News Tag: consumers
March 15, 2010
The Government-led crackdown on credit card companies is expected to save consumers around £300 million a year.
The crackdown comes after the Government warned credit and store card firms to “clean up their act” after it launched a review of the industry in a consumer White Paper in July 2009.
According to Prime Minister, Gordon Brown, the cost of borrowing ...
Consumers to save millions under new credit card protection
by Kay Murchie
March 1, 2010
Figures from the Bank of England today revealed that British consumers borrowed £500 million in January through credit cards, loans and overdrafts, once repayments were taken into account - the highest level since November 2008.
According to the Bank, the increase was almost double the £265 million rise seen in the previous month December, and comes after consumers had repaid more than they ...
Consumer borrowing surges in January
by Kay Murchie
February 25, 2010
Operating profits at British Gas soared by 58% last year to £595 million, compared with £379 million in 2008.
Its parent company Centrica said the figures beat the previous high of £573 million in 2007.
While British Gas announced earlier this month it was reducing its gas prices by 7%, the results will no doubt anger consumers who have been hit by ...
British Gas profits surge record 58%
by Kay Murchie
January 26, 2010
The Munich-based Ifo think tank today announced that confidence among German firms has risen to its highest level in 18 months.
The Business Climate Index rose for the tenth consecutive month from 94.6 in December to 95.8 in January - exceeding analysts expectations.
In the meantime, business expectations, which form part of the index, increased to 100.6 from 98.9 - the highest reading ...
German business confidence surges in January
by Kay Murchie
January 13, 2010
Fashion and homewares chain Matalan has joined other major retailers by posting strong Christmas sales.
The retailer, which is traditionally based in out-of-town locations, said like-for-like sales for the 13 week period ending 2 January grew 9.3%, with like-for-like sales for the five weeks over Christmas and the New Year up 13.7%.
The chain, which has more than 200 stores across the UK, said ...
Matalan sees strong Christmas trading
by Kay Murchie
January 5, 2010
The John Lewis Partnership, which is seen as a barometer of British retailing, said like-for-like sales were up 12.7% in the five weeks to 2 January 2010 compared with a year ago.
The figures will boost hopes that the economy is making a recovery as consumers begin to spend again.
Furthermore, the renowned employee-owned department store and owner of the Waitrose supermarket chain, ...
John Lewis reports bumper Christmas sales
by Kay Murchie
January 4, 2010
Figures published today show that people in the UK continue to repay debt as the incentive to save remains low in the current historically low interest rate environment.
According to the Building Societies Association (BSA), its members withdrew more money than they saved for the ninth consecutive month in November.
The BSA said there was a net withdrawal of ...
Savings continue to fall as consumers opt to repay debt
by Kay Murchie
October 30, 2009
Savvy consumers are afraid to apply for the best credit card deals in case the application leaves a black mark on their credit rating.
This is the view of Toby Van Der Meer, managing director of money at price comparison site moneysupermarket.com.
According the Van Der Meer, the credit rating system allows credit card companies to push consumers into a "no win" ...
Consumers penalised for searching out best deals
by David Masters
October 21, 2009
The Citizens Advice Bureau (CAB) said there is a growing increase in the number of consumers struggling with fuel debts.
During April to September 2009, the CAB in England and Wales reported a 46% increase in the number of clients with fuel debts compared to the same period a year ago.
David Harker, chief executive of CAB, said: "We are already seeing large ...
CAB sees increase in fuel debts
by Kay Murchie
July 9, 2009
US retailers have been hit by the continuous tightening of purse strings due to rising unemployment.
Furthermore, bad weather in June further dampened US retail sales, in particular summer clothes and seasonal items.
According to the Goldman Sachs Retail Composite Index, overall the industry reported a fall of 6.7% in sales for the month of June, compared to a 3.9% increase ...
US consumers continue to tighten their belts
by Kay Murchie
July 2, 2009
A series of measures to assist people facing difficulties with debt as well as the termination of credit card cheques are set to be unveiled by the Government.
The Consumer White Paper is set to be launched by Consumer Affairs Minister, Kevin Brennan, at an event in London, held by consumer group Consumer Focus.
According to Mr Brennan, the new ...
Government announces measures to tackle debt and protect consumers
by Kay Murchie
June 24, 2009
Kesa Electricals, the company that owns Comet, is predicting a challenging year ahead after the group reported a pre-tax loss of £81.8 million in the year to April, compared with a pre-tax profit of £128.8 million the previous year.
The company, which also owns the Darty business in France, has been hit by the recession as consumers cut back on big ...
Owner of Comet chain reports £81m loss
by Kay Murchie
May 18, 2009
In a bid to boost the fall in demand for new cars, the UK’s car-scrappage scheme comes into force today.
The scheme, which pays consumers to get rid of their old cars and replace it with a more environmentally friendly car, has been successful in overseas, particularly in Germany who reported a 40% increase in new car sales for March.
The £300 ...
‘Bangers for Cash’ scheme now in force
by Kay Murchie
April 8, 2009
A consumer confidence survey by the Nationwide has revealed that individuals are fearful about losing their jobs after the building society’s confidence index fell from 43 in February to 41 in March.
According to Fionnuala Earley, Nationwide's chief economist, “Overall consumer confidence has remained broadly stable since the start of the year, but feelings about the current labour market have weakened.“
The ...
UK consumer confidence hit by job fears
by Kay Murchie
March 31, 2009
Six in ten Brits have cut back on spending because of the recession, even though many have yet to feel adverse effects from the economic downturn, new research has discovered.
Research organisation BDRC found that just 17% of UK consumers have been 'hard hit' by the recession and forced to cut back on spending.
In addition, over a quarter (28%) of ...
Brits cut back on spending without needing to
by David Masters
January 27, 2009
Figures from the CBI have revealed that retail sales volumes have fallen for the tenth consecutive month with durable household goods (such as electrical equipment) and clothing retailers reporting the heaviest falls.
The organisation said that volumes will continue to fall as consumers tighten their purse strings as recession bites and unemployment rises.
According to the organisation's latest monthly Distributive Trades Survey, ...
CBI: Retail sales continue to fall
by Kay Murchie
December 4, 2008
Figures from the Society of Motor Manufacturers and Traders (SMMT) show that the economic downturn continues to have a major impact on new car sales.
According to the SMMT, new car registrations suffered their steepest monthly fall for 28 years, with expensive sports cars hit particularly badly. Just over 100,000 new cars were registered in November, said the organisation.
Car ...
New car sales plummet as consumers cut back
by Kay Murchie
November 18, 2008
Following the Government’s announcement last month that billions of pounds of taxpayers’ money will be pumped into the UK’s struggling banks, consumer group, Which? says now is the time for banks to help out consumers.
The group, which has introduced a new campaign to reform banking, said the Government must ensure that the banks are putting consumers at the heart ...
Which? asks the Government where is consumer bailout?
by Kay Murchie
November 13, 2008
According to business group, Deloitte, the retailing industry could face ‘one of the toughest in decades’ this Christmas as UK consumers tighten their purse strings.
The organisation said the average consumer plans to spend 7% less than last year. In its 14th annual Christmas Retail Survey, Deloitte found that while 24% of UK consumers intend to spend less ...
Retailers in for challenging Christmas as UK consumers spend less
by Kay Murchie
