Respected economic forecaster, the Ernst & Young Item Club, has today warned of a gloomy outlook for consumers but a double-dip recession is unlikely. The think tank said economic growth will be hampered due to massive spending cuts – introduced by the Government to tackle the budget deficit. The Ernst & Young Item Club is [...]
More than half of small & medium-sized business owners (57%) believe that the recession will continue until at least next spring. The findings are a result of a survey conducted by Amplify – the communications company. Amplify conducted the survey during the summer and also found that business owners would have done things differently if [...]
Stock markets in Asia have experienced a fall in today’s trading after yesterday’s World Bank report provided a gloomy assessment. Both the US and Europe experienced declines yesterday following the report which predicted that the global economy would contract by almost 3% this year – revised from an earlier forecast of 1.7%. London’s FTSE 100 [...]
The World Bank is providing the gloomiest forecast yet for the global economy predicting that it will shrink this year for the first time since the Second World War. The forecast is part of a report which has been prepared for next week’s meeting of finance ministers from the 20 industrialised and large developing countries. [...]
In its latest Quarterly Inflation Report, the Bank of England has issued its gloomiest assessment for the UK economy so far. The Bank warned that the UK is “in a deep recession” and forecast that the economy may contract by 4% from mid-2008 to mid-2009. The Bank’s Governor, Mervyn King, said rate cuts may no [...]
Ernst & Young ITEM Club is forecasting GDP growth of just 1% next year after the UK grapples with rising inflation, falling property prices and the tightening of credit. The influential think tank also indicated that there will be a considerable increase in unemployment in the next 12 months. Ernst & Young’s ITEM Club also [...]
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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