According to the latest Lloyds TSB Business Monitor, Scotland’s economic recovery has been hit by the severe wintry weather at the end of last year. For the three months to the end of February, almost half of companies experienced a decline in turnover, one third experienced level, or “static”, turnover, while a quarter noted an [...]
Official data from the Department for Communities and Local Government (DCLG) today revealed UK house prices rose by 0.5% in December compared with November, with the average UK home costing £208,148. In the meantime, on an annual basis, house prices are 3.8% higher, according to the DCLG. For the 2010 year, house prices in England [...]
The Council of Mortgage Lenders (CML) has today reported mortgage lending remained weak in December. However, the month is traditionally a quiet one as prospective buyers opt to wait until the New Year to purchase a home. The number of loans approved for those buying a new home stood at 39,000 during the month – [...]
The Office for National Statistics (ONS) has today revealed UK manufacturing output fell in December – due to the severe wintry weather during the month. However, the coldest December for a century resulted in a sharp rise in energy production leading to an overall rise in output. According to the ONS, manufacturing output fell 0.1% [...]
The Office for National Statistics (ONS) has today revealed the UK’s trade deficit hit a record high in December – fuelled by a sharp rise in imports of aircraft. According to the ONS, the goods trade gap widened to £9.247 billion in December from a revised £8.460 billion the previous month. The December figure represented [...]
Statistics office Destatis has revealed German exports rose 0.5% in December on a monthly basis – albeit half the 1% rise expected by analysts. However, for the 2010 year, exports were up 18.5% to €951.9 billion. The figures sent the euro slightly higher to $1.3651 from $1.3627 late Tuesday. Germany is the world’s second largest [...]
The Economy Ministry has reported German industrial orders fell by 3.4% in December on a monthly basis – due to a severe drop in demand for capital goods from non-euro zone countries. The fall partially wiped out November’s rise of 5.2%. However, economists had predicted a sharp fall and Europe’s largest economy continues to lead [...]
The European Union’s statistics office Eurostat has today revealed retail sales fell unexpectedly in the euro zone last month. It represented the second consecutive monthly decline and followed November’s fall of 0.3%. According to Eurostat, sales fell 0.6% in December on the month, while on an annual basis, sales were down 0.9%. The figures surprised [...]
The European Union’s statistics agency has today announced the unemployment rate in the 17-member euro zone remained stuck at 10% in December. According to Eurostat, 15.7 million people were unemployed in the euro zone during the month. Unemployment remains high in Spain – at above the 20% mark – but continues to fall in Germany, [...]
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 [...]
The Commerce Department has reported a further rise in consumer spending in the US for the month of December. Spending grew 0.7% in the month after rising by 0.3% in November, the sixth consecutive monthly rise. The ongoing rise in consumer spending suggest a sustainable recovery is underway in the world‘s largest economy. Consumer spending [...]
According to the Land Registry, house prices fell by 0.2% in December compared with November, putting the average cost of a home at £163,814 in England and Wales. The Registry said house prices are now just 1.5% higher than a year ago. It must be noted that the Land Registry compiles its data from completed [...]
Japan’s industrial production rose in December by 3.1% – beating expectations of a 2.9% gain. The rise also represented the strongest in 11 months – boosted by global demand for the nation’s goods. As a result, The Ministry of Economy, Trade and Industry said production is now “showing signs of an upward movement” compared with [...]
The National Association of Realtors (NAR) today said its Pending Home Sales Index rose in December. On a monthly basis, the index was up by 2% to 93.7 from 91.9 in November. The reading also beat expectations of a 1% rise. It also represented the fifth gain in six months, said the NAR. The data [...]
The Commerce Department has today revealed a rise in sales of new homes in the US for the month of December. According to the Commerce Department, new single-family home sales rose to a better than expected annual rate of 329,000 units, from a revised 280,000 in November. However, on an annual basis, December sales were [...]
The British Bankers’ Association (BBA) has today revealed a further fall in the number of new mortgages approved by the major banks in December. According to the BBA, the number of new mortgages approved in the month fell to 28,726, down from 29,696 in November – representing the lowest figure since January 2009. Net mortgage [...]
The Office for National Statistics (ONS) has today revealed public sector net borrowing totalled £15.3 billion in December – lower than forecasts of £18.1 billion and a fall from November‘s record high. However, it was slightly above December 2009′s total of £14.3 billion. The fall was attributed to the cost of Government support for Royal [...]
The Office for National Statistics (ONS) has today reported UK retail sales were hit by the severe wintry weather in December and rising prices. According to the ONS, retail sales during December were down by 0.8% from the previous month – much worse than expected. It was the worst annual performance for any December since [...]
The Council of Mortgage Lenders (CML) has today reported mortgage lending remained weak in December. Mortgage lending fell by 6% in December compared with November, said the Council. According to the CML, mortgage lending totalled £11 billion – this was 18% lower compared with December 2009 – when buyers were rushing to beat the end [...]
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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