The latest survey from the Nationwide Building Society has revealed an improvement in UK consumer confidence for the month of December after three months of falls. The building society’s consumer confidence index rose to 53 in December, up from 45 in November – which represented the lowest reading since March 2009 – when the economy [...]
According to the latest CBI distributive trades survey, retailers are optimistic – particularly about the run-up to Christmas. This is deemed positive after many reports have suggested consumers will rein in their spending after the Government’s massive spending cuts. However, shoppers are expected to buy big-ticket items – ahead of the VAT rise which will [...]
In a trading update today, London-based Standard Chartered bank said it is on target for a strong performance for the half-year ending June 30. Standard Chartered has weathered the downturn better than many of its rivals due to strong capital and liquidity and recently said it has had a “very strong start to the year [...]
Influential think tank, the National Institute of Economic and Social Research (NIESR), said the UK economy avoided a double-dip recession in the first quarter of 2010 and is expected to see growth of 0.4%. However, official figures for quarter one GDP will not be published until April 23 but it appears many are optimistic for [...]
Further good news for the UK economy emerged today after the Office for National Statistics (ONS) said exports in November soared to £20.2 billion – the highest since October 2008. The rise was fuelled by sales of consumer goods and chemicals, according to the ONS. The ONS said that Britain’s global goods trade gap narrowed [...]
Official figures have today revealed that Ireland’s economy grew by 0.3% in the third quarter compared with the previous quarter and has therefore exited recession. The economy has been one of the worst performers in the western world this year but has now emerged from what was one of Europe’s worst recessions. However, despite the [...]
The price of gold has ended its run of all-time highs after positive economic US data sent the dollar higher. On Friday, the Labor Department revealed that the US economy lost fewer jobs in November with the unemployment rate falling to 10% from a rate of 10.2% in October. Figures show that US employers cut [...]
Following positive economic data from the US and China yesterday, US light crude rose $1.13 a barrel to end Monday trading at $78.13, while London Brent added $1.35 to $76.55. While prices are still way off the peak of $147 set in July 2008, they have been steadily rising due to strong economic data and [...]
The Government’s Car Allowance Rebate System (CARS), branded the “cash for clunkers” scheme, is believed to have contributed to the fall in US consumer spending, which fell for the first time in five months in September, and was the largest decline since December. According to the US Commerce Department, spending fell 0.5% in the month, [...]
Official figures today have revealed that the US economy expanded at an annualised rate of 3.5% between the July and September period, suggesting that the economy has exited its worst recession in 70 years. The figures have come as no surprise after many economists had expected that the economy would experience positive growth in the [...]
At 0930 BST today, the Office for National Statistics (ONS) will release UK GDP figures for the third quarter. If the UK economy experiences positive growth in the July to September period, it will mean the economy has exited recession. If not, it will be the first time the UK has endured six consecutive quarters [...]
The Dow Jones index rose today on the back of positive economic data and followed gains seen over the last week. In seven out of the last eight days, the Dow Jones has risen. By mid-session in New York, the index gained 0.6% to 9,737.3 points with European shares rising in response. London’s FTSE 100 [...]
According to a forecast from the European Commission, the euro zone will return to positive growth by the end of 2009, lifting the 16 countries that use the euro out of recession. The commission is forecasting growth of 0.2% for the July to September period but warns that the recovery might not be sustainable in [...]
Brazil has followed Japan, Germany, France and Hong Kong by exiting recession after experiencing positive growth in the second quarter. The economy, which is the largest in Latin America, grew by 1.9% in the April to June quarter compared with the previous three months. The growth was better than analysts had expected. The second quarter [...]
London’s FTSE 100 index closed up 57 points today at 5004.30 – the highest level since 3rd October 2008. Shares across Europe have also performed well, with France’s Cac 40 index gaining 1.3% and Germany’s Dax index rising 1.7%. In the US, the Dow Jones industrial average was up 63.94 points at 9,561.28 in late-morning [...]
According to the Recruitment and Employment Confederation and KPMG Report on Jobs, there is some good news for the UK jobs market . The index for firms’ hiring of permanent workers rose from 46.1 in July to 50.6 in August – tipping over the 50 mark which indicates growth. The report shows that for the [...]
The latest Nationwide Consumer Confidence index suggests that the worst of the recession is over after its index rose from 61 in July to 63 in August – the highest reading since May 2008. According to the Nationwide, all of its measures of confidence rose during August with consumers feeling more positive about the current [...]
US light crude hit $74.49 (£45) a barrel by afternoon in Europe today – after reaching $74.81, its highest intra-day price in ten months, on the back of increasing demand. Meanwhile, London’s Brent crude was 16 cents higher to $74.35 a barrel. This resulted in stock rising in BP, Royal Dutch Shell, BG Group and [...]
Positive economic news and hopes of a global recovery boosted the FTSE 100 again today after the index soared to a ten-month high and smashed through the 4,900 mark. The gains followed those seen in Asia earlier today, which were spurred on by Federal Reserve chairman Ben Bernanke’s comments last Friday. Mr Bernanke’s comments came [...]
Japan is set to release GDP figures tomorrow with analysts predicting growth of 1% during the April to June period. After four consecutive quarter-on-quarter contractions, positive growth would mean the recession is over in Japan. Last week, figures revealed that Hong Kong had emerged from recession after the economy grew 3.3% in the second quarter. [...]
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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