Asian shares fell today after the world’s largest economy raised fears of a slowdown. Figures issued in the US yesterday revealed manufacturing activity slowed to its lowest level since September 2009 and was weaker than economists had expected. Furthermore, payroll processing firm ADP said private employers created a less than expected 38,000 jobs last month [...]
Wall Street’s Dow Jones Industrial Average closed above 12,000 points on Tuesday – the first time since June 2008. Positive corporate earnings, a strong rise in US car sales and solid manufacturing data boosted US stocks as all major indices were up on the day – despite the political unrest in Egypt. In addition, the [...]
The UK’s FTSE 100 index dropped to a 6-week low today as the euro zone debt crisis continues to weigh heavily on investors minds, despite the imminent bailout for Ireland. The index lost 36 points to 5,644.48 by 8:57 am after earlier falling to 5,614.65 – its lowest since the beginning of October. So far [...]
A survey by the British Chambers of Commerce (BCC) has revealed the UK economy is likely to have grown in the second quarter but serious concerns remain. The lobby group, which surveyed 5,600 businesses across the country, is forecasting growth of between 0.6% and 0.7% for the three months to the end of June. However, [...]
The Office for National Statistics (ONS) has announced the third and final estimate of the UK’s first quarter GDP figures will be delayed, due to a “potential error”. According to the ONS, the unusual move was caused by concerns over the reliability of some of the data. Gross Domestic Product (GDP), a key measure of [...]
Figures at the end of last week revealed mixed messages for the US economy with an unexpected fall in retail sales and a rise in consumer confidence. Firstly, the Commerce Department revealed a 1.2% fall in retail sales for the month of May. The fall was the first in eight months and analysts had expected [...]
Further good news for the UK economy emerged today after the Office for National Statistics (ONS) said exports in November soared to £20.2 billion – the highest since October 2008. The rise was fuelled by sales of consumer goods and chemicals, according to the ONS. The ONS said that Britain’s global goods trade gap narrowed [...]
Today is the day of the Pre-Budget Report and Chancellor Alistair Darling will give more detailed plans about how the Government intends to halve the £180 billion deficit. Moody’s credit rating agency has warned that Britain is facing a “fiscal crisis” unless the Government takes action to pay off the debt or risk losing its [...]
It was recently confirmed that crisis-torn Northern Rock would be split into two, after receiving the necessary approval from the European Union (EU). 1 January 2010 is the date that has been agreed for the Rock to be split into two divisions – a “good bank” of profitable assets and “bad bank” of toxic debts. The [...]
Following positive economic data from the US and China yesterday, US light crude rose $1.13 a barrel to end Monday trading at $78.13, while London Brent added $1.35 to $76.55. While prices are still way off the peak of $147 set in July 2008, they have been steadily rising due to strong economic data and [...]
Today the world’s largest economy received a boost after the Commerce Department revealed that the US economy shrank at a far slower rate in the second quarter than previous estimates showed. According to the Commerce Department, the US economy contracted by 0.7% between the April and June period rather than the 1% previously reported and [...]
The Dow Jones index rose today on the back of positive economic data and followed gains seen over the last week. In seven out of the last eight days, the Dow Jones has risen. By mid-session in New York, the index gained 0.6% to 9,737.3 points with European shares rising in response. London’s FTSE 100 [...]
The Chartered Institute of Purchasing & Supply’s monthly index of manufacturing fell to 49.7 in August from 50.2 in July – a figure below 50 indicates contraction. Today’s figures have surprised many analysts who predicted a rise to 51.5, after growth was reported in July for the first time since April last year. Meanwhile, the [...]
The National Institute of Economic and Social Research (NIESR), the respected think tank, said the British economy is seeing signs of stability after the recent flurry of positive data. According to the NIESR, the economy grew in May by 0.1% and follows a similar rise in the previous month and was the first growth in [...]
First time buyers are taking advantage of plummeting house prices, according to figures released this week by mortgage experts John Charcol. A fifth of mortgage applications during the first four months of 2009 came from first time buyers – an increase of 350% compared to the final four months of 2008. A significant proportion of [...]
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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