New figures from Sainsbury’s Bank suggest that nearly two million credit card holders intend to switch providers over the next year, when their 0 per cent balance transfer offer expires. A further 900,000 card holders will switch when their 0 per cent purchase deal expires, according to the bank’s latest research. After the introductory offer [...]
The Bank of England has today revealed mortgage approvals slumped in December – to the lowest level since March 2009 – when the economy was in the midst of recession. According to the Bank, there were 42,563 loans approved in the month, down from November’s 47,287 approvals. December’s figure was also way below analysts forecast [...]
Supermarket giant Tesco today announced like-for-like sales, excluding petrol, grew by just 0.6% in the six week period to 8 January compared with a year earlier. The figures were worse than expected for the Christmas period and the company blamed the heavy snowfall which gripped most of the country during the build up to the [...]
The UK’s biggest retailers are currently reporting their Christmas trading figures, and it has been a mixed bag so far. Today, British retailing giant Marks and Spencer (M&S) said sales in the final quarter of 2010 were up despite the heavy snowfall which gripped much of the country last month. The 127-year-old retailer which sells [...]
The heavy snowfall which gripped most of the country last month was expected to impact negatively on retail sales. However, retail sales fell just 0.3% on a like-for-like basis, according to the British Retail Consortium (BRC)/KPMG retail sales monitor. However, total sales rose 1.5% against 6% growth the previous year – a sharp drop but [...]
Wm Morrison Supermarkets has today reported a rise in Christmas and New Year sales, despite the bad weather which gripped most of the country during December. The grocer, which is Britain’s fourth largest, said like-for-like sales grew 1% in the six-week period over Christmas and New Year compared with the same period a year ago. [...]
The heavy snowfall which gripped most of the country last month resulted in a fall in sales at Next – Britain’s second largest fashion retailer. The company today announced sales for the five months to Christmas Eve – at shops open at least a year – were down 6.1%. However, online sales were up 8.7% [...]
The British Retail Consortium (BRC) has revealed some optimism among retailers for the Christmas period. Many believe the Christmas period will be no worse than last year – despite consumers being fearful of the Government’s spending cuts and unemployment. According to the BRC’s snapshot of 17 major retailers, which represents up to 51% of the [...]
US retailers were hoping for buoyant sales this weekend after the start of the Christmas shopping season. The day after the Thanksgiving national holiday, known as Black Friday, sees stores open overnight and offer heavy discounting. While shopper numbers were up by 2.2% on Black Friday on last year’s numbers, sales were only up by [...]
According to the latest Confederation of British Industry (CBI) distributive trades survey, retailers are optimistic about the Christmas period but have expressed their concerns for 2011. Many retailers share the same fear for next year as Government spending cuts kick in and the VAT rise takes effect on 1 January. The CBI’s survey established that [...]
There are fears of further strikes on the London Underground (LU) after the Rail Maritime and Transport Union (RMT) claims two workers are being unfairly treated by management and facing disciplinary action. As a result, hundreds of workers are to be balloted for strikes over the dispute with action expected to be taken in the [...]
According to the latest Markit Economics survey, the UK looks set to be in for a bleak Christmas as households are squeezed amid higher consumer prices. The survey revealed that consumers’ enthusiasm for buying “big-ticket” items has slumped to its lowest level since February 2009. The research comes despite optimism that consumers would opt to [...]
The John Lewis Partnership, which is regarded as a barometer of British retailing, today announced that sales growth surged last week – as shoppers looked to buy warmer clothing as a result of the colder weather. The renowned employee-owned department store said sales grew 12% to £88 million in the week to 20 November, compared [...]
According to the Office for National Statistics (ONS), UK retail sales grew in October for the first time in three months. The ONS said sales rose 0.5% in October on a monthly basis – beating analysts expectations of a 0.4% gain. Stripping out volatile fuel prices, retail sales grew 0.3% in the month. However, on [...]
Property website, Rightmove, has today reported a major fall in asking prices in November – as vendors cut their prices amid desperation to sell their property before the Christmas slowdown. According to Rightmove, asking prices for residential property in England and Wales fell 3.2% in the month – the biggest drop since December 2007. The [...]
The John Lewis Partnership, which is regarded as a barometer of British retailing, said sales rose sharply last week as Christmas shoppers took to the High Street. The renowned employee-owned department store said sales at its 28 department stores grew 11.5% to £77 million in the week to 13 November, compared with the same period [...]
According to the latest CBI distributive trades survey, retailers are optimistic – particularly about the run-up to Christmas. This is deemed positive after many reports have suggested consumers will rein in their spending after the Government’s massive spending cuts. However, shoppers are expected to buy big-ticket items – ahead of the VAT rise which will [...]
There is worrying news for the economy today after the British Retail Consortium (BRC) said retail sales growth eased in September. The BRC said consumers are holding off purchasing big-ticket items as they prepare themselves for massive spending cuts, introduced by the Government to slash the budget deficit. Many reports have suggested economic growth will [...]
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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