The Office for National Statistics (ONS) has today revealed UK producer output prices held steady in August – remaining at the highest annual rate since October 2008. According to the ONS, output prices (factory gate) annual inflation for all manufactured products held steady at July’s upwardly revised reading of 6.1% in August. The figures were [...]
Inflation in the world’s second largest economy eased last month after reaching a 3-year high in July. According to the National Statistics Bureau, consumer prices rose by 6.2% in August on an annual basis, compared with 6.5% the previous month. Several other economies throughout the world are battling with higher inflation, particularly in Asia, which [...]
The European Central Bank (ECB) has today opted to leave interest rates unchanged at 1.5% – for the second consecutive month. Rates were lifted from the historic low of 1% in April and then raised further to 1.25% in July in a bid to curb rising inflation. Many major economies are battling with higher inflation, [...]
The latest Beige Book report, published by the Federal Reserve today, has revealed widespread signs that US economic growth continues to slow. The Fed said: “Economic activity continued to expand at a modest pace, though some districts noted mixed or weakening activity.” The economic recovery of the US remains sluggish in the face of higher [...]
The Bank of England’s Monetary Policy Committee (MPC) has today elected to keep UK interest rates on hold at the historically low level of 0.5%, as widely expected. Interest rates have now been at this low level since March 2009 – when the economy was in the midst of recession. Recent figures show the economy [...]
The Bank of England’s Monetary Policy Committee (MPC) commenced its two-day rate-setting meeting yesterday and interest rates are expected to remain on hold at the record low of 0.5% – where they have been since March 2009. The bank is presented with a dilemma as it comes under pressure to raise interest rates to combat [...]
The Office for National Statistics (ONS) has today revealed UK factory output shrank by 0.2% in July after a flat reading the previous month. The reading was worse than economists had expected and confirm weak prospects for the economy after the figures suggest a poor start to the third quarter. The fall was attributed to [...]
Savers have once again been hit after Government-backed National Savings & Investments (NS&I) has announced its index-linked bond has been withdrawn from the market. NS&I, which runs Premium Bonds and a variety of savings products, said its index-linked bond (which gives savers protection against inflation) has been pulled. NS&I’s website and call centres ceased accepting [...]
The Halifax has today revealed UK house prices fell by 1.2% in August on a monthly basis – reversing the gains noted in the previous three months. The latest fall takes the average cost of a UK home to £161,743, the Halifax said. However, on an annual basis, prices are 2.6% lower, said the lender, [...]
Growth in the UK’s closely-watched service sector slowed in August, figures have revealed today. The Chartered Institute of Purchasing and Supply (CIPS)/Markit purchasing managers’ index (PMI) slowed at the fastest pace in over a decade to 51.1 in August from July’s reading of 55.4. The fall represented the second largest on record and was much [...]
Brazil’s central bank has cut the country’s key interest rate to 12% from 12.5% – a move which surprised economists. However, the bank said there had been a “substantial deterioration” in the outlook for the global economy and that was its reason for the rate cut. One analyst said the rate cut is a “huge [...]
Statistics Korea has today revealed South Korea’s inflation rate jumped to a three-year high of 5.3% in August as food costs continued to rise. The rate is up from 4.7% in July and represents the eighth consecutive month that inflation has been above the central bank’s target of 4%. Inflationary pressures are rife throughout the [...]
The Chartered Institute of Purchasing and Supply (CIPS)/Markit manufacturing purchasing managers’ index (PMI) has today revealed UK manufacturing activity contracted at the fastest pace in more than two years in August. The closely-watched CIPS/Markit manufacturing PMI fell to 49.0 last month from an upwardly revised 49.4 in July. The latest figure means the index remains [...]
According to the finance ministry, India’s economy expanded by 7.7% in the April to June period – much slower than the 8.8% growth in the same period a year earlier. It was the weakest growth in six quarters and was attributed to a slowdown in construction activity. Construction saw an increase of just 1.2% during [...]
Figures from the US Labor Department have revealed US wholesale price inflation rose last month on the back of rising tobacco and light motor truck prices. According to the Labor Department, the cost of finished goods rose 0.2% in July, with fresh fruit, beef and veal all attributing to pushing up the rate of inflation. [...]
Minutes of the Bank of England’s August 3-4 meeting have been released today and have revealed all nine members of the Monetary Policy Committee (MPC) voted to keep interest rates at the historic low of 0.5%. For several months, Martin Weale and Spencer Dale have been lone voices on the Committee by voting to hike [...]
The Office for National Statistics (ONS) today announced Consumer Price Inflation (CPI) rose to annual rate of 4.4% last month after easing to 4.2% in June. Analysts had expected the figure to rise slightly to 4.3%. Higher inflation continues to be led by rising food costs – which grew by 6.2% in July, while clothes [...]
The Council of Mortgage Lenders (CML) has today reported a fall in home repossessions. According to the Council, lenders seized 9,000 properties in the April to June period – 100 less when compared with the first three months of the year. Meanwhile, there were 18,100 repossessions in the first half of 2011, compared with compared [...]
Figures today revealed Australia’s unemployment rate jumped to 5.1% in July – the highest rate since November 2010. The latest figures suggest the economy is struggling after being hit by flood and cyclone disasters earlier this year. Australia, dubbed the “wonder from Down Under”, is one of the few developed economies not to have fallen [...]
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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