Iceland has finally emerged from recession after its economy contracted for seven consecutive quarters. Official figures today from Statistics Iceland revealed the economy grew by 1.2% in the July to September period. However, on an annual basis, the economy shrank by 1.6%. The once-thriving financial sector collapsed in October 2008 which led to three of [...]
The Latvian economy has finally emerged from recession after experiencing growth of just 0.3% in the first quarter of 2010. The data showed that the economy had expanded for the first time since Latvia entered recession in the first quarter of 2008. However, despite emerging from recession, the economy faces huge pressures. It was severely [...]
The Spanish economy has finally emerged from recession after experiencing growth of just 0.1% in the first quarter of 2010, ending a run of seven consecutive quarters of contraction. A report from the country’s central bank said: “The information available indicates a return to weak growth in the first quarter in an environment characterised by [...]
Hopes that the recession has finally come to an end emerged today after the Institute of Chartered Accountants in England and Wales (ICAEW) said confidence among British businesses has jumped to a six-year high. According to The Times newspaper, the Business Confidence Monitor survey grew to a reading of 24.6 for the fourth quarter, up [...]
Official figures have today revealed that the euro zone economy experienced positive growth of 0.4% in the third quarter, and therefore exiting from recession. The 16 nations that use the euro was boosted by strong growth in Germany, and joins other major economies, such as the US and Japan, which have also exited recession. However, [...]
France’s economy grew by 0.3% in the third quarter confirming that it has officially exited recession. French Finance Minister Christine Lagarde told Europe 1 radio that the economy would shrink in 2009 but enter 2010 “with elan”. France, along with Germany and Japan, also experienced positive growth in the second quarter, with them all “unofficially” [...]
The Chartered Institute of Purchasing & Supply’s Purchasing Managers’ Index has posted a reading of 56.9 on services activity in October, up from 55.3 in September. The reading of 56.9 was the highest since August 2007 and beat analysts expectations of 55.5. Furthermore, October’s reading represented the sixth consecutive month the sector has shown an [...]
Official figures today have revealed that the US economy expanded at an annualised rate of 3.5% between the July and September period, suggesting that the economy has exited its worst recession in 70 years. The figures have come as no surprise after many economists had expected that the economy would experience positive growth in the [...]
Brazil has followed Japan, Germany, France and Hong Kong by exiting recession after experiencing positive growth in the second quarter. The economy, which is the largest in Latin America, grew by 1.9% in the April to June quarter compared with the previous three months. The growth was better than analysts had expected. The second quarter [...]
The Chancellor Alistair Darling has reiterated that Britain will join other leading economies and emerge from recession within the next few months. In an article in the Guardian, Mr Darling wrote: “I am determined the recovery will be sustainable and lasting, that no one should be consigned to the scrapheap, like so many were in [...]
Hong Kong has emerged from recession after the economy grew 3.3% in the second quarter. The seasonally adjusted 3.3% compares with a revised contraction of 4.3% for the first quarter of the year. The news follows that of Singapore, France and Germany, who have also emerged from recession. Singapore’s economy grew an annualised 20.7% in [...]
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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