A quarterly survey by the British Chambers of Commerce (BCC) revealed that the UK economy was “fragile”. The BCC’s survey for the three months to the end of June showed a slow recovery and estimates that the economy grew by 0.3% in the period – slower than the 0.5% growth in the first quarter. Commenting [...]
The Bank of England’s new Financial Policy Committee (FPC) is set to hold its first quarterly meeting today. The FPC, which was first unveiled by Chancellor George Osborne a year ago, has been established to regulate financial services and markets. The idea behind the FPC follows the Government’s criticism of the Financial Services Authority (FSA) [...]
A quarterly survey of the UK’s financial services sector by PricewaterhouseCoopers (PwC) and the Confederation of British Industry (CBI) has revealed that business volumes grew in the three months to the end of March. The financial services sector, which represents around 8% of GDP, has been badly affected by the credit crunch and debt crises [...]
The Office for National Statistics (ONS) has today revealed the UK economy grew by 1.2% in the April to June period – unrevised from its second estimate last month. While the reading was expected to remain the same – it represented the fastest pace in nine years and took the annual rate of growth to [...]
A quarterly survey of the UK’s financial services sector by PricewaterhouseCoopers (PwC) and the Confederation of British Industry (CBI) has revealed that the industry is growing, albeit at a slower pace than expected. According to the survey, activity in the sector in the last three months has grown at its fastest rate since September 2007, [...]
In its latest Inflation Report, the Bank of England is predicting that inflation would remain above the 2% target for the remainder of 2010. Last month, it was revealed the UK’s rate of inflation rose to 3.4% in March, up from 3% in February. The CPI inflation rate is a benchmark for the Bank of [...]
A quarterly survey by the Confederation of British Industry (CBI) has revealed a pick up in export growth due to a weak pound. Small and medium sized businesses in the UK noted that conditions were improving in demand and production of goods. The CBI said more than one third of 402 manufacturing firms reported an [...]
The Bank of Japan’s closely watched quarterly Tankan survey has revealed an improvement in business confidence in Japan. The Tankan index revealed business confidence among major manufacturers had picked up for the fourth consecutive quarter, rising to -14 in March from -25 in December and significantly higher than the record low of -58 seen this [...]
Apple has benefited from the continued popularity of iPhones and posted a net profit of $3.4 billion (£2.08 billion) in the three months to 26 December – a 50% rise compared with a year earlier. The California-based technology giant, which has bucked the trend in the economic downturn, impressed analysts after sales grew 32% in [...]
US computer giant Dell today posted a 54% fall in quarterly profit. Net profit at the company was $337 million (£202 million) in the three months to October, compared with $727 million in the same period a year earlier. The news sent shares in the company down 6% as the company continues to lose market [...]
US video game maker Electronic Arts (EA) is to embark on a further cost-cutting exercise as the market for videogames remains weak. The company, famous for its Rock Band and Madden videogame franchises, is to eliminate 1,500 jobs by the end of March (around 17% of its workforce) and the job losses are in addition [...]
The British Chambers of Commerce (BCC) has cast doubt over the UK’s exit from recession in the third quarter. Many reports are suggesting that the UK will emerge from recession in the July to September, however the leading business group said while business confidence has strengthened, the economy was still “frail”. Recently, there has been [...]
US internet search company Google has exceeded market expectations by reporting strong second quarterly results, despite the economic turmoil. The company reported profit of $1.4 billion (£851 million) compared with $1.25 billion in the same quarter a year ago. Meanwhile, revenue rose 3% for the period at $5.52 billion with 53% from outside the US. [...]
A quarterly survey from the CBI suggests that the UK’s beleaguered financial services sector is on a “gradual” road to recovery. While the organisation warned of considerable job losses and cuts to investment, there are indications that the sector is emerging from the worst of the downturn. The CBI also cautioned that the situation remains [...]
Supermarket giant Sainsbury’s has reported that like-for-like sales were up 7.8% for the 12 week period to 13 June. The news comes just a day after fellow supermarket Tesco posted a 4.3% rise in quarterly sales and said it had made a “solid” start to its financial year. Meanwhile, Sainsbury’s, which is Britain’s third-largest supermarket, [...]
In its quarterly Inflation Report, the Bank of England said economic recovery in the UK is likely to be slow. However, the Bank said the rate of decline in Gross Domestic Product (GDP) will slow this year. The Bank expects GDP to fall at an annual rate of 4.5% at the start of the April [...]
The fall in advertising revenue has resulted in the first drop in quarterly sales for the first time since its incorporating as a public listed company. The recession has had an impact on slower profits and sales, as users of the search engine are not clicking on ads as often. As a result, sales in [...]
According to the Office for National Statistics (ONS), UK retail sales continue to fall as consumers continue to cut back on spending amid the recession. The official figures show that retail sales were far worse than expected by analysts after annual growth slowed to 0.4% in February, which represents the smallest increase for over 13 [...]
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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