The Chartered Institute of Purchasing and Supply (CIPS)/Markit construction purchasing managers’ index (PMI) has today revealed UK construction activity recovered last month on the back of better weather. The PMI rose to 53.7 in January, up from December’s 49.1 – which represented the first fall in 10 months due to the severe wintry weather during [...]
The Chartered Institute of Purchasing and Supply (CIPS)/Markit manufacturing purchasing managers’ index (PMI) has today revealed UK manufacturing activity surged at a record pace in January. The closely-watched CIPS/Markit manufacturing PMI jumped to 62.0 in January from December’s upwardly revised reading of 58.7. Not only was the reading the highest since records began in 1992, [...]
Growth in the UK’s closely-watched service sector contracted in December – suggesting a sharp slowdown in economic growth in the final quarter of 2010. The Chartered Institute of Purchasing and Supply (CIPS)/Markit purchasing managers’ index (PMI) fell to 49.7 in December, down from the reading of 53.0 in November. Not only did the sector endure [...]
The Chartered Institute of Purchasing and Supply (CIPS)/Markit construction purchasing managers’ index (PMI) has today revealed UK construction activity contracted unexpectedly in December. The Purchasing Managers’ Index slumped to 49.1 in December, from 51.8 in November – the first fall since February last year and surprised analysts. The latest figures mean the index is now [...]
The Chartered Institute of Purchasing and Supply (CIPS)/Markit manufacturing purchasing managers’ index (PMI) has today revealed UK manufacturing activity surged at a record pace in December. The closely-watched CIPS/Markit manufacturing PMI rose to 58.3 in December from November’s revised reading of 57.5. Not only was the reading the highest since September 1994, it confounded analysts [...]
Growth in the UK’s closely-watched service sector eased slightly in November but still remained near October’s four-month high. The latest index from the Chartered Institute of Purchasing and Supply (CIPS)/Markit PMI fell to 53 in November, down slightly from the 53.2 recorded in October. However, the reading was in line with expectations and the index [...]
The Chartered Institute of Purchasing and Supply(CIPS)/Markit construction PMI index revealed activity improved in November. The Purchasing Managers’ Index rose to 51.8 in November from 51.6 the previous month and surprised analysts who had expected a fall to 51. The index remains above the crucial 50 level, which indicates expansion. Activity in the commercial and [...]
The Chartered Institute of Purchasing and Supply (CIPS)/Markit manufacturing purchasing managers’ index (PMI) has today revealed UK manufacturing activity surged at a record pace in November. The closely-watched CIPS/Markit manufacturing PMI rose to 58 in November from an upwardly revised 55.4 in October. Not only was the reading the highest since September 1994, it confounded [...]
Growth in the UK’s closely-watched service sector accelerated in October but the outlook is cautious as companies worry about the impact of spending cuts. The latest index from the Chartered Institute of Purchasing and Supply (CIPS)/Markit PMI climbed to 53.2 in October, from 52.8 in September, confounding expectations of a 52.5 reading. However, the index [...]
The Chartered Institute of Purchasing and Supply(CIPS)/Markit construction PMI index revealed activity slowed in October. The index fell from 53.8 in September to 51.6 last month – confounding expectations of a more modest fall to 53. However, the index remains above the crucial 50 level, which indicates expansion. The figures suggest, though, that construction will [...]
The Chartered Institute of Purchasing and Supply (CIPS)/Markit manufacturing purchasing managers’ index (PMI) has today revealed UK manufacturing activity unexpectedly grew in October. The closely-watched CIPS/Markit manufacturing PMI rose to 54.9 in October from 53.5 the previous month. Not only was the reading the highest since July, it surprised economists who had expected a fall [...]
Growth in the UK’s closely-watched service sector picked up in September from a 16-month low. The latest index from the Chartered Institute of Purchasing and Supply (CIPS)/Markit PMI climbed to 52.8 in September, from 51.3 the previous month, beating expectations of a reading of 51. However, the index remains above the crucial 50 level, which [...]
The Chartered Institute of Purchasing and Supply(CIPS)/Markit construction PMI index showed activity improved last month, driven by the commercial sector and civil engineering. However, activity in the housebuilding sector dropped – bringing an end to a year-long period of expansion. The index edged higher to 53.8 in September, from 52.1 in August – surprising analysts, [...]
The Chartered Institute of Purchasing and Supply (CIPS)/Markit manufacturing purchasing managers’ index (PMI) has today revealed UK manufacturing activity continued to slow in September. The closely-watched CIPS/Markit manufacturing PMI slid to a 10-month low of 53.4 in September, down from a revised 53.7 in August. The reading represented the lowest since November 2009 and fell [...]
Growth in the UK’s closely-watched service sector slowed further in July – by the slowest rate in 13 months. The latest index from the Chartered Institute of Purchasing and Supply (CIPS)/Markit PMI showed a reading of 53.1 in July, dipping from 54.4 in June. Not only did this represent the lowest level since June last [...]
The Chartered Institute of Purchasing and Supply(CIPS)/Markit construction PMI index showed activity slowed considerably last month to a four-month low. The index slumped to 54.1 in July from 58.4 in June – suggesting the sector may have peaked. However, the index is still above the crucial 50 level, which indicates the sector is growing. “The [...]
Growth in the UK’s closely-watched service sector slowed in June and hit its lowest level in 10 months. The latest index from the Chartered Institute of Purchasing and Supply (CIPS)/Markit PMI showed a reading of 54.4 in June, down from 55.4 in May. Not only did this represent the lowest level since August last year, [...]
Activity in the UK’s closely-watched service sector slowed in April, hit by the volcanic ash cloud which disrupted businesses. Furthermore, activity was hit by concerns about the outcome of the general election, according to analysts. The latest activity index from the Chartered Institute of Purchasing and Supply (CIPS)/Markit PMI showed a reading of 55.3 in [...]
The Chartered Institute of Purchasing and Supply/Markit construction PMI index grew in April at its fastest rate since September 2007 – prior to the economic downturn. The index jumped to 58.2 in April, up from an unrevised 53.1 in the previous month. Any reading above 50 indicates growth within the sector. The growth was attributed [...]
The Chartered Institute of Purchasing and Supply/Markit construction PMI index surged in March for the first time in over two years as housebuilding picked up. The index jumped to 53.1 points in March, up from 48.5 the previous month and the first month the index has enjoyed growth since February 2008. Any reading above 50 [...]
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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