France’s Economy Minister Christine Lagarde has said the economy will expand 2.25% in 2012, revised down from a previous estimate of 2.5%. The revision was based on the fact that global demand for French goods is likely to weaken. In an interview with Les Echos reported, the minister said: “Our forecast for two percent growth [...]
The Cabinet Office has today revealed the Japanese economy contracted by 1.3% in the October to December period – slightly worse than the first estimate of 1.1%. Today’s estimate is the second reading, a third and final estimate will be available next month. The downward revision was attributed to an expired Government incentive for low-emission [...]
The Commerce Department has today revealed the US economy grew by an annualised 2.8% in the October to December period – lower than the first estimate of 3.2%. The growth rate was also lower than the 3.3% expected by most analysts. Today’s estimate is the second reading, a third and final estimate will be available [...]
The Office for National Statistics (ONS) has today revealed the UK economy contracted by 0.6% in the October to December period – slightly worse than the first estimate of 0.5%. Economists had expected the figures to remain unchanged. Today’s estimate is the second reading, a third and final estimate will be available next month. However, [...]
The Office for National Statistics (ONS) has today revealed the UK economy grew by 0.7% in the July to September period – down from its previous estimate of 0.8%. On an annual basis, meanwhile, growth was also revised down to 2.7% from 2.8%. Both figures surprised economists who had expected quarterly and annual growth to [...]
Employers’ group, the Confederation of British Industry (CBI), has today revised down its economic growth forecast for the UK. The group said stubbornly high inflation and public sector job cuts will slow the economic recovery with growth falling to just 0.2% in the first quarter of 2011. However, it does not expect the UK fall [...]
The central bank of Ireland has today predicted the economy will expand by just 0.2% – lower than its previous forecast of 0.8%. In comparison, the Government expects growth of 1% for 2010 as a whole, however, a further forecast is due later this month. The revised projection from the central bank comes as the [...]
Employers’ group, the Confederation of British Industry (CBI), has revised its growth forecast for the UK’s economy. It is now predicting the economy will grow by 2% in 2011, not 2.5% as forecast earlier this year. Its downward revision is due to the massive spending cuts, introduced by the Government – deemed necessary in order [...]
Influential think tank, the Centre for Economics and Business Research (CEBR), has today said the world is not in danger of a double-dip recession. Despite this, it has revised its growth forecasts downwards, now predicting that the global economy will expand by 3.5% this year and 3.4% next year. Down from the 3.7% and 4.1% [...]
The latest quarterly report released by the White House has revealed the multi-billion dollar stimulus package created between 2.5 and 3.6 million jobs. This was higher than an original estimate of 2.2 million to 2.8 million jobs and suggests the package has been even better for the economy than previously thought. Furthermore, the report suggested [...]
Australia has today revised its annual growth forecast from 3.25% to 3% due to uncertainty surrounding the global economic recovery. Australia is one of the few developed economies not to have fallen into recession like its counterparts throughout the world as it has benefited from an increase in commodity prices, while exports have received a [...]
According to the Commerce Department, consumer spending in the US rose to an eight-month high in May, by 0.2% on month, suggesting the recovery is still on course. The rise in consumer spending, which makes up for more than two-thirds of overall economic activity in the US, slightly exceeded expectations of a 0.1% rise. The [...]
US consumer sentiment rose in June to a level not seen since January 2008. The Thomson Reuters/University of Michigan’s Surveys of Consumers’ index rose to 76 in June from 73.6 the previous month. The index has averaged 84.5 over the last 10 years. Meanwhile, the index of consumer expectations for six months from now, which [...]
The Commerce Department has today revealed the US economy grew by an annualised 2.7% in the January to March period – slightly lower than the 3.2% previously estimated. This figure is the third and final estimate and the downward revision was due to a slower rate of business investment and consumer spending. However, it still [...]
The newly-established Office of Budget Responsibility (OBR) is scheduled to publish growth forecasts later and they are likely to be much lower than the previous Labour Government’s predictions. According to economists, the OBR, which is led by former Treasury official Sir Alan Budd, is expected to say ex-Chancellor Alistair Darling’s 2011 forecast of 3% – [...]
A survey among UK companies has found that confidence has plunged to a level not seen since 1995, as a result of the Government’s tough spending cuts. BDO’s Business Trends index, which covers 11,000 companies from a range of industries, slumped to 97 in May from 103.3 in April – the largest fall since the [...]
The Commerce Department has revealed the US economy grew by an annualised 3% in the January to March period – slightly lower than the 3.2% previously estimated. The figures surprised analysts who had predicted an upward revision to 3.4%. The downward revision was due to a slower rate of business investment, which fell to 3.1% [...]
The European Union’s statistics office has today revealed the euro zone economy grew at a slower rate in the fourth quarter than previous estimates showed. According to official figures, the economy stagnated during the three month period with a rate of 0%, revised down from the previously estimated 0.1%. The latest figures are a further [...]
US consumer confidence recovered in March after taking a dive in February. The closely-monitored Consumer Confidence Index from the Conference Board rose to 52.5 in March, up from the 46.4 reading in the previous month. However, despite the rise, the index still remains far away from the 90 points required to show that the world’s [...]
The Commerce Department has revealed that the world’s no.1 economy grew at a slower rate in the fourth quarter than previous estimates showed. According to official figures, the US economy grew by an annualised 5.6% between the October and December period, rather than the 5.9% and the 5.7% previously estimated. For the whole of 2009, [...]
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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