Influential think tank, the Organisation for Economic Co-operation and Development (OECD), has today said the global economic recovery is slowing faster and has therefore revised its growth forecast downwards for the G7 leading economies. However, the think tank has said a return to recession is unlikely but “great uncertainty” remains. It has therefore slightly revised [...]
Economic think tank, the Organisation for Economic Co-operation and Development (OECD), has today said unemployment remains a concern in rich economies. In particular, the OECD has expressed concern for the UK economy, after the Government axed investment for job programmes. It believes the unemployment rate will hover around the 8% mark for at least the [...]
Influential think-tank, the Organisation for Economic Co-operation and Development (OECD), has raised its worldwide growth forecasts in its twice-yearly report. The Paris-based Organisation said the global economy is recovering faster than expected with Asia continuing to drive the expansion. However, debt crises in many countries may threaten expansion in the developed world, the OECD warned. [...]
The Bank of England’s Monetary Policy Committee (MPC) has today elected to keep UK interest rates on hold at the historically low level of 0.5% for the 13th consecutive month. In addition, it has opted not to inject any more funds into the economy via its quantitative easing (QE) scheme – introduced to stimulate growth [...]
The Bank of England’s Monetary Policy Committee (MPC) is today expected to keep UK interest rates on hold at the historically low level of 0.5% for the 13th consecutive month. In addition, the Bank is expected not to inject any more money into the economy through its quantitative easing (QE) scheme. In February, the Bank [...]
The Organisation for Economic Co-operation and Development (OECD) has today said the UK economy will outperform its G7 rivals in the second quarter of 2010. The forecast comes despite the UK economy lagging behind other major economies and being one of the last to emerge from recession – in the fourth quarter of 2009. However, [...]
The Organisation for Economic Co-operation and Development (OECD) today warned Governments in its member countries to take action to trim their budget deficits. The OECD, which includes 30 territories such as the US, Australia, Japan, Canada, New Zealand and European countries, is forecasting that debt would exceed 100% of GDP in 2011 across its member [...]
Addressing parliament today, Chancellor Alistair Darling warned that UK unemployment would continue to rise “for a while”. The latest official figures show that UK unemployment stands at 2.46 million – a rate of 7.8%. The Organisation for Economic Co-operation recently forecast that UK unemployment will increase to a rate of 9.3% in 2010 and to [...]
The economies of the 30 members of the Organisation for Economic Co-operation and Development (OECD) posted growth of 0.8% in third quarter – the first time economic output among the OECD economies grew since the January to March period last year. OECD members account for 61.3% of global Gross Domestic Product (GDP). The Organisation has [...]
Following the worst recession for decades across the world’s major economies, the Organisation for Economic Co-operation and Development (OECD) is expecting growth and recovery in 2010. In its annual Economic Outlook, the Organisation upgraded its growth forecasts for next year, with world economic output contracting by 1.7% this year and rising by 3.4% in 2010. [...]
The Organisation for Economic Co-operation and Development (OECD) has provided a positive outlook for major economies saying “a recovery is clearly visible in the US, Japan and all other OECD economies and major non-OECD economies.” The report will give a boost to the UK which did not emerge from recession in the third quarter as [...]
The Organisation for Economic Co-operation and Development (OECD) has today revealed that the unemployment rate in its member countries has crept up from 8.5% in July to 8.6% in August, up from 6.3% in August 2008. The OECD, which includes 30 territories such as the US, Australia, Japan, Canada, New Zealand and European countries, is [...]
The Organisation for Economic Co-operation and Development (OECD) warned today that in spite of signs of recovery in major economies, the global recession could mean 25 million people will lose their jobs. The news comes after the Office for National Statistics (ONS) today revealed that unemployment in the UK grew by 210,000 to 2.47 million [...]
The Organisation for Economic Co-operation and Development (OECD) said the global recession is ending faster than originally thought and expects the US and the euro zone to exit recession in the third quarter. However, the news was not so positive for the UK with the organisation predicting that the economy will contract by 4.7% this [...]
The Organisation for Economic Co-Operation and Development (OECD) is calling on the UK Government to take control of the UK’s spiralling debt. The OECD also said that restoring the flow of lending to the economy is an urgent priority – even if it meant nationalising more banks. The warning from the organisation comes as the [...]
Governments worldwide must continue to take action on pensions or risk a decades-long global pensions crisis, the Organisation for Economic Co-operation and Development (OECD) warned this week. The OECD said new economic concerns created by the credit crunch must not deter governments from pursuing pensions reforms. Dealing with short-term challenges by postponing reforms would prove [...]
The Organisation for Economic Cooperation and Development (OECD) is forecasting that the UK’s recession will end in this year but said recovery is likely to be “weak and fragile” for some time. The OECD is forecasting that output will decline by 4.3% this year, revised upwards from its March forecast of a 3.7% fall. The [...]
According to the Organisation for Economic Co-operation and Development (OECD), the economic outlook for the world’s major economies is looking brighter after indications revealed the downturn may have finally bottomed out. The composite leading indicators (CLI) index for the 30 countries in the OECD gained 0.5 points in April to 93.2, up from 92.7 in [...]
According to the Organisation for Economic Cooperation and Development (OECD), the worst of the recession may be over for Britain. The OECD has gathered its evidence by measuring a range of statistics, including trends in stock markets and business surveys. The influential think tank said while output is still shrinking, there have been some green [...]
The G20 leaders have come to an agreement to toughen up regulations within the financial markets today and have agreed to blacklist tax havens. The Organisation for Economic Co-operation and Development (OECD) will be in charge of publishing this and within the documentation a scale of white, grey and black list havens. This will be [...]
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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