The Office for National Statistics (ONS) has today revealed UK factory output fell 0.3% in August on a monthly basis. The reading was worse than economists had expected and confirm weak prospects for the economy after the figures suggest a poor start to the third quarter. On an annual basis, meanwhile, factory output was 1.5% [...]
The Office for National Statistics (ONS) has today revealed UK factory output shrank by 0.2% in July after a flat reading the previous month. The reading was worse than economists had expected and confirm weak prospects for the economy after the figures suggest a poor start to the third quarter. The fall was attributed to [...]
Minutes of the Bank of England’s December meeting have been released today and have revealed that the Monetary Policy Committee (MPC) were split three ways – for the third consecutive month. Adam Posen, again, called for an injection of £50 billion via the Bank’s quantitative easing (QE) programme to boost the economy. Furthermore, for the [...]
The Office for National Statistics (ONS) has today revealed the UK economy grew by 0.7% in the July to September period – down from its previous estimate of 0.8%. On an annual basis, meanwhile, growth was also revised down to 2.7% from 2.8%. Both figures surprised economists who had expected quarterly and annual growth to [...]
Supermarket giant Tesco has today reported an increase in sales for the 13-week period to November 27. Like-for-like UK sales excluding fuel grew 1.5% in the three month period, while overseas growth rose by 4.1%. However, growth surged in the US, with a 9.8% rise on a like-for-like basis. The supermarket, which is the UK’s [...]
The Office for National Statistics (ONS) has today revealed the UK economy grew by 0.8% in the July to September period – unrevised from its initial estimate last month. Today’s estimate is the second reading, a third and final estimate will be available next month. The ONS also confirmed that the economy grew by 2.8% [...]
The Commerce Department has today revealed the US economy grew by 2.5% in the July to September period – much faster than the 2% previously estimated and higher than economists had forecast. Today’s estimate is the second reading, a third and final estimate will be available next month. GDP was revised upwards due to higher [...]
The European Union’s statistics office, Eurostat, has today revealed growth in the 16 countries that use the euro slowed in the third quarter. According to Eurostat, the euro zone grew 0.4% in the July to September period, compared with 1% in the second quarter. On an annual basis, growth was recorded at 1.9%. It follows [...]
Official figures today showed Italian economic growth slowed in the July to September period. Italy’s statistics office, Istat, said the economy expanded by 0.2% in the third quarter, slowing from the 0.5% growth recorded in the second quarter. The growth rate was half the 0.4% expected by analysts. On an annual basis, meanwhile, the economy [...]
Germany, which is Europe’s largest economy, saw a slowdown in quarter three economic growth after a record second quarter. German statistics office, Destatis, said the economy grew 0.7% in the July to September period – compared with the record expansion of 2.3% in the April to June quarter – which represented the fastest since German [...]
The Council of Mortgage Lenders (CML) has today reported a further fall in repossessions – the fourth consecutive quarter in which they have fallen. According to the Council, lenders seized 8,900 properties in the July to September period – representing a fall of 5% compared with the second quarter. Experts argued, though, that many homeowners [...]
Germany’s largest lender, Deutsche Bank, today announced a loss for the third quarter, owing to its take over of retail bank, Postbank. The bank reported a net loss of €1.2 billion (£1.05 billion), compared with a €1.39 billion profit in the same period last year. However, the figures still beat forecast of a €1.48 billion [...]
The initial reading of third quarter economic growth will be published tomorrow by the Office for National Statistics (ONS). Economists expect growth to slow to 0.4% in the July to September period – down from 1.2% in the second quarter. However, tomorrow’s estimate is the first of three and could be revised upwards or downwards [...]
Bank of America, which the US’ largest bank, has today unveiled a net loss of $7.3 billion, or 77 cents per share, compared with a loss of $2.2 billion, or 26 cents per share, a year earlier. The banking giant said it had a one-off impairment charge of $10.4 billion for the July to September [...]
The Bank of France has predicted the French economy will grow by 0.3% in the July to September quarter, following growth of 0.4% in the second quarter. The recovery of the euro zone’s second largest economy is therefore likely to lose a little momentum, partly due to a slowdown in industry production at the start [...]
The Office for National Statistics (ONS) has today revealed that the UK economy contracted by 0.2% in the July to September period – rather than the 0.3% previously reported and the 0.4% estimated in October. Analysts had forecast a contraction of 0.1%. On an annual basis, the UK economy has shrunk by 5.1% over the [...]
A survey by the Confederation of British Industry (CBI) has today revealed a poor performance among services companies in the July to September period. The group said a net 13% balance of service firms said profits had increased annually for the quarter, less than the 19% expected. Business services firms such as accountancy and law [...]
The economies of the 30 members of the Organisation for Economic Co-operation and Development (OECD) posted growth of 0.8% in third quarter – the first time economic output among the OECD economies grew since the January to March period last year. OECD members account for 61.3% of global Gross Domestic Product (GDP). The Organisation has [...]
The Office for National Statistics (ONS) has today unveiled some disappointing news after it has emerged that the UK economy shrank by 0.4% in the July to September period, meaning the country is still in recession. However, it must be noted that today’s figures could still be revised up or down at a later date, [...]
Official figures show that Chinese GDP growth surged to 8.9% in the July to September period, up from 7.9% in the April to June period. The strong result was due to all sectors performing strongly and was the fastest GDP growth since quarter three last year. Many analysts have described China’s recovery as “impressive”. In [...]
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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