The Markit Household Finance Index (HFI) has today published a gloomy report as families’ finances were slightly worse in October than in September. Meanwhile, Markit’s HFI, which measures prospects for finances over the coming year, dived to 34.5 this month, from September’s reading of 42.2. The reading represented the lowest in the survey’s history and [...]
The Office for National Statistics (ONS) has today revealed UK unemployment rose sharply in the three months to August – rising to a 17-year high. The ONS said unemployment rose by 114,000 in the three month period to 2.57 million, taking the unemployment rate to 8.1% – higher than forecasts. In comparison, unemployment in the [...]
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 [...]
A group of twenty leading economists have called on the Coalition Government to scrap the top 50p tax rate as it is damaging the UK economy. The request comes at a time when many experts believe the economy could be heading towards a double-dip recession and the rate should be dropped in order to boost [...]
The Office for National Statistics (ONS) has revealed the UK economy grew by 0.2% in the April to June period – unchanged from a previous estimate published last month. A third and final estimate will be available next month. However, growth for the second quarter slowed from the 0.5% growth posted in the first quarter. [...]
The British Retail Consortium’s (BRC) latest consumer confidence survey has revealed how consumer shopping habits have changed due to the Government spending cuts and the rise in the cost of living. According to the survey released by the BRC and Nielsen, almost one third of those questioned feel that they have no cash left over [...]
Speaking in the House of Commons today, Chancellor George Osborne has warned that the UK can expect a long and tough recovery. His speech came as he defended the Government’s tough spending cuts, which many have been critical about – even suggesting they could push the UK back into recession. However, the Chancellor believes that [...]
The International Monetary Fund (IMF) is urging Italy to introduce austerity measures to lower the country’s debt. Its warning comes as there are fears that the euro zone’s third largest economy could be dragged into the euro zone’s debt crisis as it has the second highest sovereign debt ratio in the region. As a result, [...]
A report by accountants PricewaterhouseCoopers (PwC) has waned that the pension age may have to rise to 70 by 2046 in order to deal with Britain’s debts. Current plans introduced by the coalition Government will see the state pension age lifted to 66 for both men and women by 2020. The pension age will then [...]
Greece’s parliament has today approved the fresh round of austerity measures – designed to save the country from defaulting on its debts. The measures were one of the conditions of the next instalment of its bailout loan. MPs passed the measures by 155 votes to 138. The latest austerity measures will according to Prime Minister [...]
The International Monetary Fund (IMF) has today published its annual assessment for the UK economy and is estimating growth of 1.5% this year, down from 1.7% in April. The estimate is roughly in line with other forecasts for the UK economy with the British Chambers of Commerce expecting growth of 1.3%, the Organisation for Economic [...]
Some of Britain’s top economists are calling for Chancellor George Osborne to come up with a plan B for the UK economy. It has been suggested that the Chancellor’s massive spending cuts are too harsh for the fragile economy and a plan B on economic policy is required. The comments come shortly after the OECD’s [...]
Business Secretary Vince Cable is to address delegates at the annual conference of the GMB union today and is expected to warn them that co-ordinated strike action may lead to tighter union laws. The warning comes after union leaders said strike action could take place at the end of this month as 750,000 teachers, civil [...]
British retailing giant Marks and Spencer (M&S) has today reported like-for-like sales, which strip out new store openings, grew 0.1% in the 13 week period to 2 April. The figures were marginally better than expected and sent shares up 13.3p today to 353.5p. The 127-year-old retailer which sells clothes, food and homewares said general merchandise [...]
The Halifax has today revealed UK house prices crept up by 0.1% last month compared with February, when prices dropped 0.9%. The latest house price rise takes the average cost of a UK home to £162,912, the Halifax said. Meanwhile, in the three months to March, prices dropped 2.9% compared with the same period a [...]
The Office for National Statistics (ONS) has today revealed the UK economy contracted by 0.5% in the October to December period – slightly better than the second estimate of 0.6% but unchanged from the first estimate. Economists had expected the figures to remain unchanged. Today’s estimate is the third and final reading and the GDP [...]
Next, which is Britain’s second largest fashion retailer, has today said consumers are tightening their purse strings in the face of soaring inflation and Government spending cuts. The retailing giant announced record profits but has warned of challenging times ahead for the High Street. It shares jumped 5% earlier today after posting record profits of [...]
Influential think tank, the Organisation for Economic Co-operation and Development (OECD), has cut its forecast for UK economic growth. The Organisation estimated growth this year of 1.5%, down from its November prediction of 1.7%. The reduction was attributed to Government spending cuts, which will hamper growth. However, the OECD described the cuts as “ambitious and [...]
The Confederation of British Industry (CBI) is urging Chancellor George Osborne to provide a “relentless focus” on economic growth and job creation when he presents his annual budget later this month. In a letter to the Chancellor, the business lobby group said action must be taken in order to boost the economic recovery. Over recent [...]
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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