The Paris-based Organisation for Economic Cooperation and Development (OECD) has revised its growth forecasts for major economies. The US, which is the world’s largest economy, is expected to see growth in the third quarter of 1.1% and 0.4% in the fourth – this is far lower than the previous estimates of 2.9% and 3%. However, [...]
Official figures have today revealed that Spain’s unemployment rate has reached 20.05% – the highest level in 13 years. The economy has been hit by a severe slump within its key construction industry, which has led to a significant amount of job losses. Spain’s jobless rate is double the 10% for the euro zone as [...]
The Organisation for Economic Co-operation and Development (OECD) has provided a positive outlook for major economies saying “a recovery is clearly visible in the US, Japan and all other OECD economies and major non-OECD economies.” The report will give a boost to the UK which did not emerge from recession in the third quarter as [...]
The Organisation for Economic Co-operation and Development (OECD) warned today that in spite of signs of recovery in major economies, the global recession could mean 25 million people will lose their jobs. The news comes after the Office for National Statistics (ONS) today revealed that unemployment in the UK grew by 210,000 to 2.47 million [...]
European Central Bank’s (ECB) president, Jean-Claude Trichet, is urging major economies not to implement any more stimulus packages by declaring that existing packages are “sufficient”. Stimulus packages have been implemented in many of the major economies throughout the world and are aimed at boosting economies. Mr Trichet said that the stimulus packages already in place [...]
US President Barack Obama is proposing a major reform of banking regulation in order to prevent future meltdowns of the US banking system. Mr Obama described the reforms as biggest overhaul of the system since the 1930s, which will see major banks put more money aside against future losses to prevent excessive risk taking. The [...]
According to the Organisation for Economic Co-operation and Development (OECD), the economic outlook for the world’s major economies is looking brighter after indications revealed the downturn may have finally bottomed out. The composite leading indicators (CLI) index for the 30 countries in the OECD gained 0.5 points in April to 93.2, up from 92.7 in [...]
It was confirmed this morning that the Lloyds TSB and HBOS merger is proceeding and the new name for the company was unveiled as Lloyds Banking Group. According to Lloyds, its acquisition of HBOS would save it at least £1.5 billion a year, far more than originally anticipated. There have been concerns that the cost [...]
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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