Federal Reserve Chairman, Ben Bernanke, has warned that the world’s largest economy is facing a national crisis due to its high unemployment rate, which currently stands at 9.1%. Earlier this month, the US Labor Department revealed the economy added no new jobs last month, which was a surprise after markets had expected 70,000 new jobs. [...]
The White House and Congress have both warned that the US Government budget deficit will surge to almost $1.6 trillion (£978 billion) this year – the highest level ever recorded. Furthermore, the White House is forecasting that the deficit will grow to $9 trillion over the next decade – a rise of $2 trillion from [...]
US Treasury Secretary, Timothy Geithner, expects US banks to repay $25 billion (£16 billion) of bailout funds over the next 12 months. According to Mr Geithner, the money will be put towards helping other financial institutions in need of assistance. Mr Geithner told Congress it is imperative that the Government protect the remaining $123.7 billion [...]
Figures published today by the US Labor Department have revealed that the rate of unemployment in the US rose from 7.2% in December to 7.6% in January – the highest level since 1992. The organisation said 11.3 million Americans are now out of work. Meanwhile, 598,000 jobs were lost in the public and private sectors [...]
After a weekend of negotiations, America’s $700 billion (£380 billion) bailout plan has finally reached a conclusion. US Treasury Secretary, Henry Paulson, managed to convince Republican and Democratic leaders to agree to a compromise, prior to the opening of the Asian stockmarkets. However, the announcement did little to allay fears in the global stock markets, [...]
According to US Congress, America’s $700 billion (£380 billion) bailout plan is still in negotiations but considerable progress is being made. According to Harry Reid, the Senate majority leader, there are 15 outstanding issues to be resolved in agreeing Treasury secretary Henry Paulson’s Troubled Asset Relief Programme (Tarp). Meanwhile, The White House said the prospect [...]
US Congress have approved the $700 billion (£380 billion) financial rescue plan after a week of talks. The announcement comes after US billionaire investor, Warren Buffett, described the current financial turmoil as ‘an economic Pearl Harbour’. Buffett, who is one of the world’s richest men, along with Treasury Secretary, Henry Paulson, and US Federal Reserve [...]
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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