A survey by the Halifax has revealed many first-time buyers fear they will not be able to get on the property ladder. The survey of 4,000 non-homeowners found two-thirds believe home ownership is unattainable. Stricter lending criteria, which has resulted in lenders demanding large deposits, is deterring many would-be homebuyers, according to the survey. Almost [...]
The People’s Bank of China has again raised interest rates in a bid to curb high inflation. The central bank first lifted rates last October – the first such move since 2007. Today’s rise represents the third in four months and the Bank has increased the one-year yuan lending rate from 5.81% to 6.06%, and [...]
A survey conducted between December and January revealed a sharp fall in consumer confidence. According to the survey of consumer attitudes, carried out by GfK NOP Social Research, confidence plunged by 8 points to -29, the biggest fall since the last recession in 1992. The research company highlights that the figure was the lowest since [...]
China, which is the world’s second largest economy, experienced growth of 10.3% in 2010 – much higher than expected, according to the National Bureau of Statistics. While the growth is staggering, it has again raised fears of the economy overheating, which is adding to inflation pressures. In addition, fourth quarter growth was better than expected, [...]
Portugal has today raised £1 billion via the sale of bonds, although analysts say this does not mark the end of the country’s problems. Portugal was successful in borrowing €1.25 billion via a bond auction but fears remain that the debt-ridden country may still require an emergency bailout from the EU – something which Prime [...]
The Office for National Statistics (ONS) has today revealed the UK’s trade deficit widened to a record high in November. According to the ONS, the goods trade gap widened to £8.736 billion in November from an upwardly revised £8.591 billion the previous month. This represented the biggest deficit since monthly records began more than 30 [...]
European Union leaders are to meet in Brussels today to discuss the necessary action to avoid the debt crisis spreading to weaker euro zone nations, such as Portugal, Spain and Belgium. The two-day summit will see leaders back the permanent crisis-resolution mechanism from 2013 – a deal struck last month by EU finance ministers. They [...]
A meeting of euro zone finance ministers is taking place today to discuss boosting the EU rescue fund in light of the debt crisis that is currently eating its way into the nation. The recent Irish bailout has done little to allay fears and speculation has been mounting that other weaker euro zone economies may [...]
Fears have been mounting for Spain and Portugal over recent days as borrowing costs surge but spreads on Italian and Belgian bonds have now risen as Ireland’s bailout does little to reassure the markets. The euro continues to slide, hitting a two-month low of $1.31, while London’s FTSE dived nearly 118 points to 5,550. Nick [...]
Fears of contagion were raised again today after Spain’s borrowing costs surged to 5.330% from 5.148% – an eight-year high. Markets are nervous about the current euro zone situation and fears are growing that Spain and Portugal could be next in line for a bailout as yields on 10-year bonds rise to dangerous levels – [...]
The euro has today hit a fresh low despite news that Ireland’s rescue package has been signed off. The single currency dipped to $1.3181 – its lowest level since late September – as investors digested the news of Ireland‘s bailout. Full details of the rescue package, which is worth €85 billion (£72 billion), will be [...]
Once again, fears for Portugal and Spain are raised as borrowing costs surge to high levels as Ireland’s debt crisis looks set to spread. Yields on 10-year Portuguese bonds rose to 6.9% – mimicking what happened in Greece and Ireland – just before they were forced to seek emergency aid. Meanwhile, 10-year Spanish bonds surged [...]
Talks of an EU bailout for Ireland triggered a recovery in shares today, while yields on 10-year Irish bonds also fell back on emergency funding speculation. Earlier today, UK and Europe stock markets followed losses in Asia and the US overnight after Irish borrowing costs surged to record highs. However, claims that Ireland will have [...]
Ireland’s central bank has warned that a potential rescue for troubled lender, Anglo Irish Bank, will cost up to €34.3 billion (£29 billion). The figure is much higher than last month’s estimation of between €22-€25 billion and the revised figure is the equivalent of Ireland’s annual taxation revenues. The central bank said that the nationalisation [...]
The Ministry of Economy, Trade and Industry has today revealed Japan’s industrial output fell for the third month in a row in August, raising further fears about the strength of the economic recovery. Output fell 0.3% in August, way below analysts expectations of a 1.1% rise. The Ministry is forecasting production to fall 0.1% in [...]
A survey by accountancy firm, BDO LLP, has revealed business confidence has slumped to a level not seen since the height of the financial crisis two years ago. The firm’s optimism index (which reflects how businesses expect trading to develop two quarters ahead), fell from 95.5 in July to 93.1 last month. According to BDO, [...]
A report by the Recruitment and Employment Confederation (REC) and KPMG has raised fears over the strength of the UK job market. The survey of 400 recruitment consultancies showed job appointments grew at their slowest rate since October 2009 last month. Kevin Green, chief executive of the REC, comments: “We are concerned about the UK [...]
As uncertainty surrounds the world’s largest economy, investors are awaiting the outcome of the Federal Reserve’s policy meeting today. The US Fed is set to announce its decision on interest rates and other stimulus measures. Interest rates in the world’s largest economy have stood at the low level of between 0% and 0.25% since December [...]
The Labor Department has revealed the world’s largest economy lost 131,000 jobs last month – again, partly due to the loss of temporary Government jobs, which were recruited to help conduct the 2010 census. The latest figures means the unemployment rate held steady at 9.5% in July – for the second consecutive month and beating [...]
According to the Commerce Department, consumer spending in the US remained flat in June. Households in the US continue to be squeezed amid higher unemployment. Consumer spending, which makes up for more than two-thirds of overall economic activity in the US, was unchanged from May. Meanwhile, incomes failed to increase for the first time since [...]
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, [...]
About | Privacy | Disclaimer | Resources | XML Feeds | Press Releases | Directory | Contact us
