The emergency bailout for Ireland has resulted in political uncertainty after the Green Party (a partner in the Government) called for a general election. The Green Party’s leader, John Gormley, said: “We have now reached a point where the Irish people need political certainty to take them beyond the coming two months. “So, we believe [...]
The latest survey from the Nationwide Building Society has revealed a sharp fall in UK consumer confidence for the month of May. The building society’s consumer confidence index plunged to 65 last month – the lowest level since June 2009, down from a revised reading of 75 in April. According to the Nationwide, its survey [...]
The Bank of England’s Monetary Policy Committee (MPC) is today expected to keep UK interest rates on hold at the historically low level of 0.5% for the 14th consecutive month. The rate-setting meeting was due to be held on 5 and 6 May but was held last Friday and will be concluded today, as a [...]
There is further economic uncertainty today after a hung parliament looked increasingly likely in the early hours of Friday. The news sent the pound falling by 1.5 cents overnight, from above $1.51, to trade as low at $1.4596 at one point – a 12-month low. A hung parliament (in which no one political party has [...]
Activity in the UK’s closely-watched service sector slowed in April, hit by the volcanic ash cloud which disrupted businesses. Furthermore, activity was hit by concerns about the outcome of the general election, according to analysts. The latest activity index from the Chartered Institute of Purchasing and Supply (CIPS)/Markit PMI showed a reading of 55.3 in [...]
The Bank of England’s Monetary Policy Committee (MPC) is to postpone its interest rate decision meeting. The Bank was set to hold its two-day rate-setting meeting on 5 and 6 May but it will now be held on 7 and 10 May, as a result of today‘s general election. However, the Bank is expected to [...]
Fashion chain Next said it had a solid first quarter and is on track to meet full-year profit targets but added: “We remain very cautious in our outlook for the year ahead”. Its cautious statement comes as many other companies warn of slow consumer spending after the General Election as the new Government embarks on [...]
A survey by GfK NOP for the European Commission revealed a fall in consumer confidence for April. It was the second consecutive month that morale was low – as uncertainty surrounds the economy ahead of next week’s general election. The consumer confidence index gave an overall score of -16, a fall of one point from [...]
According to Schroders European economist, Azad Zangana, we can expect to see a rise in VAT after the general election. In their election manifestos, the Labour Government and the Conservative party have not ruled out an increase from the current rate of 17.5%. Last month, Gordon Brown said he was leaving open the possibility of [...]
A survey conducted by the British Chambers of Commerce (BCC) has found that firms are fearful about a hung parliament after the general election. A hung parliament (in which no one political party has an outright majority) would make it harder to pass legislation and undermine a fragile UK recovery. Firms are worried about the [...]
The latest survey from the Nationwide Building Society has revealed a sharp fall in UK consumer confidence for the month of March. The building society’s consumer confidence index plunged to 72 last month – the lowest level since December and down from a two-year high of 81 reported in February. According to the Nationwide, its [...]
The Bank of England’s Monetary Policy Committee (MPC) is today expected to keep UK interest rates on hold at the historically low level of 0.5% for the 13th consecutive month. In addition, the Bank is expected not to inject any more money into the economy through its quantitative easing (QE) scheme. In February, the Bank [...]
Prime Minister Gordon Brown has today confirmed the general election will take place in exactly one month’s time – on 6 May. The move was widely expected and the PM made the announcement outside Downing Street, following a 20-minute meeting with the Queen at Buckingham Palace to seek the dissolution of Parliament. Mr Brown will [...]
Prime Minister Gordon Brown has confirmed the date of the Budget as March 24 with speculation mounting that the general election will be 6 weeks after – on May 6. The Treasury is set to confirm the Budget date later in a written statement to MPs. Meanwhile, in the build-up to the budget, Chancellor Alistair [...]
The Social Enterprise Coalition (SEC) this week said it aims to treble the contribution of social enterprises to the UK economy by 2020. SEC said if it is to achieve the goal, announced in its official manifesto published on Tuesday, it needs the full support of the British government. The manifesto, “No More Business as [...]
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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