Manufacturing activity in China eased last month, two separate surveys have revealed today. Firstly, the official China Federation of Logistics and Purchasing (CFLP) said its purchasing managers index (PMI) dipped to 52 in May from 52.9 in April. While the reading was better than expectations of 51.6, it represented the lowest for nine months. Secondly, [...]
Moody’s Investors Service has today announced it is reviewing 14 UK banks and building societies for downgrade due to the withdrawal of Government support. Elisabeth Rudman, a Moody’s Senior Credit Officer, said: “It has been initiated in response to ongoing guidance from the UK authorities (the Bank of England, the Financial Services Authority and the [...]
Inflation in the world’s second largest economy cooled last month as food prices eased slightly. Consumer inflation fell to 5.3% in April on an annual basis, down from March’s 3-year high of 5.4%. Today’s figures suggest attempts by the Government to rein in prices are having a positive impact. There have been fears of the [...]
The National Bureau of Statistics has today revealed Chinese property growth eased in March. China‘s property prices have remained stubbornly high despite several Government incentives to avoid a property bubble. The country continues to grapple with high inflation in property and food prices. However, property prices slowed in March with fewer cities recording an increase, [...]
Following the 8.9 magnitude earthquake and tsunami on 11 March, the Japanese Government has today downgraded its growth forecast for the economy. The twin disasters have caused billions of pounds worth of damage and is set to impact on the country’s economic growth. As a result, the Japanese Government has downgraded its assessment of the [...]
It has been announced that the UK minimum wage will rise by 15p (2.5%) to £6.08 an hour from October 1, 2011 and is set to benefit almost 900,000 people. The 15p an hour rise applies to workers aged 21 and over. Meanwhile, the rate for 18 to 20-year-olds will increase by 6p to £4.98, [...]
The Government has now provided details of the new flat-rate state pension, as well as increases in the retirement age – due to be equalised at 65 by 2018. The state pension age will then be lifted to 66 for both men and women by 2020. Meanwhile, it was announced that the new pensions system [...]
The Government has announced further plans to crackdown on incapacity benefit – a move designed at helping people get back to work but, at the same time, end the situation where some risk losing out financially if they take a job. The measures were announced last October when the Government said those on incapacity benefit [...]
Details of the new flat-rate state pension will be unveiled next week by the Government. In last month’s Budget, it was announced that the new pensions system should make pension planning easier to understand – stripping out the current complex means-tested payments system and will move towards a flat-rate payment for men and women. The [...]
The Government has announced a new tax-free savings account for children, known as the Junior ISA. The Junior Individual Savings Account (ISA), which will be available from 1 November, will allow parents to invest a maximum of £3,000 each financial year in cash and shares. The Junior ISA will replace Child Trust Funds (CTFs) which [...]
A report by the Ernst & Young Item Club has suggested the Government could be in line for an £8 billion windfall this year due to a rebound in tax revenues and a cut in public spending. The Item Club is estimating public borrowing for the financial year to the end of March to be [...]
A report by the Institute for Public Policy Research (IPPR) has established that England could face a massive housing shortage by 2025. The think tank concludes that there is likely to be a shortfall of 750,000 homes by 2025 with the areas worst hit including London, the South East of England, the East, and Yorkshire [...]
China’s National Bureau of Statistics (NBS) has today revealed the consumer price index rose 4.9% in February on an annual basis – the same figure as January. However, inflation is still well in excess of the 3% target set by the Government and was higher than analysts forecasts of 4.7%. The Government recently announced measures [...]
China‘s property prices have remained stubbornly high despite several Government initiatives to avoid a property bubble. The Government recently announced plans to introduce a property tax. Shanghai Mayor Han Zheng said it is preparing for the “trial reform on property tax as required by the central Government”. It has also made it more expensive to [...]
The Government has today announced the four external members of the new Financial Policy Committee (FPC). The FPC, which was first unveiled by Chancellor George Osborne last June, has been established to regulate financial services and markets. The idea behind the FPC follows the Government’s criticism of the Financial Services Authority (FSA) for not doing [...]
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 [...]
Chancellor George Osborne has confirmed he is maintaining the levy on banks, raising an additional £800 million this year and £2.5 billion in the coming years. In a radio interview, he said he wants to ensure “banks make a fair contribution to closing the deficit”. Initially, Mr Osborne said the Government’s new bank levy would [...]
The controversial subject of bonuses has emerged again today after the Sunday Times reported Britain’s top banks will pay out a combined £6 billion in bonuses. The report comes despite the Government’s clampdown on bonuses as it endeavours to negotiate with the banks to commit to lending targets for small businesses and restraints on pay. [...]
Prime Minister David Cameron has said the Government will not introduce major tax cuts but insisted he remains a “tax-cutting Tory”. His comments come just a few days after Deputy Prime Minister, Nick Clegg, claimed that millions of middle-class families who are set to become higher rate taxpayers from April will “barely notice” the difference. [...]
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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