Higher prices at the petrol pumps and economic uncertainty has led to a fall in UK retail sales for the month of May, according to the Office for National Statistics (ONS) today. The ONS said retail sales dived 1.4% last month, reversing the strong rise seen in April due to the late bank holidays, good [...]
The latest survey from the Nationwide Building Society has revealed a surge in UK consumer confidence for the month of May. The building society’s consumer confidence index rose 11 points to 55 last month – the biggest monthly increase in 5½ years, and takes the index to a five-month high. However, the index is still [...]
The Commerce Department has today revealed US retail sales fell in May for the first time in 11 months, hit by weak car sales. According to official figures, sales fell 0.2% to $387.1 billion on a monthly basis as consumers opted out of buying big-ticket items such as cars. Car sales were almost 3% lower, [...]
Inflation in the world’s second largest economy reached the highest level in 34 months in May as food prices continue to rise. Consumer prices rose by 5.5% in May on an annual basis – higher than expectations of an annual rate of 5.3%. Food prices (the primary factor behind stubbornly high inflation) remain high, rising [...]
The Office for National Statistics (ONS) today announced Consumer Price Inflation (CPI) held steady at an annual rate of 4.5% in May – the highest level since October 2008. However, the figure was in line with forecasts and high inflation has been attributed to rising energy and food prices. Today’s figures mean inflation continues to [...]
Airports operator BAA has today reported a sharp rise in passenger numbers at its six British airports in May. BAA, which is majority owned by Spain’s Ferrovial, said 9.3 million passengers flew from its UK airports during the month, boosted by the late Easter holiday and the Royal Wedding, which led to an increase in [...]
The Customs Agency has today reported slower growth in China’s exports, rising by 19.4% in May on an annual basis but much slower than the 29.9% rate in April. The rate was also less than the market forecast of a 21% increase. Meanwhile, imports surged by 28.4% on an annual basis – beating expectations of [...]
The Halifax has today revealed UK house prices rose by just 0.1% in May compared with April. The latest house price rise takes the average cost of a UK home to £160,519, the Halifax said. Meanwhile, on an annual basis, prices are 4.2% lower – the biggest annual fall since October 2009, said the lender. [...]
Higher inflation has led to a fall in retail sales for the month of May, according to the British Retail Consortium (BRC) today. The fall was also attributed to consumers overspending in April due to the long bank holiday weekends and hot weather. The BRC said annual like-for-like retail sales fell by 2.1% in May [...]
The Society of Motor Manufacturers and Traders (SMMT) has today revealed UK car sales fell by 1.7% in May compared with the same month in 2010. The SMMT said the number of new cars sold in the month was 150,431 – representing the eleventh consecutive monthly fall in sales. Meanwhile, registrations in the first five [...]
A survey has revealed that activity in the euro zone services sector eased in May. The closely-watched Markit Purchasing Managers’ Index (PMI) services index edged lower to 56.0 in May from April’s reading of 56.7. However, the index remains above the crucial 50 mark, which separates growth from contraction and it has now been above [...]
The Labor Department has today revealed the unemployment rate in the US unexpectedly rose in May to 9.1%, up from 9% in April. Despite the rise in the jobless rate, it was the eighth consecutive month of positive employment growth. The economy created 54,000 jobs in the month – however, this was far less than [...]
Growth in the UK’s closely-watched service sector slowed in May, figures have revealed today. The Chartered Institute of Purchasing and Supply (CIPS)/Markit purchasing managers’ index (PMI) eased to a 3-month low of 53.8 in May from 54.3 the previous month. Analysts had expected the index to be around the 54.0 level. However, the index remains [...]
The Chartered Institute of Purchasing and Supply (CIPS)/Markit construction purchasing managers’ index (PMI) has today revealed UK construction activity beat expectations last month. The PMI rose to 54.0 in May, from April’s reading of 53.3 – beating expectations of 53.6. Furthermore, the index remains above the crucial 50 mark, which indicates expansion. Commenting on the [...]
Manufacturing activity in the 17-member euro zone fell in May, figures showed today. The Markit Purchasing Managers’ Index (PMI) posted a reading of 54.6 in May, from April’s level of 58. However, the index continues to remain above the crucial 50 level which indicates expansion. The slowdown was attributed to the nation’s weaker economies, which [...]
The Chartered Institute of Purchasing and Supply (CIPS)/Markit manufacturing purchasing managers’ index (PMI) has today revealed UK manufacturing activity slowed in May. The closely-watched CIPS/Markit manufacturing PMI dropped to 52.1 in May, from a reading of 54.4 in April. The reading was much lower than the 54.1 expected by analysts and the lowest reading since [...]
Manufacturing activity in China eased last month, two separate surveys have revealed today. Firstly, the official China Federation of Logistics and Purchasing (CFLP) said its purchasing managers index (PMI) dipped to 52 in May from 52.9 in April. While the reading was better than expectations of 51.6, it represented the lowest for nine months. Secondly, [...]
According to a preliminary estimate from Eurostat today, euro zone inflation eased in May to 2.7%, from 2.8% in April. Last month, the European Central Bank (ECB) raised interest rates from 1% to 1.25% – the first time in almost three years in a bid to fight inflation. However, despite the fall, analysts expect inflation [...]
According to housing intelligence group, Hometrack, house prices in England and Wales fell at their fastest annual pace since October 2009 last month. According to Hometrack, house prices fell by 0.1% on the month and are 3.7% lower on the year. House prices have now fallen for 10 consecutive months, according to the group. Hometrack [...]
A survey conducted between May 6 and 15 revealed a strong rise in consumer confidence. According to the survey of consumer attitudes, carried out by GfK NOP Social Research, confidence jumped to -21 from April’s two-year low of -31. May’s reading represents the biggest increase since May 1993 and surprised analysts who had expected a [...]
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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