated by sister bank The Halifax. Lloyds TSB is one of the main providers of packaged accounts in Britain, with around one in three of its customers choosing to pay fees [...]
Housing market recovery to continue next year
Recent improvements in the housing market should continue into next year, according to the Council of Mortgage Lenders (CML) Gross lending is estimated to have increased to £12.9 billion in November, helped by the Funding for Lending scheme which provides banks and building societies with lower-cost funding, which they are then supposed to pass on [...]
Newcastle Building Society exits interest-only mortgages
Newcastle Building Society has stopped offering interest-only mortgages to new borrowers, following the lead of the Royal Bank of Scotland, Nationwide, Co-operative bank and Coventry Building Society. The decision will not affect existing Newcastle customers and applications for interest-only mortgages received before 14 December will still be processed. Prior to the credit crunch, interest-only mortgages [...]
Less than half of Brits considered creditworthy
Fifty-seven per cent of UK adults are at risk of having an application for credit turned down by a mainstream lender according to a new report. The ‘Mind the Credit Gap‘ report commissioned by aqua credit cards suggests that even people with a good credit rating and earning more than £50,000 could have a credit [...]
Monthly incomes £22 lower in 2012
The average monthly income of UK households fell by £22 in real terms compared with last year, according to a survey carried out for the Bank of England (BoE) by NMG Consulting. People on lower incomes have seen their income eroded more than higher earners and households still have high levels of debt the BoE [...]
Savers dig deep to fund Christmas
New research from the Halifax suggests that savers are funding their Christmas spending with money set aside for other purposes. Thirty-seven per cent of 2,138 savers surveyed by the bank at the end of November had withdrawn savings in the last three months. The average amount withdrawn was £1,186, more than double the average savings [...]
Financial data at risk from unsafe passwords
According to a survey by the Payments Council the problem of having to remember a different password for several accounts means that many internet users are compromising the security of their financial data. Internet users have 22 password-protected accounts on average and many use the same log-in details for more than one account, even though [...]
Wonga launches Paylater loans on retailer website
Payday loan company Wonga has launched a new Paylater service on furniture firm Cotswold Company’s website. The service, which allows customers to “buy now, pay later” will be introduced on other retailers’ sites in the near future. Although the Paylater branding is similar to Wonga’s, the Wonga name only appears in the small print. A [...]
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