Provisional figures from the Office for National Statistics (ONS) show that the UK economy has contracted for two consecutive quarters, which means it has fallen back into recession. The economy shrank by 0.3% in the fourth quarter of 2011 and the latest figures show a contraction of 0.2% in the first three months of 2012 [...]
The UK’s Gross Domestic Product (GDP) increased by only 0.2% in the second quarter of 2011, following an increase of 0.5% in the preceding three months. However, the Office for National Statistics (ONS) highlights special events that could have curbed growth, including the additional April bank holiday, the royal wedding and the after effects of [...]
South Korea, which is Asia’s fourth largest economy, has experienced growth of 4.2% in the first quarter on an annual basis, according to official data today. The economy grew by 1.4% in the January to March quarter from the previous three months – the fastest rate in nine months. The better than expected growth was [...]
The Office for National Statistics (ONS) has today revealed the UK economy contracted by 0.5% in the October to December period – slightly better than the second estimate of 0.6% but unchanged from the first estimate. Economists had expected the figures to remain unchanged. Today’s estimate is the third and final reading and the GDP [...]
The Office for National Statistics (ONS) will tomorrow publish its final reading of gross domestic product (GDP) for the fourth quarter of 2010. In January, the ONS revealed the UK economy contracted by 0.5% in the October to December period. Last month, the figure was revised down further to 0.6% with bad weather being attributed [...]
The initial reading of fourth quarter economic growth will be published today by the Office for National Statistics (ONS). Analysts expect growth to have slowed significantly to 0.2% in the quarter, down from 0.7% in the third quarter and 1.1% in the April to June period. Today’s estimate, however, is the first of three and [...]
Ireland’s Central Statistics Office (CSO) has today revealed Ireland’s economy experienced growth in the July to September period. The economy expanded by 0.5% in the third quarter compared with the previous quarter – albeit, the figure was slightly below expectations. The former “Celtic Tiger” economy contracted in the second quarter after emerging from recession in [...]
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 [...]
The initial reading of third quarter economic growth will be published tomorrow by the Office for National Statistics (ONS). Economists expect growth to slow to 0.4% in the July to September period – down from 1.2% in the second quarter. However, tomorrow’s estimate is the first of three and could be revised upwards or downwards [...]
David Cameron is to deliver a speech today at the CBI’s annual conference and is expected to defend the recent spending cuts, while pledging to create a “new economic dynamism” in Britain. The Prime Minister intends to boost business confidence and growth and is expected to say: “This is an incredible opportunity for Britain – [...]
The Office for National Statistics (ONS) has today revealed the UK economy grew by 1.2% in the April to June period – unrevised from its second estimate last month. While the reading was expected to remain the same – it represented the fastest pace in nine years and took the annual rate of growth to [...]
Ireland’s Central Statistics Office (CSO) has today revealed the economy contracted by 1.2% in the April to June period – surprising economists who had forecast an expansion. Furthermore, the CSO revised first quarter growth figures down from 2.7% to 2.2%. Many analysts believed the economy to be on the road to recovery but today’s figures [...]
The European Central Bank (ECB) is feeling more optimistic about growth in the eurozone, having raised its forecast for GDP growth to between 1.4% and 1.8% for 2010, and between 0.5% and 2.3% in 2011. Explaining the revision, ECB president, Jean-Claude Trichet, said: “Euro area real GDP grew strongly on a quarterly basis, increasing by [...]
Latest figures from the Australian Bureau of Statistics show the country’s GDP growing by 1.2% in the second quarter of 2010, compared with 0.7% in the previous three month period. The spurt, which was driven by a 1.6% increase in household expenditure and an increase in exports of 5.6%, puts economic growth at 3.3% for [...]
India saw its economy grow by 8.8% in the three months to the end of June, when compared to a year earlier. GDP forged ahead at its fastest pace in over two years with the sectors registering significant growth, compared with the previous three month period, as follows: manufacturing 12.4%; trade, hotels, transport and communication [...]
