The Office for National Statistics (ONS) has today revealed the UK economy grew by 0.5% in the January to March period – unchanged from the previous two estimates. In the meantime, annual growth was revised down to 1.6% from 1.8%. The growth, albeit slow, expanded primarily due to exports, with net trade contributing 1.4% points [...]
A report by property firm Cushman & Wakefield has revealed New Bond Street in London is Europe’s most expensive retail location with rates soaring by 19.4% on year. Store rents grew to £536 per square foot per year, higher than those on Paris’ Avenue des Champs-Elysees. New Bond Street is home to exclusive brands such [...]
Research by estate agent Knight Frank has found the number of second homeowners in England has soared to a record level of almost a quarter of a million. According to the estate agent, a change in holiday plans mean an increasing amount of buyers believe that a second home is “an investment, rather than a [...]
The Office for National Statistics (ONS) has today revealed public sector borrowing totalled £14.5 billion in June. While the figure was slightly lower than the £14.7 billion seen in June last year, it surprised economists who expected the figure to be around £13.1 billion. Overall, Government debt stands at £926.9 billion – the equivalent to [...]
The reported decline in UK unemployment figures last month gave sterling an extra boost, pushing the euro/sterling rate towards the €1.20 mark, exchange rate analysts observed. Unemployment fell to 7.8% in June, down from 8.0% in April. Exchange rate specialist Caxton FX said the rise in employment shows employers are willing to recruit, and represent [...]
The Office for National Statistics (ONS) has today revealed the UK economy grew by 0.3% in the January to March period – unchanged from the previously estimated figure, but marginally higher than the first estimate of 0.2%. Analysts had expected GDP to remain unchanged in the first quarter but many economists believe that economic growth [...]
Britain’s ongoing deficit worries continue to weigh heavily on the economy and this was evident after the pound fell to a 13-month low against the dollar today. Sterling fell as low as $1.4249 – its lowest level since March 2009, before recovering to $1.4435 – down 0.7% on the day. Today, at his first press [...]
In its latest Inflation Report, the Bank of England is predicting that inflation would remain above the 2% target for the remainder of 2010. Last month, it was revealed the UK’s rate of inflation rose to 3.4% in March, up from 3% in February. The CPI inflation rate is a benchmark for the Bank of [...]
There is further economic uncertainty today after a hung parliament looked increasingly likely in the early hours of Friday. The news sent the pound falling by 1.5 cents overnight, from above $1.51, to trade as low at $1.4596 at one point – a 12-month low. A hung parliament (in which no one political party has [...]
The Office for National Statistics (ONS) has today revealed the UK’s trade gap narrowed in February, due to a recovery in exports. According to the ONS, goods exports surged 9.5% in February, following on from a wintry January which affected trade. The ONS said the February deficit on goods trade narrowed to £6.17 billion, down [...]
The Office for National Statistics (ONS) has today revealed that UK unemployment fell slightly in the three months to January to 2.45 million. The latest figures take the unemployment rate to 7.8%, according to the ONS. In the meantime, the number of Britons claiming jobseeker’s allowance (JSA) also fell by 32,300 in February to 1.59 [...]
The pound plummeted to a 10-month low today over fears of a possible hung parliament in the forthcoming election. Sterling lost 1.6% and dipped below $1.50 for the first time since May 2009 – it has already lost 7% against the dollar this year. The pound also lost ground against the euro and many other [...]
Last month, the Office for National Statistics (ONS) revealed the UK crawled out of recession in the fourth quarter by seeing growth of just 0.1% in the final three months of 2009. However, the figures were only the first estimate and the second estimate is to be released this morning. Yesterday, the ONS reported a [...]
The Consumer Prices Index (CPI), a key measure of inflation, has fallen from 1.6% to an annual 1.1% in August – the lowest level since September 2004, the Office for National Statistics (ONS) said today. While the decline in inflation was higher than analysts had expected, it was primarily due to lower food and energy [...]
The FTSE 100 Index rose to 5231.16 today – a new record for the year to date. London’s FTSE responded to strong gains seen on the Dow Jones Industrial Average last Friday, which hit a 12-month high. Since its low point in March this year, the FTSE 100 Index has risen around 50% with companies [...]
Sterling fell this morning to a near four-month low to $1.5917 against the US dollar before creeping back up to $1.5989. The level was the lowest seen since early June after G20 leaders said stimulus packages will remain until a recovery is sustainable. However, the pound is still currently higher than the low levels of [...]
The British Retail Consortium (BRC) has today revealed a fall in retail sales for the month of August due to the rainfall which kept shoppers away from the High Street. UK like-for-like sales (which excludes new stores) fell 0.1% compared with August 2008, according to the BRC. Sales of clothing and footwear lost ground, while [...]
Influential think tank, the National Institute of Economic and Social Research (NIESR) said today that Gross Domestic Product (GDP) grew 0.2% in the third quarter after a 0.3% fall in the April to June period. The NIESR specialises in estimating GDP prior to the release of figures from the Office for National Statistics. However, while [...]
The price of sterling is “creeping up” against foreign currency, but is yet to rise significantly, Which? Money has observed. Dan Moore, senior researcher at the consumer rights group, said the increase in British manufacturing output and the emergence of Germany, France, and Japan from recession have strengthened the pound. However, for the average holidaymaker, [...]
Lloyds TSB International this week launched its Bonus Saver Account aimed at British ex-pats and customers who make frequent cross-border transactions. The account offers no-penalty instant access, and is available in either euros or sterling. Savers can invest up to £1 million or €1 million. Sterling accounts with a balance of £5,000 or above benefit [...]
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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