The Office for National Statistics (ONS) has today reported UK retail sales were hit by the severe wintry weather in December and rising prices. According to the ONS, retail sales during December were down by 0.8% from the previous month – much worse than expected. It was the worst annual performance for any December since [...]
The Office for National Statistics (ONS) today revealed producer output prices increased 0.5% in November on the month, after October’s 0.4%. The forecast was for a rise of 0.4% and takes the annual rate to 4.2%. According to RBS economist Ross Walker, it will make “uncomfortable” reading for the Bank of England and will raise [...]
Growth in the UK’s closely-watched service sector eased slightly in November but still remained near October’s four-month high. The latest index from the Chartered Institute of Purchasing and Supply (CIPS)/Markit PMI fell to 53 in November, down slightly from the 53.2 recorded in October. However, the reading was in line with expectations and the index [...]
The National Association of Realtors (NAR) has today revealed sales of previously owned homes fell more than expected in October, following two months of strong gains. The industry body said sales fell 2.2% to a seasonally adjusted annual unit rate of 4.43 million units, down from September’s 4.53 million units. Commenting on today’s figures, Lawrence [...]
The Commerce Department has today revealed the US economy grew by 2.5% in the July to September period – much faster than the 2% previously estimated and higher than economists had forecast. Today’s estimate is the second reading, a third and final estimate will be available next month. GDP was revised upwards due to higher [...]
According to the Governor of the Irish central bank, Patrick Honohan, Ireland is expected to accept a “very substantial loan”. The news comes as speculation has been mounting all week as to whether Ireland would accept emergency funding – something which its Government continues to deny, insisting it is fully funded until at least the [...]
Figures published today revealed a slowdown in industrial output in India – which fell to a 16-month low. India’s statistics office said output grew 4.4% on an annualised basis in September – less than expected and down from August’s 6.9% growth. Federal finance minister, Pranab Mukherjee, described the industrial slowdown as a “matter of concern” [...]
The Labor Department has revealed the world’s largest economy added 151,000 new jobs last month. The news was gratefully received after concerns of a sluggish recovery, which led the Federal Reserve to introduce a fresh round of stimulus this week. However, the latest figures means the unemployment rate continues to hold steady at 9.6% – [...]
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% – where they have been since March 2009. Furthermore, the Bank opted not to inject any more funds into the economy via its quantitative easing (QE) scheme – introduced to [...]
The Office for National Statistics (ONS) has today announced Consumer Price Inflation (CPI) held steady at the annual rate of 3.1% in September. The latest figure represents the tenth consecutive month that inflation has been above the Bank of England’s target of 2%. The figure did not surprise analysts, who had expected CPI to remain [...]
A high level of properties on the market continues to outnumber buyer demand, and this will impact negatively on house prices, according to the Royal Institution of Chartered Surveyors (Rics). This echoes many reports, which all suggest house prices are heading for a double dip. House prices slumped by around one fifth between autumn 2007 [...]
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% – where they have been since March 2009. Furthermore, the Bank opted not to inject any more funds into the economy via its quantitative easing (QE) scheme – introduced to [...]
US consumer confidence took a dive in September to 48.5, down from a revised 53.2 in August – the lowest since February 2010. The reading from the closely-monitored Consumer Confidence Index from the Conference Board was worse than the 52.0 economists had expected. Furthermore, the index is far away from the 90 points required to [...]
The International Air Transport Association (IATA) has today revised its forecasts for the airline industry and said the recovery had been “stronger and faster than anyone predicted”. According to the industry body, global airlines will make profits of $8.9 billion (£5.7 billion) in 2010. The figure is a sharp upward revision from the one it [...]
The Reserve Bank of India (RBI) has today elected to lift interest rates from 4.5% to 5% – higher than the 4.75% that economists had expected. It is the fifth such rise since March as the country battles to tame inflation. India’s inflation rate, which is the highest among the Group of 20 leading nations, [...]
Official figures have today revealed the Greek economy contracted more than originally anticipated in the April to June period. The economy, which is still in a deep recession, contracted by 1.8% in the second quarter – rather than the first estimate of 1.5%. The contraction was worse than expected and follows the 0.8% fall in [...]
