Speaking at a banking conference in Vienna recently, US multi-billionaire investor George Soros said a double-dip recession cannot be ruled out. A so-called double-dip recession, whereby the economy goes into recession twice without having undergone a full recovery in between, is almost inevitable in Europe next year, as credit problems are forcing European countries to [...]
Professor David Blanchflower, a former member of the Bank of England’s Monetary Policy Committee (MPC), has warned that cutting the deficit too quickly risks putting the UK back into recession. Mr Blanchflower, who is professor of economics at Dartmouth College in the US, told Sky News today that further investment is required to build growth. [...]
Chinese inflation continued to increase last month on the back of rising house and food prices. According to China’s statistics bureau, consumer prices in May were up 3.1% on an annual basis – up from April’s rate of 2.8% and exceeding the Government’s target of 3%. A spokesperson for the bureau admitted that the pressure [...]
The Japanese economy, which is the world’s second largest, faces many risks, one of them is deflation and the other is the country’s debt – which at nearly 230% of GDP is the highest of any industrialised nation. The debt is the result of decades of stimulus spending and low tax receipts. Japan’s new Prime [...]
Ethical investments are ideal for investors looking to minimise long-term risk, a financial expert has claimed. Alyce Lomax, columnist at The Motley Fool, said socially responsible investments should be the first choice for investors taking a long-term view. “Investors should focus on stocks whose stellar business practices will help them endure for decades to come,” [...]
The British Chambers of Commerce (BCC) has warned there is a risk of a double-dip recession (whereby the economy goes into recession twice without having undergone a full recovery in between). The warning from the business group comes as it said the Government should delay making big spending cuts as the recovery is still weak. [...]
The Cabinet Office has today announced that the world’s second largest economy expanded by 1.2% between January and March compared with the previous quarter – marking the fourth straight quarter of expansion. The growth was boosted by exports, while on an annual basis, growth was 4.9% – however, analysts had expected growth of between 5.4% [...]
Chinese inflation continued to increase last month on the back of rising house and food prices. According to China’s statistics bureau, consumer prices in April were up 2.8% on an annualised basis – the highest rate in 18 months, while house price inflation hit 12.8% – fuelled by new luxury housing in Shanghai. While the [...]
Credit rating agency, Moody’s, has today warned that the credit rating of banks in Britain, Ireland, Italy, Portugal and Spain are at risk of being damaged because of “contagion” from the Greek debt crisis. Asian shares have already fallen sharply today as fears mount that the crisis would spread to other European countries. Meanwhile, Moody’s [...]
The National Federation of Sub-Postmasters has today warned that 3,000 post offices are at risk of closure. According to George Thomson, the Federation’s general secretary, a ‘double squeeze’ of falling income from Post Office Limited, along with higher staff and utility bills means many post offices are struggling to keep their heads above water. Post [...]
The Times and Sunday Times newspapers will start charging to access their online news content in June, owner News International (NI) confirmed today. Rebekah Brooks, NI chief executive, said: “This is a crucial step towards making the business of news an economically exciting proposition. We are proud of our journalism and unashamed to say that [...]
The Bank of England’s Monetary Policy Committee member, Andrew Sentance, has acknowledged that there is some risk of a double dip recession. Mr Sentance said: “You have to recognise there is some risk of a double dip, but that’s not the central forecast.” His comments come just a week after fellow policymaker, Kate Barker, said [...]
The latest global economic research by Baring Asset Management’s (Barings) suggests that of the major global economies, the UK looks most vulnerable to a renewed dip into recession. According to Barings, there is a slightly higher risk of the UK falling back into recession than there was a few weeks ago. However, should the UK [...]
In order to tackle the UK’s deficit, tax hikes could well be on the agenda, according to reports today. Last week, Chief Secretary to the Treasury Liam Byrne suggested that no new tax rises will be required in order to cut the UK’s ballooning deficit. However, in a dramatic u-turn, asked by the BBC yesterday [...]
Leading business group, the British Chamber of Commerce (BCC), has warned that the UK economy faces a “high risk of a relapse“. The UK economy emerged from recession in the fourth quarter of 2009 by experiencing growth of just 0.3%. However, all economists and reports have suggested that the recovery will be fragile, while others [...]
A report by the Institute for Fiscal Studies (IFS) has said the Government needs to be ambitious in tackling the public finances but warned that economic recovery should not be put at “undue risk”. The Institute believes an extra £13 billion in tax hikes or spending cuts is required by 2015-16 in order to repair [...]
After months of hostile talks, British confectioner Cadbury has finally agreed to an £11.7 billion takeover by US food giant Kraft. The 186-year-old British company, renowned for Dairy Milk chocolate, is set to advise shareholders to accept the latest bid of 840p a share. Kraft, which is renowned for brands such as Kenco coffee and [...]
Norwich & Peterborough (N&P), which is Britain’s tenth largest society, is to close 10 of its branches, putting more than 50 jobs at risk. The branch closures represent one fifth of its 54-strong network and the news comes just a day after it emerged that Chelsea and Yorkshire Building Societies were in merger talks. N&P [...]
Bookshop chain Borders UK has been placed into administration, according to Reuters. The move is not unexpected after it was reported earlier this week that the 45-store book retailer does not have sufficient cash to see it through to Christmas as it has suffered amid increased competition from supermarkets and online retailers, such as Amazon. [...]
Thousands of jobs are at risk at Threshers and Wine Rack after a source close to the company revealed to The Times that administration could not be ruled out as the group struggles amid the economic downturn. The off-licence’s owner, First Quench Retailing, has confirmed it is looking at “restructuring options” after warning earlier this [...]
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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