Growth in the Germany economy, which is the euro zone’s largest, is expected to slow sharply next year as the ongoing debt crisis persists. In a closely monitored twice-yearly report, Germany’s leading economic institutes have slashed their growth forecasts for the economy from 2% next year to 0.8%, citing the debt problems in the euro [...]
The Zew economic sentiment index has revealed German analyst and investor confidence fell to a 2½ year low in September as the ongoing euro zone debt crisis and fears of a global slowdown dampened sentiment. The index, which measures expectations of economic activity over the next six months, fell for the seventh consecutive month to [...]
Statistics office Destatis has today revealed German exports and imports fell in July – more than expected. According to Destatis, exports fell by 1.8% in July on a monthly basis compared with a 1.2% drop in June. Economists had forecast a 0.1% fall for the month. The sharp fall in exports will be of grave [...]
Growth in the UK’s closely-watched service sector slowed in August, figures have revealed today. The Chartered Institute of Purchasing and Supply (CIPS)/Markit purchasing managers’ index (PMI) slowed at the fastest pace in over a decade to 51.1 in August from July’s reading of 55.4. The fall represented the second largest on record and was much [...]
The Chartered Institute of Purchasing and Supply (CIPS)/Markit purchasing managers’ index (PMI) has today revealed growth in the UK construction industry weakened in August. The PMI dipped to 52.6 in August from July’s reading of 53.5 – however, the figure was in line with expectations. Furthermore, the index remains above the crucial 50 mark, which [...]
US banking giant Morgan Stanley today downgraded its forecast for global economic growth, sending stock markets falling throughout the world. The American bank lowered its expectations for world growth for the 2011 year to 3.9% from 4.5%, while also downgrading 2012 growth to 3.8% from 4.5%. The downgrade sent shockwaves through stock markets as double-dip [...]
The Chartered Institute of Purchasing and Supply (CIPS)/Markit manufacturing purchasing managers’ index (PMI) has today revealed UK manufacturing grew at its slowest rate in almost two years in June. The closely-watched CIPS/Markit manufacturing PMI dived to a 21-month low of 51.3 last month from May’s reading of 52. June’s reading was slightly lower than the [...]
Greece’s debt crisis continues to knock confidence after an index by the European Commission revealed sentiment fell to 105.1 in June from 105.5 in May – the lowest reading since October 2010. The fall has been attributed to the problems in Greece as EU leaders put together a second bailout package for the crisis-torn economy. [...]
Figures from the Office for National Statistics (ONS) have today revealed output in the UK’s closely-watched service sector dived in April. According to the ONS, service sector output contracted by 1.2% in April on a monthly basis – the biggest fall since January 2010 – when the country was hit by a severe snowfall. However, [...]
Growth in the UK’s closely-watched service sector slowed in May, figures have revealed today. The Chartered Institute of Purchasing and Supply (CIPS)/Markit purchasing managers’ index (PMI) eased to a 3-month low of 53.8 in May from 54.3 the previous month. Analysts had expected the index to be around the 54.0 level. However, the index remains [...]
Leading business group, the British Chambers of Commerce (BCC), has downgraded its growth prospects for the UK economy. The BCC now expects the economy to grow by 1.3% this year, slightly lower than a previous forecast of 1.4%. The figures are much lower than the 1.7% expected by the Office of Budget Responsibility but are [...]
The latest survey from the Nationwide Building Society has revealed a fall in UK consumer confidence for the month of April. The building society’s consumer confidence index dipped to 43 last month, from March’s upwardly revised figure of 45. The index remains just 4 points above February’s all-time low and is way below the index [...]
According to the Bank of England, inflation could reach 5% later this year, driven higher by rising energy costs. Energy costs are rising due to the surge in crude oil on the back of the ongoing political unrest in North Africa and the Middle East. In its latest quarterly inflation report, the Bank said upward [...]
The Royal Institution of Chartered Surveyors (Rics) has today reported a pick up in the number of house viewings in April, as a result of the warm weather. This time of year is traditionally busy for the housing market but securing a mortgage remains difficult for many potential buyers – particularly first-time buyers. Furthermore, the [...]
Housebuilder Bovis Homes issued a positive statement today after saying 2011 had started well for the company and it will resume dividend payments. According to the company, pre-tax profits for 2010 were £18.5 million - more than double the £7.5 million it reported for the 2009 year. Revenues were up 6% at £298.6 million and [...]
The Chartered Institute of Purchasing and Supply (CIPS)/Markit construction purchasing managers’ index (PMI) has today revealed UK construction activity surged to an eight-month high in February. The PMI rose to 56.5 in February, up from January’s 53.7 - confounding analysts expectations of a drop to 52.9. The index remains above the crucial 50 mark, which [...]
A monthly survey by the European Commission has reported a rise in euro zone economic sentiment in February. The Indicator rose to 107.8 in February, up from 106.8 in January and exceeded forecasts of a reading of 106.8. In a statement, the Commission said: “The ESI (Economic Sentiment Indicator) is now above its long-term average [...]
Australia, which is one of the few developed economies not to have fallen into recession like its counterparts throughout the world, could see its economy contract in the January to March period. The warning came from Treasurer Wayne Swan after the country has been hit by flood and cyclone disasters, which has led to a [...]
The International Monetary Fund (IMF) has today provided a positive assessment for global economic growth, lifting its forecast for 2011 from 4.2% to 4.4%. However, it highlighted that risks remain from the debt crisis in the euro zone. It also warned of overheating in fast-growing emerging economies including China and Brazil - who are both [...]
According to economists, the Bank of England is widely expected to keep interest rates on hold this month. The Monetary Policy Committee (MPC) commences its two-day meeting today and interest rates are expected to be kept at the historic low of 0.5% – where they have been for almost two years. In addition, analysts expect [...]
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 [...]
Consumer spending power weakens
Annual income growth fell to 1.7 per cent last month, its lowest level since December 2010, according to Lloyds Banking Group’s Spending Power Report for September. This was largely responsible for a 0.9 per cent fall in real discretionary spending power, with the amount consumers have to spend on non-essential items falling around £8 per [...]
Funding for Lending scheme prompts mortgage cuts
Mortgage brokers have attributed moves by several lenders to cut their mortgage rates to the Bank of England’s recently launched Funding for Lending scheme. Ray Boulger of mortgage brokers John Charcol said that the Funding for Lending scheme was the key to the cuts. “Wholesale borrowing rates have fallen quite quickly since the scheme was [...]
RBS computer glitch costs Ulster Bank £18m
An IT failure at parent company RBS was a “major disaster” for Ulster Bank, its chief executive Jim Brown told a committee at the Northern Ireland parliament. Following a routine software upgrade on 19 June which went wrong, thousands of Ulster Bank customers were unable to access their accounts. Ulster Bank has paid out £18m [...]
Auto-enrolment could lead to pensions mis-selling
The Pensions Institute has warned that the government’s recently launched auto-enrolment programme could lead to workers being enrolled into poor-value pension schemes. This month employers started to automatically enrol workers aged between 22 years and state pension age into a workplace pension, as long as they earn £8,105 or more. The scheme has started with [...]
Annuity rates plummet due to money-printing
Annuity rates have fallen by 7 per cent in just three months according to MGM Advantage, the retirement income specialist. This means that a 65 year old man with pension savings of £50,000 would receive a retirement income of £2,579 a year from the annuity they purchased with their pension pot, compared with £2,778 in [...]
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