Retail sales fell sharply last month – providing further evidence of a fragile economic recovery. According to the British Retail Consortium (BRC)/KPMG retail sales monitor, total sales fell by 1.9% on an annual basis – the worst fall since the series started in 1995. The trade body attributed the fall to the ongoing squeeze on [...]
The Office for National Statistics (ONS) is scheduled to announce the UK inflation rate for March tomorrow morning, with analysts expecting the annual rate to hold steady at the 28-month high of 4.4%. With inflation more than double the 2% target, many continue to speculate whether interest rates will be lifted next month. Last week, [...]
Airports operator BAA has today reported a marginal rise in passenger numbers at its six British airports in March. BAA, which is majority owned by Spain’s Ferrovial, said 8.27 million passengers flew from its UK airports during the month, compared with 8.19 million in the same month a year ago. Heathrow, which is the UK’s [...]
Figures today revealed Australia’s unemployment rate fell to 4.9% in March – the lowest level since December 2008. The drop comes despite the recent flooding and cyclones which has affected farming and mining and is likely to impact negatively on economic growth. According to the Australian Bureau of Statistics, the economy created 37,800 jobs in [...]
The Society of Motor Manufacturers and Traders (SMMT) has today revealed UK car sales fell by 7.9% in March compared with the same month in 2010. March saw the introduction of the new 11-plate cars. The continuous fall in sales was expected due to the withdrawal of the scrappage scheme. The SMMT said the number [...]
The Halifax has today revealed UK house prices crept up by 0.1% last month compared with February, when prices dropped 0.9%. The latest house price rise takes the average cost of a UK home to £162,912, the Halifax said. Meanwhile, in the three months to March, prices dropped 2.9% compared with the same period a [...]
Growth in the UK’s closely-watched service sector surged ahead in March, figures have revealed today. The Chartered Institute of Purchasing and Supply (CIPS)/Markit purchasing managers’ index (PMI) rose to a 13-month high of 57.1 last month – from February’s reading of 52.6. Analysts had expected the index to remain broadly unchanged. The reading means the [...]
The Chartered Institute of Purchasing and Supply (CIPS)/Markit construction purchasing managers’ index (PMI) has today revealed UK construction activity eased slightly in March. The PMI edged lower to 56.4 in March, from February’s 8-month high of 56.5 – albeit better than forecasts of 54.8. However, the index remains above the crucial 50 mark, which indicates [...]
The Labor Department has today revealed the unemployment rate in the US has fallen again from 8.9% in February to 8.8% in March – a two-year low. It represents the fourth consecutive month that the rate has fallen with the economy creating 216,000 jobs in the month – far better than expectations. The private sector [...]
The Chartered Institute of Purchasing and Supply (CIPS)/Markit manufacturing purchasing managers’ index (PMI) has today revealed UK manufacturing activity slowed more than expected in March. The closely-watched CIPS/Markit manufacturing PMI dropped to 57.1 in March – a five-month low – down from a revised 60.9 in February. The reading was much lower than the 60.5 [...]
Manufacturing activity in China appears to have improved in March, two separate surveys have revealed today. Firstly, the official China Federation of Logistics and Purchasing (CFLP) said its purchasing managers index (PMI) rose to 53.8 in March from February’s six-month low of 52.2. Secondly, the HSBC China Manufacturing PMI edged higher to 51.8 in March [...]
The first of the March house price surveys shows the value of the average home up 0.5% during the month, to £164,751, taking the annual rate of inflation to 0.1%. According to Nationwide, prices have now increased modestly in three of the past four months, with the three-month-on-three-month measure (regarded as a better indicator of [...]
US consumer confidence fell in March after higher energy prices fuelled fears of inflation and consumers were hit by falling income expectations. The reading from the closely-monitored Consumer Confidence Index from the Conference Board dived to 63.4 in March from February’s three-year high of 72.0. The reading was below expectations of a fall to 65.0 [...]
The Government’s General Statistics Office has revealed consumer prices in Vietnam rose to 9.46% in March – up from February’s 8.46%. The latest rise – which is the seventh consecutive gain – will add further pressure on the central bank to lift interest rates. Inflationary pressures are rife in Asia and in the last few [...]
Minutes of the Bank of England’s March 9-10 meeting have been released today and have revealed the Monetary Policy Committee (MPC) again voted 6-3 to lift interest rates and 8-1 to restart the Bank’s quantitative easing (QE) scheme. Adam Posen, again, called for an injection of £50 billion via the QE scheme to boost the [...]
The Confederation of British Industry’s (CBI) industrial trends survey today revealed factory orders growth picked up pace in March. The survey’s total order book balance accelerated in March to +5 from February‘s -8, easily beating expectations of a reading of -6. The reading represented the highest since March 2008, according to the lobby group. Furthermore, [...]
Property website, Rightmove, has today reported a rise in asking prices in the four week period to March 12. According to Rightmove, asking prices for residential property in England and Wales grew 0.9% on an annual basis, up from February’s 0.3%. On a monthly basis, asking prices were up 0.8%, slowing from February’s 3.1% – [...]
US homebuilder confidence grew in March, according to the National Association of Home Builders (NAHB)/Wells Fargo sentiment index. The index showed a reading of 17 in March from February’s 16 – in line with forecasts, according to the Washington-based group. The reading was the highest since May 2010 and suggests the housing market is stabilising [...]
The Zew economic sentiment index has revealed German analyst and investor confidence unexpected fell in March – the first drop in five months. The index, which measures expectations of economic activity over the next six months, dipped to 14.1 points from 15.7 in February. Analysts had expected and represented a reading of 15.9. The index [...]
Chancellor George Osborne has today announced the 2011 budget will take place on 23 March. This budget, in particular, which be closely watched to see if the Government is on target with its tough spending cuts. The new Coalition Government has scrapped the autumn pre-budget report and is making the March budget the key economic [...]
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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