Official figures today have revealed Japanese economic growth slowed in the April to June period. The economy expanded by just 0.1% in the three month period – far less than expected by analysts. Meanwhile, on an annual basis, the economy grew by 0.4% in the quarter, down from a revised 4.4% in the previous three [...]
The Bank of France has predicted the French economy will grow by 0.3% in the July to September quarter, following growth of 0.4% in the second quarter. The recovery of the euro zone’s second largest economy is therefore likely to lose a little momentum, partly due to a slowdown in industry production at the start [...]
The Office for National Statistics (ONS) is scheduled to publish GDP figures for the second quarter today – the first G7 country to do so. Analysts expect growth of 0.6% for the April to June quarter – which would represent the strongest performance since before the credit crunch. Strong growth is expected to come from [...]
Gender directive could slash men’s annuity payouts
The EU Gender Directive, which came into force today, could see men losing up to £10,000 from their annuity payouts, according to research by PricewaterhouseCoopers. Under the new rules insurers are no longer allowed to take gender into account when setting annuity rates and premiums on insurance products. Men previously enjoyed higher annuity rates than [...]
Home rental costs down in November
The cost of renting a house in England and Wales fell by 0.4 per cent in November, its first dip since March, according to a survey by LSL Property Services. Average rent was £741m during the month, returning to the level seen in September. However, it was 3.4 per higher than in November last year. [...]
Lloyds TSB halts sale of packaged accounts in branches
Lloyds TSB will stop selling packaged account in its branches from 1 January 2013, until its sales procedures are brought into line with those operated by sister bank The Halifax. Lloyds TSB is one of the main providers of packaged accounts in Britain, with around one in three of its customers choosing to pay fees [...]
Housing market recovery to continue next year
Recent improvements in the housing market should continue into next year, according to the Council of Mortgage Lenders (CML) Gross lending is estimated to have increased to £12.9 billion in November, helped by the Funding for Lending scheme which provides banks and building societies with lower-cost funding, which they are then supposed to pass on [...]
Newcastle Building Society exits interest-only mortgages
Newcastle Building Society has stopped offering interest-only mortgages to new borrowers, following the lead of the Royal Bank of Scotland, Nationwide, Co-operative bank and Coventry Building Society. The decision will not affect existing Newcastle customers and applications for interest-only mortgages received before 14 December will still be processed. Prior to the credit crunch, interest-only mortgages [...]
Less than half of Brits considered creditworthy
Fifty-seven per cent of UK adults are at risk of having an application for credit turned down by a mainstream lender according to a new report. The ‘Mind the Credit Gap‘ report commissioned by aqua credit cards suggests that even people with a good credit rating and earning more than £50,000 could have a credit [...]
Monthly incomes £22 lower in 2012
The average monthly income of UK households fell by £22 in real terms compared with last year, according to a survey carried out for the Bank of England (BoE) by NMG Consulting. People on lower incomes have seen their income eroded more than higher earners and households still have high levels of debt the BoE [...]
Savers dig deep to fund Christmas
New research from the Halifax suggests that savers are funding their Christmas spending with money set aside for other purposes. Thirty-seven per cent of 2,138 savers surveyed by the bank at the end of November had withdrawn savings in the last three months. The average amount withdrawn was £1,186, more than double the average savings [...]
Financial data at risk from unsafe passwords
According to a survey by the Payments Council the problem of having to remember a different password for several accounts means that many internet users are compromising the security of their financial data. Internet users have 22 password-protected accounts on average and many use the same log-in details for more than one account, even though [...]
Wonga launches Paylater loans on retailer website
Payday loan company Wonga has launched a new Paylater service on furniture firm Cotswold Company’s website. The service, which allows customers to “buy now, pay later” will be introduced on other retailers’ sites in the near future. Although the Paylater branding is similar to Wonga’s, the Wonga name only appears in the small print. A [...]
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