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13th of December 2010
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News Tag: decline

December 8, 2010

Banking industry still seeking cheque alternatives

by Kay Murchie
The banking industry has announced that alternatives to cheques are still being sought. The announcement comes after the UK Payments Council voted to phase out cheques on 31 October 2018, but stated that cheques will not be phased out until an “accessible and acceptable” alternative payment system is introduced. Cheque usage continues to decline as consumers opt to use debit cards or other ...

November 26, 2010

Japanese deflation worries persist

by Kay Murchie
Official figures today showed the Japanese economy continues to battle with deflation. Figures revealed Japanese core consumer prices fell 0.6% in October compared with a year ago – representing the 20th consecutive monthly decline that the economy has been in deflation. Last month, the Bank of Japan cut interest rates to almost zero. The move surprised analysts but the Bank’s measures reflected its concern about ...

November 3, 2010

MP launches campaign to save the chequebook

by Kay Murchie
David Ward, the Liberal Democrat MP for Bradford East, has launched a campaign to save the chequebook. The campaign comes after the UK Payments Council voted to phase out cheques on 31 October 2018, but stated that cheques will not be phased out until an “accessible and acceptable” alternative payment system is introduced. Cheque usage continues to decline as consumers opt to ...

September 9, 2010

Cheque usage continues to decline in Q2

by Kay Murchie
The UK Payments Council, the body which oversees the strategy on payments systems, has said cheque usage continues to decline as consumers opt to use debit cards. In the April to June period, an average of 290,000 fewer cheques were written each day, a fall of 10% compared with the same period last year. The Council said usage of the debit card ...

March 31, 2010

Cheque guarantee cards to be phased out

by Kay Murchie
Spanish banking giant, Santander, has announced it will begin to withdraw cheque guarantee cards for its customers. The move comes after the UK Payments Council announced months ago that it would axe the cheque guarantee service, which has been established for forty years, from June 2011. Santander, which owns Abbey and Alliance & Leicester, said its customers can still write cheques ...

March 17, 2010

Fears for elderly hoarding cash when cheques phased out

by Kay Murchie
Consumers groups have expressed concern for the elderly if cheques are abolished, suggesting that it will result in them hoarding cash at home. Appearing before the Treasury Select Committee, Jane Vass, of Age Concern and Help the Aged, warned that there could be a security issue if cheques were to be scrapped. "This would encourage people to return to ...

December 16, 2009

Future of the cheque book to be decided today

by Kay Murchie
The use of the cheque book continues to decline as consumers opt for quicker payment methods and, as a result, the cheque clearing system could end by 2018. Major retailers such as Tesco and Sainsbury’s no longer accept cheques, arguing that phasing out the use of cheques in stores resulted in quicker service and improved security for consumers. ...

July 10, 2009

Equity release values plummet 41%

by Gill Montia
Key Retirement Solutions has updated the equity release market with its latest monitor, showing that volumes are down for the second consecutive quarter. In the three months to the end of June, the number of new plans sold fell an annual 24% to 5,143. Furthermore, the property market downturn meant that the value of new lending plummeted 41%, from £319 million in the second ...

July 8, 2009

House prices fall back 0.5% in June

by Gill Montia
Halifax has reported that UK house prices fell back 0.5% last month, after recording a rise of 2.6% in May. Despite the June fall, the annual rate of decline eased to 15% (down from 16.3% in May) nudging the average property price up to £157,715. Taking a three-month measure the average value of a home declined 1.9% during the second quarter of ...

June 26, 2009

Official figures show house price slide easing to 0.2%

by Gill Montia
Latest figures from the Land Registry show house prices in England and Wales declining by 0.2% in May, with the average property worth £152,497. While the monthly change remained negative, the rate of fall eased from 0.3% in April and the annual rate of decline fell back to 15.9% compared with 16.2% in April. In May, London saw house prices ...

