The latest Beige Book report, published by the Federal Reserve today, has revealed widespread signs that US economic growth continues to slow. The Fed said: “Economic activity continued to expand at a modest pace, though some districts noted mixed or weakening activity.” The economic recovery of the US remains sluggish in the face of higher [...]
The Paris-based Organisation for Economic Cooperation and Development (OECD) has revised its growth forecasts for major economies. The US, which is the world’s largest economy, is expected to see growth in the third quarter of 1.1% and 0.4% in the fourth – this is far lower than the previous estimates of 2.9% and 3%. However, [...]
Bank of England policymaker Adam Posen today said the central bank is right not to have raised interest rates, despite stubbornly high inflation. For several months, three of Monetary Policy Committee (MPC) members have voted for interest rates to be lifted after inflation reached a 2½- year high last month of 4.5% – more than [...]
The Paris-based Organisation for Economic Cooperation and Development (OECD) has today said the Bank of England should lift interest rates to combat stubbornly high inflation. UK economic growth is being hampered by soaring inflation, which is having a major impact on consumer spending. As a result, the Organisation revised its growth forecasts for the UK, [...]
The Paris-based Organisation for Economic Cooperation and Development (OECD) has revised its growth forecasts for the global economy. The US, which is the world’s largest economy, is expected to see growth this year of 2.6% – revised upwards from a previous estimate of 2.2%. It maintained its 2012 growth forecast at 3.1%. “Growth in the [...]
As more doom and gloom surrounds the euro zone economy, the Organisation for Economic Cooperation and Development (OECD) has today issued a positive statement and suggested that “the euro as a currency has a long life, it is alive, well and kicking”. Fears have been raised that the 16-nation euro currency will fail in the [...]
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 [...]
Figures released by the Office for National Statistics (ONS) have revealed that the number of people out of work in the UK has reached 2.2 million. This takes the unemployment rate up to 7.1% from 6.7% – the highest rate since 1991. In the meantime, unemployment benefit claimants in April climbed by a further 57,000 [...]
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 [...]
According to the Organisation for Economic Cooperation and Development (OECD), it is likely that the British economy will fall into recession during the second half of this year. It is expected that Britain will be the worst performer out of the world’s wealthiest nations with the economy expected to shrink by 0.3% in the third [...]
According to the Organisation for Economic Cooperation and Development (OECD), growth in the seven largest economies are set to slow further. The Paris-based organisation said its research for June points towards a continued weakening outlook for all the major seven economies. The warning comes as the fallout from the credit crisis has affected economies worldwide, [...]
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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