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 [...]
The Office for National Statistics (ONS) has today revealed the UK economy grew by 0.3% in the January to March period – unchanged from the previously estimated figure, but marginally higher than the first estimate of 0.2%. Analysts had expected GDP to remain unchanged in the first quarter but many economists believe that economic growth [...]
Hopes that the recession has finally come to an end emerged today after the Institute of Chartered Accountants in England and Wales (ICAEW) said confidence among British businesses has jumped to a six-year high. According to The Times newspaper, the Business Confidence Monitor survey grew to a reading of 24.6 for the fourth quarter, up [...]
The Bank of England’s latest quarterly inflation report, published today, has revealed a much better outlook for the UK economy than its previous report in August. The Bank increased its forecast for economic growth over the next two years predicting that gross domestic product (GDP) should rise above 4% early 2011 before slowing to 3% [...]
There are tentative signs that the manufacturing sector in the euro zone may be emerging from recession after a rise in industrial orders has been reported for the month of June. According to Eurostat, the European statistics agency, new orders (a key indicator of industry’s future growth) rose by 3.1% during the month when compared [...]
The National Institute of Economic and Social Research (NIESR), the influential think tank, has forecasted that gross domestic product (GDP) fell 0.4% in the three months to June – the fifth consecutive quarter of decline. Official GDP figures for the April to June period are due to be released at the end of this month. [...]
The Office for National Statistics (ONS) has today revealed that UK public sector borrowing has soared to the highest level since ONS records began over 15 years ago. Public sector net borrowing reached a record level of £19.9 billion in May and has already hit £30.5 billion for this financial year – more than double [...]
The National Institute of Economic and Social Research (NIESR) has published its latest predictions for the UK economy, stating that it expects the economy to enter into a deep recession in the final quarter of the year. The independent institute estimates that Gross Domestic Product (GDP) fell by 1% in the three months to the [...]
The world’s largest economy is officially on the verge of recession after figures from the Commerce Department show that the economy shrank at an annual rate of 0.3% in the three months to September. The fall follows growth of 2.8% in the previous quarter. Meanwhile, consumer spending, which accounts for about 70% of the US [...]
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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