As the leaders of the European Union’s 27 member states prepare to meet over a possible new EU treaty, the UK’s chancellor George Osborne warned a House of Lords committee that a collapse of the euro would do ‘enormous damage’ to the UK economy. Mr Osborne also stressed that the damage would be long-term. Speaking [...]
Greek Prime Minister George Papandreou last night survived a crucial confidence vote by 155 to 143. EU leaders were insistent that Mr Papandreou’s new cabinet secure support for new austerity measures that are a condition of the latest instalment of financial aid for the country. MPs will now have to approve the next round of [...]
At the World Economic Forum in Davos, Switzerland, British Prime Minister David Cameron is expected to say later today that the UK economy is making “progress”. His speech will come just days after official figures revealed the UK economy contracted by 0.5% in the October to December period. The figures shocked economists who had expected [...]
Portugal has, once again, denied that it does not require an EU bailout as speculation mounts that it will follow Greece and Ireland and request emergency funds. The euro has been falling over recent days over debt concerns in the euro zone. The single currency is falling as investors are nervous that the debt crisis [...]
Portugal’s parliament yesterday endorsed tough austerity measures – designed to deal with the country’s spiralling budget deficit. Many euro zone nations have introduced similar measures as they tackle large levels of debt. The new austerity budget is aimed at trimming the deficit from 7.3% of economic output in 2010 to 4.6% in 2011. However, the [...]
Prime Minister David Cameron has delivered a speech today at the CBI’s annual conference and has outlined a “strategy for growth” for Britain’s private sector – just days after his Government unveiled its harsh Comprehensive Spending Review. The spending cuts introduced by the Coalition Government have received mixed responses; many have been critical of them [...]
David Cameron is to deliver a speech today at the CBI’s annual conference and is expected to defend the recent spending cuts, while pledging to create a “new economic dynamism” in Britain. The Prime Minister intends to boost business confidence and growth and is expected to say: “This is an incredible opportunity for Britain – [...]
Japan’s Prime Minister, Naoto Kan, has today said he is “very concerned about the currency situation” as the yen continues to strengthen against the US dollar. The Japanese yen is currently hovering around 15-year highs against the dollar. Last month, the Bank of Japan (BoJ) intervened to stem its currency against the dollar – the [...]
In a major speech in Milton Keynes this morning, Prime Minister David Cameron said the budget problems are even worse than thought and has laid the blame with the former Government. His speech, which comes ahead of the emergency budget on 22 June, issued a stark warning about the painful spending cuts which his Government [...]
In a major speech in Milton Keynes this morning, Prime Minister David Cameron is expected to issue a stark warning about the painful spending cuts which his Government is to implement in the years to come. Mr Cameron is expected to say: “The decisions we make will affect every single person in our country. And [...]
In his first major speech since becoming Prime Minister David Cameron has today promised to “transform our economy” and make the next decade the “most entrepreneurial and dynamic in our history”. Outlining the Government’s strategy for economic growth, he has also pledged to help firms by cutting red tape, improving trade and transport links and [...]
Spanish Prime Minister, Jose Luis Rodriguez Zapatero, has today unveiled tough measures to deal with the country’s deficit, which is currently 11% of GDP. Spain plans to reduce the deficit by 4.7% by the end of next year and endeavours to achieve this by cutting pensions and civil service salaries. Speaking in parliament, the PM [...]
Spanish Prime Minister, Jose Luis Rodriguez Zapatero, is set to unveil massive budget cuts later as fears mount that the debt crisis in Greece may spread to Spain. The country’s deficit is currently 11% of GDP and Spain plans to reduce it by 4.7% by the end of next year. There have been fears that [...]
Conservative leader David Cameron, 43, has become Britain’s youngest Prime Minister in almost 200 years following Gordon Brown’s resignation after 13 years of Labour rule. Mr Cameron will now form a coalition Government with the Liberal Democrats, which represents the first such Government in the UK for 70 years. Announcing his resignation, Prime Minister, Gordon [...]
Gordon Brown has this evening announced he is stepping down as Labour leader. Speaking outside 10 Downing Street, Mr Brown, who has been Prime Minister since June 2007 after the resignation of Tony Blair, said he intended to stand down as Labour leader “in the national interest”. The news comes after Friday’s hung parliament result, [...]
The financial world was in shock over the weekend following the decision of the US Securities and Exchange Commission (SEC) to charge Goldman Sachs and one of its vice presidents with fraud. The Wall Street bank allegedly sold investors down the river by “misstating and omitting key facts” about a financial product tied to US [...]
Prime Minister Gordon Brown has today confirmed the general election will take place in exactly one month’s time – on 6 May. The move was widely expected and the PM made the announcement outside Downing Street, following a 20-minute meeting with the Queen at Buckingham Palace to seek the dissolution of Parliament. Mr Brown will [...]
Prime Minister Gordon Brown has confirmed the date of the Budget as March 24 with speculation mounting that the general election will be 6 weeks after – on May 6. The Treasury is set to confirm the Budget date later in a written statement to MPs. Meanwhile, in the build-up to the budget, Chancellor Alistair [...]
The topic of bank bonuses continues to hit the headlines with Prime Minister Gordon Brown suggesting a possible cap on bonuses within the banking industry, and indicating that bonuses should be based on long-term success. The PM added that banks should be able to “claw back” bonuses if the bank later performed poorly. Mr Brown [...]
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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