June 18, 2009

Gross lending dips as remortgaging continues to decline

by Gill Montia
Gross mortgage lending declined slightly last month, falling to £10.3 billion in May from £10.5 billion in April. The 2% decline took the annual fall to 58%. The new figures from the Council of Mortgage Lenders (CML) include lending for house purchases and remortgages and the Council points out that even if house purchase activity is increasing, the rise will not ...

June 14, 2009

Demise of 90% LTV blocks first-time buyers

by Gill Montia
The plight of would-be first-time buyers is highlighted by new research from Moneysupermarket.com. According to the price comparison website, home loans requiring a 10% deposit have all but disappeared in the credit crisis with only 102 available today, compared with 3,124 in January 2007, a decline of 97%. First-time buyers are also being penalised on interest rates with the average rate on ...

June 1, 2009

UK manufacturing contracts at slowest pace in a year

by Kay Murchie
The latest CIPS/Markit purchasing managers' index (PMI) has revealed some good news for Britain's manufacturing industry today after a rise was noted in new manufacturing orders. According to the PMI, new manufacturing orders increased to a 14-month high, while UK manufacturing contracted at its slowest pace in a year in May. May marked the third consecutive month of improvement with ...

May 1, 2009

Indian monthly exports fall by largest on record

by Peter Charalambous
India’s exports for March have fallen by a record amount as the country missed a revised export target of $175 billion. In 2007-08, the country posted export growth of 23 percent valued at $155.51 billion. According to figures released by the ministry of commerce in March exports were valued at $11.52 billion, which is down 33 percent from this time last ...

April 30, 2009

House prices lose 0.4% in April

by Gill Montia
House prices lose 0.4% in April
Nationwide's latest house price index shows a 0.4% fall in the average price of a home in April. The decline means the average domestic residence is now worth 15% less than a year ago, at £151,861. It also scuppers hopes that the 0.9% price rise reported by the building society in March launched the UK housing market on a definite route to recovery. Taking ...

April 27, 2009

Monthly house price decline slows to 0.3%

by Gill Montia
Monthly house price decline slows to 0.3%
Hometrack has reported that house prices in England and Wales fell by 0.3% in April. The monthly decline was at its slowest for a year and half that recorded by the housing intelligence firm in March. Figures for this month bring the annual loss to 10.1% and the price of the average home in England and Wales down to £155,600. The number of ...

April 23, 2009

European industrial orders down 34.5%

by Peter Charalambous
Industrial orders in the euro zone have fallen by 34.5 percent compared to last year and fell at their fastest rate in over 13 years in February as the global economic slowdown has meant that the demand for factory equipment and metal work has fallen drastically. The European Union’s statistics office said today that the February drop is the largest on record, however ...

April 22, 2009

IMF predicting ‘brutal slump’

by Kay Murchie
The International Monetary Fund (IMF) has dealt a blow today by announcing that the global economy is set to decline by 1.3% in 2009. Back in January, the IMF predicted that world output would increase by 0.5% in 2009. In the UK, the IMF is forecasting a “quite severe recession” and that the economy will contract by 4.1% in 2009, and by a further ...

April 16, 2009

Equity release lending plummets

by Gill Montia
Equity release lending plummets
Despite high hopes for the equity release market during the fallout from the credit crisis, the first quarter of 2009 has produced disappointing results. The Key Retirement Solutions (KRS) Equity Release Market Monitor shows a decline in take-up compared to a year ago, with the number of plans sold down 7% during the first three months of the year. Actual equity release lending for the ...

April 1, 2009

Decline in UK manufacturing slows

by Kay Murchie
The UK manufacturing sector is showing some signs of improvement after the CIPS/Markit manufacturing Purchasing Managers' Index rose to 39.1 last month, up from 34.9 in February. Anything below the 50 mark represents a contraction in activity, but the pace of decline last month slowed at a faster rate than economists had predicted by economists. The reading is the highest since the collapse ...

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