French President Nicolas Sarkozy and German Chancellor Angela Merkel have pledged to put an end to the debt crisis and restore confidence in the euro. The two leaders of the euro zone’s largest economies last night called for “true economic governance” for the region and wants bi-annual meetings of the 17 leaders of the euro [...]
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 [...]
Euro zone leaders met in Brussels yesterday and have agreed a further €109 billion (£96.3 billion) bailout for debt-laden Greece. A further €135 billion will come from the private sector during the next three decade, which will include a debt buy-back programme. Stock markets have risen today following the news with the Japan’s Nikkei closing [...]
Late night talks between German Chancellor Angela Merkel and French President Nicolas Sarkozy have led to a common position on a second bailout for Greece. After seven hours of talks in Berlin, sources said both parties had also discussed their efforts to prevent the debt crisis spreading through the rest of Europe. However, full details [...]
The International Monetary Fund (IMF) has warned euro zone policymakers to take immediate action to prevent the debt crisis spreading outside Europe. The warning comes as Spain’s borrowing costs rose to a 9-year high today as fears continue to grow over the debt crisis in the euro zone. There are fears that Spain, which is [...]
The price of gold has risen to a fresh all-time high of $1,610 an ounce on the back of US and euro zone debt worries. As debt concerns in the US build, the dollar continues to weaken and the price of gold typically moves in the opposite direction to the precious metal. Some believe gold [...]
Respected think tank, Ernst & Young ITEM Club, has lowered its growth forecast for the UK economy after warning that the UK is at a “critical juncture”. The ITEM Club now believes the UK economy will expand by 1.4% this year, down from an earlier estimate of 1.8%. Furthermore, it is predicting growth of 2.2% [...]
The European Banking Authority (EBA) will reveal the results of stress tests of 90 banks across Europe later today. The latest round of tests arose after last year’s failed to reveal the weakness among banks in Ireland and have been conducted to ensure banks have enough capital to cope with difficult economic situations, such as [...]
The Italian Senate has today passed a tough austerity budget, which proposes cuts of €48 billion (£42 billion) over the next three years. Senators voted 161 to 135 in favour of the measures. The country’s Finance Minister, Giulio Tremonti, is aiming to cut the deficit to zero by 2014 from this year’s 3.9% of GDP. [...]
In order to avoid a bailout, the Italian senate is set to vote on austerity measures, which proposes cuts of €48 billion (£42 billion) over the next three years. The country’s Finance Minister, Giulio Tremonti, is aiming to cut the deficit to zero by 2014 from this year’s 3.9% of GDP. Mr Tremonti said the [...]
The International Monetary Fund (IMF) is urging Italy to introduce austerity measures to lower the country’s debt. Its warning comes as there are fears that the euro zone’s third largest economy could be dragged into the euro zone’s debt crisis as it has the second highest sovereign debt ratio in the region. As a result, [...]
Fears for Italy becoming the next victim of the euro zone debt crisis sent stocks down today. The euro dived to a record low against the Swiss franc and fell to a four-month low against the Japanese yen. An emergency meeting took place today in Brussels as EU officials met to discuss the ongoing debt [...]
Retail sales in the 17-member euro zone fell in May as consumers cut back on spending in the face of higher inflation and rising unemployment. According to the European Union’s statistics, Eurostat, sales in the euro zone fell 1.1% in May on a monthly basis – the biggest fall since April 2010 – with the [...]
Manufacturing activity in the 17-member euro zone fell in June to an 18-month low, figures showed today. The Markit Purchasing Managers’ Index (PMI) posted a reading of 52.0 in June from May’s reading of 54.6. However, the index continues to remain above the crucial 50 level which indicates expansion. The slowdown was attributed to 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. [...]
Euro zone finance ministers have failed to reach an agreement on Greece’s next loan instalment of €12 billion, which has sent European stocks down – with banking shares hit hardest. Ministers met in Luxembourg yesterday but delayed their decision on the fifth instalment of Greece’s €110 billion loan until the country introduces further austerity measures. [...]
A survey has revealed that activity in the euro zone services sector eased in May. The closely-watched Markit Purchasing Managers’ Index (PMI) services index edged lower to 56.0 in May from April’s reading of 56.7. However, the index remains above the crucial 50 mark, which separates growth from contraction and it has now been above [...]
Manufacturing activity in the 17-member euro zone fell in May, figures showed today. The Markit Purchasing Managers’ Index (PMI) posted a reading of 54.6 in May, from April’s level of 58. However, the index continues to remain above the crucial 50 level which indicates expansion. The slowdown was attributed to the nation’s weaker economies, which [...]
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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