The Chartered Institute of Purchasing and Supply (CIPS)/Markit manufacturing purchasing managers’ index (PMI) has today revealed UK manufacturing activity contracted last month. The closely-watched CIPS/Markit manufacturing PMI sank to 47.4 in October from September’s reading of 50.8. Today’s survey means the index has fallen below the crucial 50 mark – which separates growth from expansion. [...]
The Office for National Statistics (ONS) has today revealed the UK economy expanded by a better-than-expected 0.5% in the July to September period. This compares with a 0.1% growth rate for the second quarter and was better than the 0.3% expected by most economists. The better performance was attributed to production sector output, which rose [...]
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 [...]
The latest house price index from the Nationwide Building Society has revealed prices fell by 0.6% in August on a monthly basis – the fastest pace since October 2010. On an annual basis, house prices are now 0.4% lower than this time last year with the average UK home costing £165,914. The latest figures suggest [...]
WH Smith, which sells newspapers, books, stationery and confectionery, today announced like-for-like sales fell 4% in the 18 weeks to 2 July compared with the same period a year ago. However, the company, which operates on the High Street and at travel-based outlets such as airports, train stations and motorway service stations, said it “remained [...]
Standard & Poor’s (S&P) has today lowered the US’ top notch credit rating from stable to negative – suggesting that the rating could be cut within the next two years. The rating agency believes that the Democrats and Republicans will not be able to agree a plan to cut the spiralling US deficit. President Barack [...]
British retailing giant Marks and Spencer (M&S) has today reported like-for-like sales, which strip out new store openings, grew 0.1% in the 13 week period to 2 April. The figures were marginally better than expected and sent shares up 13.3p today to 353.5p. The 127-year-old retailer which sells clothes, food and homewares said general merchandise [...]
Standard & Poor’s has cut Ireland’s credit rating by one notch to BBB+ from A- citing debt concerns but said further downgrades were now unlikely following recent stress tests. The ratings agency also said the outlook is stable and believes that the Irish economy is “set to gradually recover”. S&P credit analyst Frank Gill comments: [...]
The latest house price index from the Nationwide Building Society has revealed a 0.1% fall for the month of January compared with December. The latest fall means house prices are now 1.1% lower than this time last year with the average UK home costing £161,600. According to Nationwide’s chief economist Robert Gardner, the outlook remains [...]
The Society of Motor Manufacturers and Traders (SMMT) is expecting the UK’s motor industry to face a challenging few months amid “difficult conditions”. The comments from the industry body come shortly after it announced sales of new cars in the UK rose by 1.8% in 2010, although volumes were still at their second-lowest in the [...]
Credit rating agency Standard and Poor’s (S&P) has today expressed its support for the Coalition Government’s handling of the UK economy after revising its outlook on the UK economy to “stable” from “negative” and affirmed its top AAA credit rating for Britain. The revision came on the same day that the Office for National Statistics [...]
Respected economic forecaster, the Ernst & Young Item Club, has today warned of a gloomy outlook for consumers but a double-dip recession is unlikely. The think tank said economic growth will be hampered due to massive spending cuts – introduced by the Government to tackle the budget deficit. The Ernst & Young Item Club is [...]
British retailing giant, Marks and Spencer (M&S), has today reported a rise in UK like-for-like sales of 5.3% in the 13 weeks to October 2. Furthermore, the 126-year-old retailer which sells clothes, food and homewares, said total sales across the group grew by 6.5%, with international sales 6.2% higher. Chief executive, Marc Bolland who joined [...]
The Bank of Japan’s (BoJ) closely watched quarterly Tankan survey has revealed business confidence continues to rise, despite concerns about a strong yen. The Tankan index revealed business confidence among major manufacturers had picked up for the sixth consecutive quarter, rising to a better than expected reading of 8 in September, from 1 in June. [...]
Bank of Japan (BoJ) has announced new measures aimed at enhancing “easy monetary conditions” and holding back the rise in the value of the yen. Following an unscheduled meeting of its Monetary Policy committee, the Bank is to provide the country’s lenders with and additional 10 trillion yen in six-months funds, in a move that [...]
Supermarket giant Asda has today announced like-for-like sales (excluding fuel) declined by 0.4% in the second quarter. The fall was attributed to the tough austerity measures introduced by the Government, which has hit consumers, according to Asda. “Asda’s customers are facing recently announced tax increases and cuts in Government spending,” it said in a statement. [...]
Oil giant Royal Dutch Shell has today announced second quarter profits almost doubled after completing its restructuring programme ahead of schedule. Shell posted profits of $4.5 billion (£2.9 billion) – a rise of 94% on the $2.3 billion reported a year ago. The Anglo-Dutch firm, which is Britain’s second largest oil company, has undergone a [...]
Figures today revealed South Korea’s economy grew by 1.5% in the second quarter compared with the first quarter – much faster than economists had expected. On an annual basis, the economy expanded by 7.2% and, according to the central bank, growth has returned to the pre-crisis level. According to economists, the level of growth could [...]
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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