Official data today revealed a contraction in the Japanese economy for the final three months of 2010. The latest figures mean China has now officially become the world’s second largest economy – taking over from Japan, which slides into the third place. At the end of 2010, Japan’s economy was worth $5.474 trillion (£3.414 trillion), [...]
Official data from the Department for Communities and Local Government (DCLG) today revealed UK house prices fell by 0.8% in September compared with August, with the average UK home costing £211,815. The quarter-on-quarter growth rate, which is a more reliable indicator or near-term price trend, also fell by 0.7%, compared with a rise of 1.6% [...]
Official data from the Department for Communities and Local Government (DCLG) today revealed UK house prices crept up by 0.7% in August compared with July, with the average UK home costing £213,116. On an annual basis, house prices were up 8.3% in August, slightly down from the 8.4% reported in July. Despite the monthly rise, [...]
A report by the National Bureau of Economic Research (NBER) has concluded the world’s largest economy exited recession in June 2009 – officially making it the most prolonged since World War II. The NBER said the recession began in 2007 and more than eight million jobs were lost during the slump. Despite the US emerging [...]
It’s official, the general election has resulted in a hung parliament after the Conservative Party failed to win the required 326 seats which would give them an overall majority. Gordon Brown has returned to Downing Street this morning and he is expected to form a coalition Government with the Lib Dems. However, leader of the [...]
Japan’s economy grew by 1.2% in the third quarter confirming that it has officially exited recession. The news comes just a few days after France and Germany’s economies also experienced positive growth in the third quarter, while it was confirmed on Friday that the euro zone had emerged from recession in the third quarter. The [...]
The Commerce Department has today revealed that the US economy contracted at an annual rate of 1% during the second quarter – unchanged from an initial estimate released in July, and better than market expectations for a 1.5% contraction. The data is almost certain to back up the fact that the economy is starting to [...]
Official figures have confirmed today that the UK is in recession after Gross Domestic Product fell by 1.5% in the fourth quarter of last year, following a 0.6% contraction in the three months prior to that. This represents the biggest quarter-on-quarter fall since 1980. Neil Mackinnon, chief economist at ECU Group, described the GDP figures [...]
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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