The UK economy needs a fiscal boost of £10 billion to £20 billion in order to avoid another recession, a leading think tank said today. In its annual Green Budget, The Institute for Fiscal Studies calls for Chancellor George Osborne to include a short-term fiscal stimulus in his budget. This would buffer the UK economy [...]
The economic gap between cities doing relatively well during the economic downturn and those that have been hard hit by the recession, is expected to widen. A report by the Centre for Cities, a research and policy organisation focused on improving the economic performance of UK cities, suggests that a combination of weak growth in [...]
The rate of Consumer Prices Index (CPI) inflation fell to 4.2 per cent in December, from 4.8 per cent in November, according to the latest figures from the Office for National Statistics (ONS). This is the third consecutive month that inflation has fallen and December’s figures represents the biggest monthly fall since April 2009. Inflation [...]
Britain’s economy stagnated in the final quarter of 2011 and is “very likely” to contract in the first half of 2012 according to the British Chambers of Commerce (BCC). The euro zone debt crisis caused the economy to stagnate in 2011 and it has failed to improve this year, with the survey suggesting that one [...]
The UK economy is expected to contract by 1.3 per cent in 2012, according to respected economists at Standard Chartered bank. Growth of 0.6% had been predicted but Standard Chartered’s latest survey, of 350 companies, points to a sharp recession in the face of the ongoing eurozone crisis. The eurozone economy is expected to contract [...]
The Organisation for Economic Cooperation and Development (OECD) has cut its global growth forecast for next year to 3.4 per cent and has warned that the UK will follow Europe into recession. The organisation also predicts that unemployment in the UK will reach 9.1 per cent by 2013. Yesterday the Ernst & Young ITEM Club, [...]
The Bank of England’s Monetary Policy Committee is due to meet today, when it is expected to keep interest rates at a record low of 0.5 per cent, despite inflation soaring. It will be the 32nd consecutive month that the interest rate has been held at this level. According to the Consumer Price Index, inflation [...]
Minutes of the Bank of England’s October 5-6 meeting have been released today and have revealed all nine members of the Monetary Policy Committee (MPC) voted to keep interest rates at the historic low of 0.5%. This was the third consecutive month that the Committee voted unanimously to keep rates at the record low, despite [...]
The Commerce Department today revealed US retail sales grew at their quickest pace in seven months in September. According to the Department, sales gained 1.1% on a monthly basis – boosted by clothing and car sales. The figures were better than the 0.7% rise expected by analysts. Furthermore, August retail sales were revised up to [...]
The EU statistics office Eurostat has today revealed euro zone industrial output rose by 1.2% in August. On an annual basis, meanwhile, industrial output grew by 5.3%. Both sets of figures beat economists’ forecasts. On a regional basis, Germany, which is the euro zone’s largest economy, saw a monthly fall of 1% but was 7.8% [...]
The British Chambers of Commerce (BCC) has today said the fresh round of quantitative easing (QE) announced by the Bank of England last week may not be enough to prevent the economy from slipping back into recession and “more radical measures” are required. BCC Chief Economist David Kern said in an e-mailed statement in London [...]
The Office for National Statistics (ONS) has today revealed UK producer output prices rose in September – driven by higher fuel and food costs. The increase will no doubt raise concern about whether consumer price inflation will slow next year as sharply as the Bank of England is forecasting. According to the ONS, output prices [...]
The European Central Bank (ECB) has today opted to leave interest rates unchanged at 1.5% – for the third consecutive month. The move was widely expected. Rates were lifted from the historic low of 1% in April and then raised further in July in a bid to curb rising inflation. Many major economies are battling [...]
Figures today have revealed Ireland’s economy continued to see growth in the April to June period. According to the Central Statistics Office, the economy grew by a better than expected 1.6% in the three-month period and this follows a revised 1.9% growth rate in the first quarter. This represents the first time since 2006 that [...]
A report by the Institute for Fiscal Studies (IFS) has warned that households will be squeezed for the next decade as they suffer from the harsh spending cuts introduced by the Government. It said households are suffering one of the worst attacks on their finances since the Second World War and that the impact of [...]
Global stocks have fallen to a one-week low today with banks among the worst performers. Concerns that the euro zone may not be able to contain its debt crisis, together with fears of the US slipping back into recession sent European shares falling this morning. Deutsche Bank lost 7.3% in early trading today, Societe Generale [...]
