The Bank of England’s Monetary Policy Committee (MPC) is today expected to keep UK interest rates on hold at the historically low level of 0.5% for the 12th consecutive month. In addition, the Bank is expected not to inject any more money into the economy through its quantitative easing (QE) scheme. Last month, the Bank [...]
The latest survey from the Nationwide Building Society has revealed a rise in UK consumer confidence for the month of February. The building society’s consumer confidence index surged to 80 last month – the highest level since January 2008 and double the reading seen last February. According to the Nationwide, its survey reflects the fact [...]
The CIPS/Markit manufacturing purchasing managers’ index (PMI) has today revealed UK manufacturing activity grew faster than expected in February – sustaining the previous month’s 15-year high rate of growth. The positive figures will boost hopes that the economic recovery is gathering pace after last week’s fourth quarter GDP figures were revised upwards. Last week, the [...]
The Bank of England’s Monetary Policy Committee (MPC) is today expected to keep UK interest rates on hold at the historically low level of 0.5% for the eleventh month in a row. In addition, many analysts expect the Bank to pause its quantitative easing (QE) scheme. Economist Allan Monks of JP Morgan said there remained [...]
The key services sector slowed in January as a result of bad weather and the VAT rise, according to analysts. The latest activity index from the Chartered Institute of Purchasing and Supply (CIPS)/Markit PMI showed a reading of 54.5 in January from the 56.8 in December – however, any reading above 50 indicates growth. The [...]
The latest survey from the Nationwide Building Society has revealed a rise in UK consumer confidence for the month of January. The building society’s consumer confidence index gained three points to 73 in January – nearly double the reading of 39 in the same month a year earlier. Meanwhile, the Nationwide’s expectations index, which gauges [...]
There were further hopes of a strong recovery today after the Chartered Institute of Purchasing & Supply (CIPS)/Markit purchasing managers’ index (PMI) rose to 48.6 in January, up from 47.1 the previous month – the smallest fall in activity during the current 23-month period of contraction. The figures came just a day after the CIPS/Markit [...]
The CIPS/Markit manufacturing purchasing managers’ index (PMI) has today revealed UK manufacturing activity rose at its fastest rate in 15 years in January. The figures will boost hopes that the economic recovery is gathering pace after last week’s disappointing fourth quarter GDP figures. The PMI grew to 56.7 in January, up from a revised 54.6 [...]
The key services sector reported growth during December according to the latest activity index from the Chartered Institute of Purchasing and Supply (CIPS). The index showed a reading of 56.8 in December, up from 56.6 in November – any reading above 50 indicates growth. Not only was the figure slightly above economists’ forecasts, it was [...]
The Chartered Institute of Purchasing & Supply (CIPS)/Markit purchasing managers index of manufacturing activity grew to 53.7 in October, up from the revised reading of 49.9 the previous month. The reading beat forecasts of a rise to 50.0 and represented the fastest pace of growth in two years. Furthermore, new orders rose at their fastest [...]
There are tentative signs that the construction sector is recovering after figures today revealed that the slowdown in activity eased in July to the slowest pace for sixteen months. The CIPS/Markit Construction Purchasing Managers’ Index posted a reading of 47 in July, edging closer to the 50 mark which indicates growth. The index is up [...]
Optimism surrounding the UK economy continued today after the pound continued its gain against the US dollar. Sterling briefly reached as high as $1.7005 today – the highest level since October – before falling back to $1.6930. While the pound still has a long way to go to reach the $2 mark seen a year [...]
Sterling and the FTSE 100 index of leading shares both rose today on the back of growing hopes for an economic recovery. The FTSE jumped by 76.85 points to 4,685.21 – the highest level since October with Barclays and HSBC leading the banking sector after reporting first half profits earlier today. Meanwhile, sterling climbed to [...]
Phone fraudsters stealing bank card pins
Fraudsters using a phone scam to trick bank card holders into revealing their pin numbers stole £750,000 in the first four months of this year. This is the same amount stolen through this scam in the whole of last year. The fraudster telephones a bank customer, often someone elderly or vulnerable, telling them that their [...]
FSA rules out ban on interest-only mortgages
Speculation that the Financial Services Authority would ban interest-only mortgages as part of its Mortgage Market Review has proved to be unfounded. However, lenders will be required to monitor the performance of the investment product taken out by the customer to repay the mortgage at the end of its term. Investments are performing poorly because [...]
Bank of England may end free in-credit banking
A director of the Bank of England has warned that official intervention could be considered to end the ‘dangerous myth of free in-credit banking’. Andrew Bailey has already spoken out against free banking in relation to the mis-selling of financial products. In a speech made available to media, he reiterated his concern, saying that it [...]
Bank of England votes against more economic stimulus
The Bank of England voted against a further round of quantitative easing, at its latest Monetary Policy Committee (MPC) meeting. Just one member, David Miles, voted for further asset purchase to encourage growth in the UK economy, while the other eight members voted to keep the Bank’s quantitative easing programme steady at £325bn. The minutes [...]
Catalogue debt growing says helpline
Calls from people concerned about their debts with mail order catalogues accounted for more than 12 per cent of all calls received by National Debtline last year, compared with just 8 per cent in 2007. More people were concerned about catalogue debt than about payday loans, mortgage or rent, according to the Money Advice Trust [...]
Homeserve faces mis-selling investigation
HomeServe, which provides emergency insurance cover and domestic repairs to households in the UK, is to be investigated by the Financial Services Authority (FSA). Issues over the possible mis-selling of household emergency policies were uncovered last October during an internal review at the Walsall-based company. Homeserve’s call centre staff were found to be selling ‘Complete [...]
OFT warns Wonga over debt collection methods
Payday loan company Wonga used aggressive and misleading methods to collect debts from customers, the Office of Fair Trading (OFT) has found. Wonga sent letter and emails to certain customers suggesting they had committed fraud and threatening to report them to the police if they did not act in the way Wonga suggested. The company [...]
NS&I re-launches investment account
National Savings & Investments (NS&I) has re-launched its Investment Account at a higher interest rate than it previously offered. The account now offers 0.75 per cent before tax, compared with between 0.2 and 0.3 per cent previously, depending on the account balance. Deposits and withdrawals on the account can no longer be made at Post [...]
Rightmove reports property downsizing trend
Two in five property owners planning to sell in the next year are planning to ‘trade down’, compared with one in four who plan to ‘trade up’. A survey by property website Rightmove found that moving to a smaller home is the main reason for moving in nine out of the ten regions in the [...]
More people failing to save for retirement
The proportion of people with no pension savings has grown from 20 per cent to 22 per cent over the past year, according to Scottish Widows’ latest survey. The pension provider surveyed 5,200 adults in the UK, aged 30 or over, and earning at least £10,000 a year, for its annual review of pensions. Ian [...]
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