The Government has announced a new tax-free savings account for children, known as the Junior ISA. The Junior Individual Savings Account (ISA), which will be available from 1 November, will allow parents to invest a maximum of £3,000 each financial year in cash and shares. The Junior ISA will replace Child Trust Funds (CTFs) which [...]
The Standard & Poor’s/Case-Shiller composite index of 20 metropolitan areas fell in November - the fifth consecutive monthly decline, albeit a smaller drop than expected. According to the index, house prices were 0.5% lower in November on the month and followed October’s decline of 1%. November’s level was just 1.2% higher than the 90-month low [...]
The Council of Mortgage Lenders (CML) has today reported mortgage lending remained weak in November. However, the month is traditionally a quiet one as prospective buyers opt to wait until the New Year to purchase a home. The number of loans approved for those buying a new home remained flat at 44,000 during the month [...]
The Office for National Statistics (ONS) has today revealed the UK’s trade deficit widened to a record high in November. According to the ONS, the goods trade gap widened to £8.736 billion in November from an upwardly revised £8.591 billion the previous month. This represented the biggest deficit since monthly records began more than 30 [...]
Influential think tank, the Organisation for Economic Co-operation and Development (OECD), has today reported the number of unemployed in the 33-member OECD countries stood at 45.8 million in November. The figure was down 0.3 million from November 2009 but almost 16 million higher than in November 2007. The unemployment rate held steady at 8.6% in [...]
The Bank of England has today revealed mortgage approvals picked up in November - surprising analysts. According to the Bank, there were 48,019 loans approved in the month, up from October’s 47,315 approvals. Not only did this represent the highest level since July, it confounded expectations of a level of 47,000. Meanwhile, approvals for remortgaging [...]
Japan’s industrial production rose in November for the first time in six months, increasing by 1% on the previous month, boosted by higher car production. The rise was also attributed to Government incentive programmes and will undoubtedly ease concerns about the recovery of the world’s third largest economy. The figures, published by the Ministry of [...]
According to the Commerce Department, consumer spending in the US rose 0.4% in November compared with the previous month. The rise represented the fifth consecutive monthly gain, raising hopes that the world’s largest economy is on the road to recovery. Consumer spending makes up for more than two-thirds of overall economic activity in the US [...]
The British Bankers’ Association (BBA) has today revealed a further fall in the number of new mortgages approved by the major banks in November. According to the BBA, the number of new mortgages approved in the month fell to 29,991, down from 30,689 in October - representing a 20-month low. Net mortgage lending fell to [...]
The National Association of Realtors (NAR) has today revealed sales of previously owned homes rose more than expected in November, offering hope that the housing market may slowly be recovering from its slump. The industry body said sales grew 5.6% to a seasonally adjusted annual unit rate of 4.68 million, up from October’s 4.43 million [...]
Government data has today revealed Japanese exports picked up in November - for the first time since February. Exports grew 9.1% to 5.44 trillion yen in November on an annual basis, against the 7.8% reported in October. However, the figure was still short of expectations for a 10.8% gain. The improvement was attributed to strong [...]
The Office for National Statistics (ONS) has today revealed public sector net borrowing totalled £23.3 billion in November – a record high for the month. Not only did it exceed the monthly record of £21.1 billion that was set in December 2009 - it represented the highest level since monthly records began in 1993. The [...]
HM Revenue & Customs (HMRC) has revealed a slump in the number of homes sold in November in the UK. According to HMRC, 77,000 homes worth at least £40,000 or more were sold in the month - down from the 80,000 sold in October and 6,000 less than in November last year. The figures are [...]
The Council of Mortgage Lenders (CML) has today reported mortgage lending remained weak in November. Mortgage lending last month fell by 5% when compared with October, said the Council. According to the CML, mortgage lending totalled £11.1 billion - lower than October’s £11.6 billion and the weakest monthly amount since April. CML chief economist Bob [...]
The latest survey from the Nationwide Building Society has revealed a fall in UK consumer confidence for the month of November. The building society’s consumer confidence index plunged 7 points to 45 in November - this represents the lowest reading since March 2009 - when the UK was in the midst of recession. According to [...]
The Office for National Statistics (ONS) has today reported UK retail sales rose 0.3% in November - albeit slower than the revised 0.7% in October. However, the figure was in line with expectations and was driven by sales of toys, sporting accessories and jewellery. Demand for clothing, footwear and households goods remained weak The ONS [...]
Figures today revealed India’s wholesale price inflation rate fell last month to 7.48%, from 8.58% the previous month - in line with expectations of 7.50%, but still significantly above the central bank’s target of between 4% and 5%. The figures suggest the Reserve Bank of India (RBI) will keep interest rates on hold when it [...]
The Commerce Department has revealed US retail sales grew for the fifth consecutive month in November. Sales grew by 0.8% - exceeding the 0.5% expected by economists and will boost hopes that the economic recovery picked up pace in the final quarter of the year. High unemployment remains a major concern in the world’s largest [...]
The Office for National Statistics (ONS) has today announced Consumer Price Inflation (CPI) rose to an annual rate of 3.3% in November, up from 3.2% in October. The latest figure represents the highest since May and inflation has now been above the target of 2% for a year. Meanwhile, toady’s figure surprised analysts who had [...]
Official figures revealed Scotland’s manufacturing sector grew in November at its fastest rate since August. The rise was attributed to a strong rise in new export orders for Scottish manufacturers, the Bank of Scotland’s Purchasing Managers’ Index (PMI) revealed today, boosted by demand from China and the US. The Bank of Scotland’s chief economist, Donald [...]
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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