The European Commission has today warned that euro zone growth will almost grind to a halt in the second half of the year. Its prediction comes amid the ongoing debt crisis in the 17-member region. It slashed growth forecasts for the third quarter to 0.2%, while growth for the final quarter has been revised down [...]
The Society of Motor Manufacturers and Traders (SMMT) have revealed UK car sales fell by 6.2% in June compared with the same month in 2010. The SMMT said the number of new cars sold in the month was 183,125 – representing the twelfth consecutive monthly fall in sales. Meanwhile, registrations in the first six months [...]
The Halifax has today revealed UK house prices rose by 1.2% in June on a monthly basis. The rise represented the biggest month-on-month gain since October and takes the average cost of a UK home to £163,049, the Halifax said. However, on an annual basis, prices are 3.5% lower. When comparing prices in the three [...]
Persimmon, which is the UK’s largest housebuilder by market value, has today said it is encouraged by improved sales and a “modest improvement” in lending. It said it expects to market to pick up over the latter half of 2011 and expects prices to rise over the year. The company said it completed 4,439 homes [...]
The Society of Motor Manufacturers and Traders (SMMT) has revealed UK car sales fell by 7.7% in February compared with the same month in 2010. However, traditionally February is a quiet month for the car industry, with many waiting for the new number plate in March. The continuous fall in sales was expected due to [...]
The Financial Ombudsman Service (FOS) has today said complaints rose in the second half 2010. According to the FOS, it received 97,237 new complaints between 1 July and 31 December – a rise of 15% compared with the first half of 2010. This list only covers those complaints which required mediation. Lloyds Banking Group, which [...]
Lloyds Banking Group, which is 43% owned by the taxpayer, has revealed a rise in customer complaints in the second half of 2010. The banking giant, which runs the Halifax and Bank of Scotland, received 329,761 complaints in the six month period – a 14% rise compared with the same period a year earlier. According [...]
The Office for National Statistics (ONS) will today issue its final reading for UK quarter two economic growth. However, there is expected to be no revision to 1.2% growth for the April to June period. Growth in the second quarter exceeded many expectations but growth in the second half of the year is expected to [...]
In its second six-monthly set of complaints data relating to individual financial firms, the Financial Ombudsman Service (FOS) has today said complaints rose by 18% in the second half of 2009. According to the FOS, it received 82,136 complaints between 1 July and 31 December 2009 – a rise of 12,295 compared with the first [...]
Taylor Wimpey has described UK housing market conditions as “significantly better” than a year ago. In a trading update covering 1st July to 4th November, the group said a gradual improvement in mortgage availability and a recent increase in housing starts was contributing to positive sentiment. The firm has not experience the usual seasonal slowdown [...]
The US economy, which is the world’s largest, is looking towards a recovery in the latter half of the year, which, according to the Federal Reserve, may lead to cut in its financial stimulus plan. The economy is expected to contract at a much slower pace with output expected to shrink between 1% and 1.5% [...]
Housebuilder, Redrow, reported a 58% fall in revenues in the second half of 2008 leaving the company facing a pre-tax loss of £46.2 million, compared with a profit of £35.8 million in the same period of 2007. Falling sales and lower selling prices were to blame; during the second half of last year, the company [...]
Redrow is the latest UK housebuilder to report a sharp fall in sales during the second half of 2008. The group sold 853 homes in the six months to the end of December, compared with 1,657 during the same period of 2007. The average price of a Redrow property fell to £140,000 declining from £162,700 [...]
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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