US consumer confidence slumped in October, the Conference Board has reported. The closely-monitored Consumer Confidence Index from the Conference Board dived to 39.8 this month from September’s reading of 46.4. Not only was the reading less than forecasts of a level of 46.0, it was the lowest since March 2009, when the US was in [...]
A survey of 2,000 individuals, conducted between July 1 and 10, has revealed a fall in consumer confidence. According to the survey of consumer attitudes, carried out by GfK NOP Social Research, confidence dived by 5 points to -30 in July – edging closer to the -31 seen in April. The index was also worse [...]
The latest survey from the Nationwide Building Society has revealed a fall in UK consumer confidence for the month of June. The building society’s consumer confidence index lost 4 points to 51 last month, which reverses some of the 11 point rise seen in May, which represented one of the largest gains on record. The [...]
The Federation of Small Businesses (FSB) is urging the Government to cut the rate of VAT in core sectors of the economy. The suggestion comes after the FSB’s latest Business Confidence Report, which saw a sharp fall in sentiment during the second quarter. VAT was raised to 20% earlier this year to raise billions of [...]
Electrical goods retailer Dixons has today reported like-for-like sales fell 2% in the year to April. The results come just a day after fellow electrical goods chain Comet said sales fell 6.8% for the 12 month period. The figures are evidence of consumers reining in their spending and opting not to purchase big-ticket items at [...]
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 [...]
According to the latest Confederation of British Industry (CBI) distributive trades survey, retailers are concerned about consumers tightening their purse strings amid rising inflation. The CBI’s survey established that the sales balance fell to +6 this month from +37 in January – far below expectations of a +30 reading. Furthermore, retailers expect sales growth to [...]
The National Statistical Coordination Board has today revealed the Philippine economy grew at its fastest pace in 2010 – expanding by 7.3% from a year earlier. The growth was boosted by a rise in business and consumer spending and represented the fastest annual expansion since democracy was restored 24 years ago. The latest growth will [...]
The Office for National Statistics (ONS) has today reported UK retail sales were hit by the severe wintry weather in December and rising prices. According to the ONS, retail sales during December were down by 0.8% from the previous month – much worse than expected. It was the worst annual performance for any December since [...]
The John Lewis Partnership, which is regarded as a barometer of British retailing, has revealed sales slowed in the week to 15 January – attributed to the VAT hike from 17.5% to 20%. In the previous week, the renowned employee-owned department store said the bank holiday, on Monday 3 January, saw shoppers buy furniture and [...]
The rate of VAT will today rise from 17.5% to 20% as the Government looks to raise billions of pounds in order to trim the UK’s budget deficit. While many are prepared for the increase, retail sales are expected to be hit as consumers are expected to cut back on their spending over the coming [...]
According to experts, the forthcoming VAT hike will have resulted in the purchase of big-ticket items – boosting retail sales in December and the first few days of January. However, the VAT rise from 17.5% to 20%, which kicks in tomorrow, is expected to mean consumers will cut back on their spending over the coming [...]
A new survey by the Bank of England has revealed 51% of households are struggling to meet repayments for credit card bills and other unsecured debts. The survey, which questioned almost 2,000 households, established 90% of respondents expect to be affected by the Government’s massive spending cuts. Almost of quarter (22%) of respondents said they [...]
The British Retail Consortium (BRC) has revealed some optimism among retailers for the Christmas period. Many believe the Christmas period will be no worse than last year – despite consumers being fearful of the Government’s spending cuts and unemployment. According to the BRC’s snapshot of 17 major retailers, which represents up to 51% of the [...]
Defence giant BAE Systems has today announced plans to reduce its workforce by 1,400 – primarily the result of the Government’s decision to cut back on defence spending. The jobs will go in Lancashire, Greater Manchester, Moray, Ayrshire, Hampshire, Rutland and Somerset. In a statement, the company said: “Following a detailed review of the implications [...]
Official figures have today revealed the Japanese economy grew faster than estimated in the third quarter due to stronger corporate spending. The world’s third largest economy grew by 1.1% in the July to September period, up from the first estimate of 0.9%. On an annual basis, the economy expanded by 4.5% from an earlier estimate [...]
Eurostat has today revealed a rise in euro zone retail sales for the month of October, after two months of declines. Retail sales grew 0.5% in October on the month and were 1.8% higher on an annual basis, according to the European statistics office. The increase also beat analysts’ expectations of a 0.2% rise. Europe’s [...]
The Office For National Statistics (ONS) has today revealed the extent to which the recession has had on UK households after spending fell for the first time in a decade. The data shows how households have been squeezed after spending was £455 in 2009, down from £471 in the previous year – the first fall [...]
US retailers were hoping for buoyant sales this weekend after the start of the Christmas shopping season. The day after the Thanksgiving national holiday, known as Black Friday, sees stores open overnight and offer heavy discounting. While shopper numbers were up by 2.2% on Black Friday on last year’s numbers, sales were only up by [...]
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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