According to the Labor Department, the world’s largest economy added no new jobs last month, which was a surprise after markets had expected 70,000 new jobs. This represented the first time since 1945 that there has been a zero payrolls figure after 17,000 jobs were added in the private sector last month but these were [...]
Confidence among British businesses has declined as both UK and global economic turmoil impact on firms’ plans for the future. The latest ICAEW/Grant Thornton UK Business Confidence Monitor shows confidence at its lowest level since the third quarter of 2009, when the UK was still in recession, with firms seeing turnover and profit growth weakening [...]
Almost 40% of UK households saw their finances deteriorate in August, according to the latest Markit Household Finance Index, with the rate of deterioration faster than at the height of the recession. Worsening finances were evident across all income groups, age ranges and regions, as the survey registered the fastest fall in cash available to [...]
US banking giant Morgan Stanley today downgraded its forecast for global economic growth, sending stock markets falling throughout the world. The American bank lowered its expectations for world growth for the 2011 year to 3.9% from 4.5%, while also downgrading 2012 growth to 3.8% from 4.5%. The downgrade sent shockwaves through stock markets as double-dip [...]
Nationwide restricts interest-only mortgages
The Nationwide Building Society has become the latest lender to tighten lending criteria on interest-only mortgages, which are estimated to account for around 40 per cent of mortgages in Britain. The building society currently offers interest-only mortgages to residential customers with 25 per cent equity in their property. From tomorrow, only customers with 50 per [...]
The latest official figures from the Office for National Statistics (ONS) show that inflation fell to 3.4 per cent in February, from 3.6 per cent in the previous month, according to the Consumer Prices Index (CPI). Using the Retail Prices Index (RIP) measurement, which includes housing costs such a mortgage interest and council tax, inflation [...]
Property prices up 5% in March
UK house prices increased by £3,687 to £236,939 in March, a 4.9 per cent increase compared with the 2011 first quarter. The figures, from Rightmove’s house price index, represent the largest first-quarter rise in property prices since 2004, boosting hopes for an continued improvement in the market for the rest of the year. In London, [...]
Hole in the wall use reaches record levels
The use of ATMs (automated teller machines) increased to record levels last year according to the latest figures from the Payments Council. UK customers made 2.87 billion transactions at ‘hole in the wall’ machines during the year, accounting for total withdrawals of £191 billion, an average of £67 per visit. The represented the highest value [...]
Charity calls for budget to protect families
The Family and Parenting Institute has called on the Chancellor to avoid delivering a ‘Break-Up Budget’ on Wednesday. The charity, which aims to make the UK a better place for families and children, fears that a budget which puts family incomes under further pressure could threaten family life. The divorce rate in England and Wales [...]
Car insurers follow Marmalade in planning ‘black box’ policies
Research has revealed that more than 50% of drivers plan to switch to a black box insurance policy in the coming half decade. The UK’s young driver market leader Intelligent Marmalade (www.intelligentmarmalade.co.uk) is a product from the award winning young person’s car insurance provider Young Marmalade. “We have seen significant improvements in driver behavior since [...]
Chancellor determined to cut 50p tax rate
The question of whether or not to scrap the 50p income tax rate is dividing the coalition government in the run up to the budget on 21 March. Chancellor of the Exchequer George Osborne is determined to reduce income tax on earnings over £150,000, but the proposal has been met with disapproval by Lib Dem [...]
Stamp duty rush causes rents to fall
Rents on private accommodation fell by 0.6 per cent last month, to an average of £707, according to the latest Buy-to-Let Index from LSL, a provider of residential property services. The agency suggests that the fall is likely to be temporary as it is related to an increase in the number of tenants deciding to [...]
93% of ISAs transferred within 15 days
Many savers will be planning to transfer their cash Isa, to take advantage of new deals appearing prior to the start of the higher Isa allowance on 6 April. They will be pleased to hear that there has been a significant improvement in the time taken to complete a transfer. Isa’s often offer an introductory [...]
Debt repayment increasingly difficult says CCCS
Although households reduced their debts last year they face a ‘tide’ of difficulties in repaying them, according to a study by the Consumer Credit Counselling Service (CCCS). The study of 370,000 cases handled by the counselling service suggests that youth unemployment and rising rents are key factors which cause people to fall into debt. 42% [...]
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