Figures from the Office for National Statistics (ONS) have revealed that UK manufacturing output is falling at the fastest rate since the early 1980s. Industrial output has now fallen for nine consecutive months. The figures are likely to trigger concerns that the economy is contracting faster than forecasted. The ONS said output fell 7.4% compared [...]
Figures from the Office for National Statistics (ONS) have revealed that manufacturers’ output prices fell by 1% in October from September, which is the largest monthly fall since records began in 1986. The fall, which is primarily due to the recent fall in oil prices, means the annual rate of output price inflation is down [...]
The price of oil fell to $59.32 a barrel in early trading today, the lowest point since February 2007, amid growing concerns that a US recession will reduce demand. Oil prices reached a high of $147 a barrel in mid-July. Last week, Opec said it would cut its output by 1.5m barrels a day to [...]
The UK economy is heading towards a recession following a new report from the British Chambers of Commerce (BCC). A quarterly survey of 5,000 companies carried out by the BCC, which represents small and medium sized companies, found that business confidence is at an all time low. According to the BCC’s report, confidence has collapsed [...]
The Japanese economy contracted at an annual rate of 3% between April and June. The fall is the first in over a year and the largest since the third quarter of 2001. The country, whose economy is the second largest, appears to be on the brink of recession as analysts said demand for Japanese goods [...]
Figures from the Engineering Employers Federation (EEF), the manufacturers’ organisation, have revealed that new orders for the UK’s industrial output have fallen to their lowest level for 3 years. As a result, the majority of manufacturers are now cutting staff rather than hiring and the EEF has warned that it is essential that the Government [...]
A survey by the CBI and Experian has revealed that confidence among UK manufacturers has taken a dive throughout the UK, as companies are facing steep rising cost pressures with output expected to fall over the next few months. The index of business optimism fell to -40 in the three months to July, this represented [...]
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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