Figures published today by the Society of Motor Manufacturers and Traders (SMMT) revealed a rise in UK car production for the month of October. UK car production rose 6% versus the same month a year ago, the SMMT said with the total number of cars produced at 112,798. For the year-to-date, car production is 31% [...]
The Office for National Statistics (ONS) has today revealed public sector net borrowing totalled £10.3 billion in October – a record high for the month. However, the figure was roughly in line with expectations of a £9.6 billion figure but is up from the £10.1 billion in October last year. The increase comes despite a [...]
The Council of Mortgage Lenders (CML) has today reported mortgage lending remained weak in October. 44,000 loans for home purchase were approved with gross mortgage lending totalling £12.4 billion – unchanged from the previous month and 9% lower on year ago levels. It also represented the lowest October figure since 2000. Commenting on today’s figures, [...]
According to the Office for National Statistics (ONS), UK retail sales grew in October for the first time in three months. The ONS said sales rose 0.5% in October on a monthly basis – beating analysts expectations of a 0.4% gain. Stripping out volatile fuel prices, retail sales grew 0.3% in the month. However, on [...]
The Commerce Department has revealed a severe decline in US housing starts for the month of October – falling to a near record low. According to the Commerce Department, construction of new US homes fell 11.7% on a monthly basis to a seasonally adjusted annual rate of 519,000 units – the lowest since April 2009 [...]
The Office for National Statistics (ONS) has today announced Consumer Price Inflation (CPI) rose to an annual rate of 3.2% in October, up from 3.1% in September. The latest figure represents the eleventh consecutive month that inflation has been above the target of 2% and will prompt the Governor of the Bank of England, Mervyn [...]
The Commerce Department has revealed US retail sales grew by a better than expected 1.2% last month – this followed an increase of 0.7% in September. The rise, which was the fourth consecutive monthly gain, was fuelled by an increase in car sales. Retail sales figures are closely watched because consumer spending accounts for approximately [...]
The Office for National Statistics (ONS) is scheduled to announce the UK inflation rate for October tomorrow morning, with analysts expecting the annual rate to hold steady at 3.1%. With inflation way above the 2% target, the Governor of the Bank of England, Mervyn King, will be forced to write a letter to Chancellor George [...]
The latest survey from the Nationwide Building Society has revealed a further fall in UK consumer confidence for the month of October. The building society’s consumer confidence index lost just one point to a reading of 52 in October but this level has not been seen since March 2009 – when the economy was in [...]
Chinese inflation continued to increase in October, driven by higher food prices. According to the National Bureau of Statistics (NBS), the closely-watched consumer price index rose 4.4% in October, up from 3.6% in September. Not only was the rate higher than analysts had expected, it represented the fastest pace since September 2008 – at the [...]
China’s trade surplus widened lat month – to reach its second highest level this year, official data showed today. The trade surplus grew to $27.1 billion (£17 billion) – far higher than September’s $16.9 billion but just slightly below the $28.7 billion reported in July. Exports and imports grew considerably, with exports up 22.9% on [...]
The Society of Motor Manufacturers and Traders (SMMT) has today announced UK car sales fell by 22.2% in October compared with the same month in 2009. It represents the fourth consecutive monthly fall but was expected due to the withdrawal of the scrappage scheme. The SMMT said the number of new cars sold in the [...]
The Halifax has today revealed UK house prices rose by 1.8% last month, following a 3.6% fall in September. The latest house price rise takes the average cost of a UK home to £164,919, the Halifax said. According to the lender, the monthly increase was three times faster than expected and means house prices are [...]
Growth in the UK’s closely-watched service sector accelerated in October but the outlook is cautious as companies worry about the impact of spending cuts. The latest index from the Chartered Institute of Purchasing and Supply (CIPS)/Markit PMI climbed to 53.2 in October, from 52.8 in September, confounding expectations of a 52.5 reading. However, the index [...]
An industry report published yesterday revealed a pick up in US manufacturing activity, due to increasing demand from exports. The Institute for Supply Management (ISM) said its latest index of national factory activity grew to 56.9 in October, from 54.4 the previous month. The reading represented the highest since May and surprised analysts who had [...]
The Chartered Institute of Purchasing and Supply (CIPS)/Markit manufacturing purchasing managers’ index (PMI) has today revealed UK manufacturing activity unexpectedly grew in October. The closely-watched CIPS/Markit manufacturing PMI rose to 54.9 in October from 53.5 the previous month. Not only was the reading the highest since July, it surprised economists who had expected a fall [...]
Manufacturing activity in China continued to improve in October, two separate surveys showed today. Firstly, a survey released by the China Federation of Logistics and Purchasing (CFLP) showed the manufacturing activity index rose to 54.7 in October from 53.8 in September. The reading beat forecasts of a level of 52.9. A separate survey from HSBC [...]
According to housing intelligence group, Hometrack, house prices in England and Wales fell for the fourth consecutive month in October. According to Hometrack, house prices fell by 0.9% on the month in October to £156,200 – the lowest level since September 2009. The ongoing fall in values continues to be the result of a high [...]
The latest house price index from the Nationwide Building Society has revealed a 0.7% fall for the month of October compared with September. The latest house price gain means the annual rate of house price inflation fell to 1.4%, down from 3.1% in September, with the average UK home costing £164,381. Meanwhile, the three-month-on-three-month rate [...]
The Federal Labour Agency has today announced Germany’s unemployment rate fell in October to 7%, from 7.2% the previous month. The number of unemployed, meanwhile, has fallen below the three million mark – boosted by a combination of Government measures and reforms. Germany’s job market is much stronger than in many other countries and many [...]
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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