The Commerce Department has today said US retail sales grew by 0.4% in July – boosted by an increase in car sales. The figures were much needed after two months of declines. However, the figures were less than the 0.5% rise analysts had expected. US retail sales are closely-watched as consumer spending makes up for [...]
The Commerce Department today announced the US trade deficit widened in June to $49.90 billion (£31.8 billion) – the highest level in 20 months and much higher than the $42.2 billion most economists had expected. According to the Commerce Department, the further widening in the trade deficit was primarily due to rising imports from China [...]
The Bank of England’s (BoE) Monetary Policy Committee (MPC) has today elected to keep UK interest rates on hold at the historically low level of 0.5% for the 18th consecutive month, as widely expected. Furthermore, the Bank opted not to inject any more funds into the economy via its quantitative easing (QE) scheme – introduced [...]
Figures today revealed South Korea’s economy grew by 1.5% in the second quarter compared with the first quarter – much faster than economists had expected. On an annual basis, the economy expanded by 7.2% and, according to the central bank, growth has returned to the pre-crisis level. According to economists, the level of growth could [...]
Phone fraudsters stealing bank card pins
Fraudsters using a phone scam to trick bank card holders into revealing their pin numbers stole £750,000 in the first four months of this year. This is the same amount stolen through this scam in the whole of last year. The fraudster telephones a bank customer, often someone elderly or vulnerable, telling them that their [...]
FSA rules out ban on interest-only mortgages
Speculation that the Financial Services Authority would ban interest-only mortgages as part of its Mortgage Market Review has proved to be unfounded. However, lenders will be required to monitor the performance of the investment product taken out by the customer to repay the mortgage at the end of its term. Investments are performing poorly because [...]
Bank of England may end free in-credit banking
A director of the Bank of England has warned that official intervention could be considered to end the ‘dangerous myth of free in-credit banking’. Andrew Bailey has already spoken out against free banking in relation to the mis-selling of financial products. In a speech made available to media, he reiterated his concern, saying that it [...]
Bank of England votes against more economic stimulus
The Bank of England voted against a further round of quantitative easing, at its latest Monetary Policy Committee (MPC) meeting. Just one member, David Miles, voted for further asset purchase to encourage growth in the UK economy, while the other eight members voted to keep the Bank’s quantitative easing programme steady at £325bn. The minutes [...]
Catalogue debt growing says helpline
Calls from people concerned about their debts with mail order catalogues accounted for more than 12 per cent of all calls received by National Debtline last year, compared with just 8 per cent in 2007. More people were concerned about catalogue debt than about payday loans, mortgage or rent, according to the Money Advice Trust [...]
Homeserve faces mis-selling investigation
HomeServe, which provides emergency insurance cover and domestic repairs to households in the UK, is to be investigated by the Financial Services Authority (FSA). Issues over the possible mis-selling of household emergency policies were uncovered last October during an internal review at the Walsall-based company. Homeserve’s call centre staff were found to be selling ‘Complete [...]
OFT warns Wonga over debt collection methods
Payday loan company Wonga used aggressive and misleading methods to collect debts from customers, the Office of Fair Trading (OFT) has found. Wonga sent letter and emails to certain customers suggesting they had committed fraud and threatening to report them to the police if they did not act in the way Wonga suggested. The company [...]
NS&I re-launches investment account
National Savings & Investments (NS&I) has re-launched its Investment Account at a higher interest rate than it previously offered. The account now offers 0.75 per cent before tax, compared with between 0.2 and 0.3 per cent previously, depending on the account balance. Deposits and withdrawals on the account can no longer be made at Post [...]
Rightmove reports property downsizing trend
Two in five property owners planning to sell in the next year are planning to ‘trade down’, compared with one in four who plan to ‘trade up’. A survey by property website Rightmove found that moving to a smaller home is the main reason for moving in nine out of the ten regions in the [...]
More people failing to save for retirement
The proportion of people with no pension savings has grown from 20 per cent to 22 per cent over the past year, according to Scottish Widows’ latest survey. The pension provider surveyed 5,200 adults in the UK, aged 30 or over, and earning at least £10,000 a year, for its annual review of pensions. Ian [...]
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