A survey by LSL Property Services has revealed rents in England and Wales continue to surge, with the average rent hitting a further record high last month. August represented the seventh consecutive month that the average rental cost rose. Lenders’ deposit requirements, together with unaffordable house prices has meant the rented sector has been in [...]
Britain’s largest building society, Nationwide, has today posted a surge in underlying pre-tax profits. Nationwide said pre-tax profits fell 7% to £317 million – primarily due to accounting changes. However, underlying profits surged 30% to £276 million in the year to 4 April. Meanwhile, the amount written off for bad loans to customers dropped by [...]
It has been revealed that Yorkshire Building Society is in talks with smaller rival Norwich and Peterborough (N&P) which could lead to an acquisition. The announcement comes after much consolidation in Britain’s mutual sector, as a result of funding pressures. Late last year, Coventry Building Society and Stroud & Swindon merged, creating a business with [...]
Figures today have revealed the euro zone and the US have both enjoyed strong growth in the manufacturing sector. Firstly, the Markit Purchasing Managers’ Index (PMI) for the euro zone posted a reading of 57.1 for December, up from the 55.3 in the previous month. The growth was boosted by the euro zone’s largest economy, [...]
Norwich & Peterborough Building Society (N&P) has today confirmed it has received an approach about a possible merger. The building society, which is Britain’s tenth largest, said it had received “a number of expressions of interest,” as well as the possibility for the injection of fresh capital. In a statement, the firm said: “Like other [...]
The Confederation of British Industry’s (CBI) December industrial trends survey today revealed further good news for the sector after overseas demand surged to a 15-year high. The pound gained following the news which revealed firms experiencing above normal demand from overseas was 4% – a significant improvement on the previous month’s -7% and the highest [...]
Outgoing Chief Executive of Lloyds Banking Group, Eric Daniels, has today said he is opposed to the proposal of splitting up Britain’s banks, arguing that it will not enhance competition within the sector. Meanwhile, chief executive of Royal Bank of Scotland (RBS), Stephen Hester, agreed and said breaking up banks won’t improve the outcome for [...]
The Observer newspaper has today reported that US private equity firm, JC Flowers, might bid for four UK building societies as part of plans to create a new “supermutual”, that could be sold via a partial flotation. It is believed that West Bromwich, Skipton, Norwich & Peterborough and Principality are being targeted. However, JC Flowers [...]
According to the New Economics Foundation (NEF), banks could be forced to seek more support from the taxpayer next year, due to a £25 billion funding gap. The NEF has published a report on Britain’s banks entitled “Where Did Our Money Go?” and the 88-page document suggests an urgent reform of the sector is required, [...]
The Chartered Institute of Purchasing and Supply(CIPS)/Markit construction PMI index showed activity slowed considerably last month to a four-month low. The index slumped to 54.1 in July from 58.4 in June – suggesting the sector may have peaked. However, the index is still above the crucial 50 level, which indicates the sector is growing. “The [...]
The Institute for Supply Management’s (ISM’s) purchasing managers index (PMI) today revealed the US manufacturing sector expanded for the 12th month in a row in July. The growth was better than the 54.2 analysts had forecast with the index dipping to 55.5 in July from 56.2 the previous month. However, while any reading above 50 [...]
The Financial Services Authority (FSA) has today found that poor advice is still being given to people switching pension funds. The findings come after a major review of the sector conducted by the FSA in 2008. The City Watchdog has raised concerns about the advice being given and, as a result, is to take enforcement [...]
A report by the Confederation of British Industry (CBI), has revealed a degree of optimism for the UK financial services sector, which is expected to record higher growth in the next three months, after stagnating in the last quarter. According to the business group, an improvement will be seen in the next three months after [...]
Earlier this month, it was reported that Coventry Building Society was in merger talks with its smaller rival, the Stroud & Swindon. Today, however, the talks have been confirmed and the merger will bring together the country’s third and eleventh largest building societies. The merger, which is subject to approval by the members of Stroud [...]
It has been reported that the Yorkshire Building Society is in talks with the Chelsea Building Society about a possible merger. Should a deal prove to be successful between the Yorkshire and Chelsea, it would create an institution with over 2 million customers and assets of around £38 billion. The deal will be the biggest [...]
The Chartered Institute of Planning & Supply(CIPS)/Markit purchasing managers index fell to 46.2 in October, from 46.7 in September, marking the 20th consecutive month of falls due to a slump in demand for commercial and civil engineering work. Meanwhile, job cuts in the sector also increased at the fastest rate in four months, while input [...]
China’s economy continues to show impressive strength after figures show that the manufacturing sector expanded in October at its fastest rate in 18 months. The purchasing managers index (PMI) from the state-sanctioned China Federation of Logistics and Purchasing rose to a seasonally adjusted 55.2 in October, up from 54.3 the previous month, Any figure above [...]
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 [...]
A survey conducted by the Confederation of British Industry (CBI) has revealed that banks and other financial institutions are expected to cut a further 15,000 jobs in the next three months. According to the organisation, approximately 15,000 jobs have already been axed in the industry in the first quarter of this year, which will take [...]
The latest Purchasing Managers’ Index (PMI) has revealed that activity in the UK manufacturing sector slowed during January but was a marginal improvement on December. The Chartered Institute of Purchasing and Supply (CIPS) and Markit, who collate the information, said the figure improved slightly to 35.8 from December’s figure of 34.9 and November’s record low [...]
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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