According to a preliminary estimate from Eurostat today, euro zone inflation eased in July to 2.5% from 2.7% in June. The figures come despite figures earlier this week suggesting German inflation crept up to 2.4%. Despite the fall, inflation remains higher than the ECB’s target of just below 2% – and is expected to remain [...]
The European Central Bank (ECB) has today elected to lift interest rates from 1.25% to 1.5% - the second increase since April. The move comes to tame rising inflation in the 17-member euro zone and was widely expected by analysts and more rate rises are on the cards. Inflation in the euro zone currently stands [...]
The European Central Bank (ECB) has today elected to keep interest rates on hold at 1.25% but hinted that rates may rise again next month. In April, the ECB lifted rates from 1% to 1.25% in a bid to tame rising inflation in the 17-member euro zone – it was the first time in almost [...]
Official figures have today revealed the 17-member euro zone economy grew by 0.8% in the January to March period – up from 0.3% in the previous quarter. Germany, which is the largest economy in Europe, grew by 1.5%, while France reported growth of 1%. Other good performers were Estonia, growing by a staggering 2.1% but [...]
Eurostat has revealed inflation in the 17-member euro zone rose to 2.7% in March - remaining above the European Central Bank’s (ECB) target of just below 2%. Rising inflation in the region led the ECB to lift interest rates this month from 1% to 1.25% – for the first time in almost three years. The [...]
The European Central Bank (ECB) has today elected to lift interest rates from 1% to 1.25% - for the first time in almost three years. The move comes to tame rising inflation in the 17-member euro zone and was widely expected by analysts after the ECB had hinted that rate rises were on the cards. [...]
The European Union’s statistics office Eurostat has revealed inflation in the euro zone rose to 2.4% on an annual basis in February, up from January‘s 2.3%. The rate remains above the European Central Bank’s (ECB) target of just below 2% and marks the third consecutive month inflation has been above target and represents the highest [...]
The European Central Bank (ECB) today elected to keep interest rates on hold at the record low of 1% for the 21st consecutive month. The move came despite inflation exceeding the Bank’s target. Inflation in the 17-member euro zone rose to 2.4% in January - above the ECB’s target of just below 2%. The bank [...]
The European Union’s statistics office Eurostat has today revealed inflation in the euro zone rose to 2.3% in January - albeit lower than an earlier projection of 2.4% and compares with 2.2% in December. However, the rate remains above the European Central Bank’s target of just below 2%. The ECB has previously suggested inflation in [...]
The European Central Bank (ECB) today elected to keep interest rates on hold at the record low of 1% for the 20th consecutive month. The move came despite inflation exceeding the Bank’s target. Earlier this week, the European Union’s statistics office Eurostat revealed inflation in the euro zone rose more than expected in January. Inflation [...]
Manufacturing activity in the 17-member euro zone exceeded expectations in January after the Markit Purchasing Managers’ Index (PMI) posted a reading of 57.3 in January - climbing steadily from December’s 57.1. The index continues to remain above the crucial 50 level which indicates expansion and the PMI has been above this level for 16 consecutive [...]
The European Union’s statistics office Eurostat has today revealed inflation in the euro zone rose more than expected in January. Inflation rose 2.4% on an annual basis in January, up from 2.2% the previous month and continues to exceed the European Central Bank’s (ECB) target of just below 2%. According to economists, the increase was [...]
As widely expected, the European Central Bank (ECB) today elected to keep interest rates on hold at the record low of 1% for the 20th consecutive month. Rates are expected to be kept on hold for the medium-term at least to boost the area’s economic recovery. However, there are still fears that the debt crisis [...]
The European Union’s statistics office Eurostat has today revealed inflation in the euro zone rose more than expected in December. Inflation rose 2.2% on an annual basis in December, up from 1.9% the previous month and represented the first time since October 2008 that it had exceeded the European Central Bank’s (ECB) target of just [...]
As expected, the European Central Bank (ECB) today elected to keep interest rates on hold at the record low of 1% for the 19th consecutive month. There were suggestions that the bank might have taken drastic action in order to address the debt crisis, currently engulfing the euro zone. However, the ECB said it will [...]
The European Central Bank (ECB) is in the midst of its monetary policy meeting and while interest rates are expected to remain at the record low of 1%, measures may be announced to address the debt crisis. There is speculation that the ECB may extend its Government bond purchase (liquidity) programme. The latest debt crisis [...]
