According to the World Bank, soaring food prices have pushed more than 40 million people into poverty in the last year. Worryingly, a further 10% increase in food prices would push 10 million below the extreme poverty line – defined as an income of less than $1.25 a day. Robert Zoellick, World Bank president, was [...]
Lithuania’s President, Dalia Grybauskaite, has today said its entry date for the euro zone may be delayed, citing budget and rising consumer prices for its delay in adopting the single currency. The country’s current target date for euro zone entry is 1 January 2014 but the Baltic nation needs to trim its budget deficit (in [...]
The Bank of England’s (BoE) Monetary Policy Committee (MPC) has today elected to keep UK interest rates on hold at the historically low level of 0.5% for the 15th consecutive month, as widely expected. Furthermore, the Bank opted not to inject any more funds into the economy via its quantitative easing (QE) scheme – introduced [...]
House prices increased by 1% month-on-month in April, according to Nationwide’s latest house price index. The annual rate of inflation moved into double digits for the first time since June 2007, to 10.5% (up from 9% in March), taking the value of the average home to £167,802 or 10% below its October 2007 peak. However, [...]
The price of gold reached $1,058 (£659.20) an ounce on the London Bullion Market yesterday – its third consecutive day of gains. A weak US dollar continues to make gold an attractive buy for investors, according to analysts. Furthermore, the price of the precious metal could continue to rise if the dollar remains weak. Traditionally, [...]
Investors are increasingly concerned about the impact their investments have on society and the environment, an ethical investment expert claimed this week. Robin Keyte, chair of the Ethical Investment Association (EIA), said the credit crunch and the recession have transformed the way investors think about money. “Following the events of the last two years, an [...]
Banking giant HSBC, which has so far turned down financial help from the Government, has today announced that first-half profit has fallen 51% to $5 billion (£2.98 billion) compared with the same period a year ago. The bank, which is Europe’s largest, said it was hit by rising bad debts in the USA, Europe and [...]
The Royal Institution of Chartered Surveyors (Rics) has reported a positive change in house price expectations for the first time since May 2007. In its June survey of members, the net balance of surveyors reporting falling rather than rising prices improved from -43.8 in May to –18.1. The Institution points out that although the balance [...]
US retailers have been hit by the continuous tightening of purse strings due to rising unemployment. Furthermore, bad weather in June further dampened US retail sales, in particular summer clothes and seasonal items. According to the Goldman Sachs Retail Composite Index, overall the industry reported a fall of 6.7% in sales for the month of [...]
Despite the positive news that the recession may be coming to an end, a report today has revealed that unemployment will continue to rise until the end of next year – long after economic recovery. The Trades Union Congress (TUC), general secretary, Brendan Barber said: “Some now say that we have a recovery. But even [...]
The UK’s unemployment rate currently stands at 7.1% and has risen by 1.3 percentage points since the third quarter of last year, and according to the Office for National Statistics (ONS) – this is a rate not seen since the early 1980s. Job losses have been particularly rife in the finance and business services sector [...]
The growing costs of food and fuel has driven inflation up to 3.8% in June, which is nearly double the 2% target. Food inflation has increased to 10.6%, up from 8.7% in May, primarily due to the rising costs of meat. Meanwhile, petrol prices have increased significantly with the average cost of petrol rising by [...]
City analysts have been predicting interest rate falls to 4.5% by the end of 2008. However, they are now gambling that rates will have to increase from the current level of 5% to manage spiralling inflation. City economists said that at the very best, all hopes of an interest rate cut this year have now [...]
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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