The Office for National Statistics (ONS) has today revealed UK public sector net borrowing fell last month. According to the ONS, public sector net borrowing came in at a lower than expected £14.1 billion in September, boosted by tax receipts. Analysts had expected borrowing to total £14.5 billion. Furthermore, the ONS revised down the borrowing [...]
The Bank of England’s Monetary Policy Committee (MPC) has today elected to keep UK interest rates on hold at the historically low level of 0.5%, as widely expected. Interest rates have now been at this low level since March 2009 – when the economy was in the midst of recession. Recent figures show the economy [...]
The Office for National Statistics (ONS) has today revealed UK retail sales grew by just 0.2% last month – slightly less than the 0.3% expected by analysts. The slight gain was much slower than the 0.8% increase the previous month as households continue to be squeezed by higher inflation, rising unemployment and sluggish wage growth. [...]
Japan’s economy performed better than in expected in the second quarter, suggesting the country is slowly recovering after the earthquake and tsunami, which struck in March. According to the Cabinet Office, the economy contracted by 0.3% in the April to June period – less than the 0.7% expected by analysts. On an annual basis, meanwhile, [...]
The Commerce Department has today revealed the world’s largest economy grew by 1.3% on an annual basis in the April to June period. The figure was far short of expectations of a reading of 1.8%. However, today’s reading is the first estimate and could be revised up or down in the coming months. Meanwhile, first [...]
The Bureau of Labor Statistics has today revealed the unemployment rate in the US rose in June to 9.2% from 9.1% in May. According to the Bureau, the number of new jobs created in the world’s largest economy last month represented the lowest in 9 months. The economy created just 18,000 jobs in June – [...]
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 Bank of England’s Monetary Policy Committee (MPC) has today elected to keep UK interest rates on hold at the historically low level of 0.5%, as widely expected. Interest rates have now been at this low level since March 2009 – when the economy was in the midst of recession. Recent figures show the economy [...]
The Office for National Statistics (ONS) has today revealed the UK’s trade deficit narrowed more than expected in April – attributed to a sharp fall in consumer goods. According to the ONS, the global goods trade gap narrowed to £7.38 billion in the month from £7.70 billion in March – lower than the £7.55 billion [...]
Figures today revealed Australia’s unemployment rate held steady at 4.9% in May. According to the Australian Bureau of Statistics, the economy created just 7,800 jobs last month – far worse than the 25,000 analysts had forecast. However, the number was offset by a rise of 29,800 in part-time employment, which helped maintain the jobless rate. [...]
Chairman of the Federal Reserve, Ben Bernanke, has acknowledged that economic growth has been weaker than expected this year but expects it strengthen in the latter half of the year. His comments came shortly after it was revealed US employment growth weakened in May, with the jobless rate rising. Speaking at the International Monetary Conference [...]
The Office for National Statistics (ONS) has today revealed UK manufacturing output grew 0.3% in March on a monthly basis – much less than the 0.8% rise expected by analysts. The figure follows February’s shock fall and analysts had expected output to rebound in March. The fall was attributed to the ongoing maintenance work on [...]
According to statistics agency Eurostat, Greece’s public deficit reached 10.5% of GDP at the end of 2010 – higher than the 9.5% forecast. The Greek finance ministry has previously attributed the larger deficit to a deeper than expected recession, which cut into tax revenues and social security contributions. The figures suggest the country continues to [...]
The Office for National Statistics (ONS) has today revealed UK public sector borrowing came in lower than expected for the fiscal year. According to the ONS, public sector net borrowing (excluding interventions such as bank bail-outs) was £18.6 billion in March, taking the total for the fiscal year 2010-11 to £141.1 billion – less than [...]
The Bank of Ireland has today reported its losses narrowed – surprising analysts. The country’s biggest lender said net losses for 2010 totalled €609 million (£5.44 million) – analysts had expected at least double due to the problems in Ireland’s banking sector. The bank performed well under recent stress tests and its shares were up [...]
Germany’s Economy Minister Rainer Bruederle has today said the economy will perform better than expected in 2011. According to the minister, the economy is predicted to grow by 2.6% this year – better than a previous estimate of 2.3% in January. However, growth will ease slightly in 2012, slowing to 1.8%, said Mr Bruederle. The [...]
The Chartered Institute of Purchasing and Supply (CIPS)/Markit manufacturing purchasing managers’ index (PMI) has today revealed UK manufacturing activity slowed more than expected in March. The closely-watched CIPS/Markit manufacturing PMI dropped to 57.1 in March – a five-month low – down from a revised 60.9 in February. The reading was much lower than the 60.5 [...]
The Bank of England’s Monetary Policy Committee (MPC) has today elected to keep UK interest rates on hold at the historically low level of 0.5%, as widely expected. Interest rates have now been at this low level since March 2009 – when the economy was in the midst of recession. Recent figures showed the economy [...]
The Economy Ministry has reported German industrial orders fell by 3.4% in December on a monthly basis – due to a severe drop in demand for capital goods from non-euro zone countries. The fall partially wiped out November’s rise of 5.2%. However, economists had predicted a sharp fall and Europe’s largest economy continues to lead [...]
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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