The European Central Bank (ECB) today elected to keep interest rates on hold at the historic low of 1% – where they have been since May 2009. Interest rates are expected to remain on hold until at least 2011, as a result of uneven growth and low inflation. The news comes after the Bank of [...]
The European Central Bank (ECB) today elected to keep interest rates on hold at the historic low of 1% - where they have been since May 2009. Interest rates are expected to remain on hold until at least 2011, as a result of uneven growth and low inflation. The news comes after the Bank of [...]
The European Central Bank (ECB) is feeling more optimistic about growth in the eurozone, having raised its forecast for GDP growth to between 1.4% and 1.8% for 2010, and between 0.5% and 2.3% in 2011. Explaining the revision, ECB president, Jean-Claude Trichet, said: “Euro area real GDP grew strongly on a quarterly basis, increasing by [...]
The European Central Bank (ECB) today elected to keep interest rates on hold at the historic low of 1% for the 15th consecutive month, as widely expected. Interest rates are expected to remain on hold until at least 2011, as a result of uneven growth and low inflation. The news comes after the Bank of [...]
Bank of Scotland fined over inaccurate mortgage records
The Bank of Scotland has received a £2.4 million fine from the Financial Services Authority (FSA), for failing to keep accurate records on the mortgage payments of 250,000 customers of the Halifax between 2004 and 2011. An investigation by the FSA, following a spate of customer complaints, discovered that 160,000 homeowners were incorrectly excluded from [...]
Average rent rises to all-time high
The average rent on a home in England and Wales increased to £741 a month in September, according to the latest buy-to-let index from LSL Property Services. This was 1.1 per cent higher than the average rent of £734 in August and represents a new record high. However the rate of increase has slowed, from [...]
Auto-enrolment too expensive for micro-firms
The Association of Consulting Actuaries (ACA) has called for the government to re-consider auto enrolment for the smallest firms, who might struggle with the costs of administering the scheme. From 1 October the largest companies have been required to automatically enrol workers in a pension scheme unless they chose to opt out. The scheme will [...]
Barclays increases provision for PPI claims to £2 billion
Barclays has set aside another £700 million to cover claims for mis-sold payment protection insurance (PPI) after claims reached unexpectedly high levels. This is on top of the £1 billion set aside in 2011 and the £300 million provision made in the first three months of 2012. By the end of September, the bank had [...]
Mortgage lending slowed in September
Despite more mortgages being available, mortgage lending dropped to £11.6 billion in September, a fall of 10 per cent from August and 15 per cent lower than September 2011’s figure. The availability of mortgages was boosted by the new Funding for Lending Scheme, but there was little demand from either first time buyers or people [...]
RBS initiates talks with Virgin Money over branches
Royal Bank of Scotland (RBS) is seeking a new buyer for 316 branches after a deal with Santander fell through, and is believed to have approached Virgin Money. RBS is required the sell the branches under the EU conditions attached to the £45 billion bailout it received from the government when it came to the [...]
Government to legislate on uncollected debt
The Government is planning to introduce new laws allowing its departments to share information on individuals and companies that owe them money. The proposal follows a review by the Cabinet Office’s Fraud, Error and Debt taskforce. Around £20 billion is owed to the Government and more than £7 billion is lost each year through unpaid [...]
The rate of inflation on the Consumer Prices Index (CPI) fell to 2.2 per cent last month according to the Office for National Statistics (ONS), its lowest level since November 2009. In August, CPI inflation, which excludes mortgage interest payments, stood at 2.5 per cent. The Retail Prices Index (RPI) measure of inflation, which includes [...]
Pot-follows-member reform could hit retirement income
Proposals to allow workers to move their workplace pension to a new scheme each time they move employment have been criticised by pension and consumer groups. The Department for Work and Pensions is introducing the ‘pot follows member’ approach to avoid the potential problem of workers having several small pots when they reach retirement age, [...]
Accident numbers fall but whiplash claims still rise
The number of claims for compensation for a whiplash injury sustained in a motor accident has continued to increase despite a fall in accident numbers, the Institute and Faculty of Actuaries has revealed. The Institute reported a 20 per cent drop in the number of injuries reported to the police in accidents between 2006 and [...]
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