Standard & Poor’s (S&P) has today lowered the US’ top notch credit rating from stable to negative – suggesting that the rating could be cut within the next two years. The rating agency believes that the Democrats and Republicans will not be able to agree a plan to cut the spiralling US deficit. President Barack [...]
One of the Bank of England’s most senior policy makers, Spencer Dale, has provided a gloomy outlook for the UK economy. In an interview with the Independent, Mr Dale has warned that growth prospects have been hit following Chancellor George Osborne’s tough austerity measures. Furthermore, unemployment and inflation are likely to rise. He added that [...]
Jean-Claude Trichet, President of the European Central Bank (ECB), has said liquidity measures will be scaled back in order to ensure it doesn’t fuel inflation. Currently the inflation rate within the 16 nations that use the euro is 0.5% but at the start of the summer, inflation turned negative for the first time, declining to [...]
The basic state pension is to increase from April 2010 by 2.5%, which equates to a rise of £2.40 per week, or 34p per day. For a single pensioner, the weekly pension will rise from £95.25 to £97.65, while a pensioner couple will see a rise to £156.16 from the current £152.30. State and public [...]
Figures from the Bank of England show mortgage approvals rising by a 5% in July, compared with June, to 50,123. The increase marks the sixth consecutive month of improvement, with approval levels for July 50% up on a year earlier. The trend bodes well for the UK housing market, suggesting that the green shoots so [...]
The unemployment rate in the euro zone hit 9.4% in June - the highest in a decade after the number of jobless rose by 158,000 during the month, bringing the total jobless number using the single currency bloc to 14.9 million. According to Eurostat, the unemployment rate was 7.5% this time last year, showing the [...]
Credit rating agency, Standard & Poor’s (S&P), has revised its outlook for the UK from ‘stable’ to ‘negative’ following the announcement that Government borrowing soared to almost £8.5 billion in April. Official figures show that public sector net borrowing rose to £8.46 billion last month, more than four times the £1.84 billion figure in April [...]
Figures out today from the Office for National Statistics (ONS) have revealed that the UK has fallen into deflation for the first time since 1960. A short period of deflation (where prices fall rather than increase) could be a serious threat to the economy because it deters consumers and businesses from spending in expectation of [...]
The British Bankers’ Association has published figures for mortgage lending in October, showing a monthly 3% rise in the total value of mortgage approvals, to £11.9 billion. Total lending was, however, 38.2% lower than during October of last year. The number of mortgages approved for house purchases declined in volume to 21,584, down from 23,383 [...]
Analysts at Citigroup are predicting that negative equity could afflict three million (one in five) UK households as the property market downturn continues and the economy enters a recession. The forecast is based on a 30% peak to trough fall in house prices and a current negative equity estimate of around 0.5 million. The figure [...]
Standard & Poor’s (S&P) is predicting that one in seven UK homeowners will face negative equity over the coming 12 months. Figures from Halifax and Nationwide in April show a 9% year-on-year decline in UK house prices and the credit rating agency expects a further slide of 17%, over the coming year. Research by CACI [...]
European equities markets were higher Tuesday as banks came back from big declines on Monday, helped by a statement from Societe Generale’s (Euronext: GLE) CEO that his bank is healthy. The FTSE 100 was up 0.87 percent to 5,174.25 in London, while the FTSE 250 added 0.27 percent to 10,011, with banks the best performers [...]
Rics: Housing market remains in the doldrums
The Royal Institution of Chartered Surveyors (Rics) has today reported that the UK housing market remained weak in August with house prices falling further. According to the Institution, homeowners remain reluctant to put their properties up for sale, while buyers continue to struggle to secure a mortgage and remain uncertain about the economic climate. The [...]
CML: Mortgage lending edges higher in July
The Council of Mortgage Lenders (CML) has reported the number of loans for house purchase rose in July. According to the Council, there were 48,400 loans advanced for house purchase in the month – up by 1,000 from June’s figure but almost 7,000 lower when compared with July 2010. Commenting on today’s figures, Paul Smee, [...]
UK inflation edges higher in August
The Office for National Statistics (ONS) today announced Consumer Price Inflation (CPI) rose to annual rate of 4.5% last month from July’s rate of 4.4%. However, the figure was in line with analysts’ expectations. Higher inflation continues to be led by rising food costs but the main reason behind last month’s rise was a 5.1% [...]
Fresnillo down on silver prices
European equities markets were lower Monday on the possibility that Greece could default soon and on speculation that Moody’s Investors Service could cut its rating on several big banks with holdings tied to Greece. The FTSE 100 was down 1.63 percent to 5,129.62 in London, while the FTSE 250 dropped 1.65 percent to 9,983.75 as [...]
IFS warns of tough times for UK households
A report by the Institute for Fiscal Studies (IFS) has warned that households will be squeezed for the next decade as they suffer from the harsh spending cuts introduced by the Government. It said households are suffering one of the worst attacks on their finances since the Second World War and that the impact of [...]
ICB final report recommends ring-fencing
The Independent Commission on Banking’s (ICB) final report has been published today and is recommending that UK banks should ring-fence their retail banking operations. According to the report, ring-fencing would protect banks from riskier investment banking divisions and would “make it easier and less costly to resolve banks that get into trouble”. The ICB, which [...]
Tullow Oil leads 100 in London
European equities markets were significantly lower Friday on an increased possibility that Greece could default on its debt as soon as this weekend, raising the concern level over the European region’s debt problems and ratcheting up worries that the economic recovery is faltering. Additionally, markets reacted to the resignation of European Central Bank board member [...]
SMMT: UK car sales rise in August
The Society of Motor Manufacturers and Traders (SMMT) have revealed UK car sales saw their first rise in 14 months in August. According to the trade body, car sales rose by 7.3% in August compared with the same month in 2010, with sales of smaller cars rising by more than 30%. The Ford Fiesta remained [...]
Factory gate inflation higher than expected in August
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 [...]
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