Sterling is continuing to climb against the US dollar on the back of renewed optimism within the UK economy. News released today sent the pound back above the $1.70 mark – its highest level since October last year. According to the Office for National Statistics, industrial output rose unexpectedly in June by 0.5% compared with [...]
There are tentative signs that the construction sector is recovering after figures today revealed that the slowdown in activity eased in July to the slowest pace for sixteen months. The CIPS/Markit Construction Purchasing Managers’ Index posted a reading of 47 in July, edging closer to the 50 mark which indicates growth. The index is up [...]
Sterling and the FTSE 100 index of leading shares both rose today on the back of growing hopes for an economic recovery. The FTSE jumped by 76.85 points to 4,685.21 – the highest level since October with Barclays and HSBC leading the banking sector after reporting first half profits earlier today. Meanwhile, sterling climbed to [...]
Figures from the Office for National Statistics (ONS) have revealed today that UK Consumer Price Inflation (CPI) fell from 2.3% in April to 2.2% in May – still in line with the Bank of England’s target of 2%. The fall was much less than analysts had expected who had predicted a sharper fall as a [...]
With suggestions that the UK recession may be coming to an end, sterling hit a 2009 high against the euro today. According to Reuters, sterling rose to 85.10 pence against the euro – its best performance since December. Sterling was also up against the US dollar, rising one cent to $1.6429. Sterling has been boosted [...]
Credit rating agency, Standard & Poor’s (S&P), has revised its outlook for the UK from ‘stable’ to ‘negative’ following the announcement that Government borrowing soared to almost £8.5 billion in April. Official figures show that public sector net borrowing rose to £8.46 billion last month, more than four times the £1.84 billion figure in April [...]
Sterling started its fight back against the euro and the dollar in recent weeks, and analysts at CaxtonFX expect this trend to continue. Currency exchange provider CaxtonFX pointed out that last week’s stock market rallies and a 5% rise in the FTSE 100 banking index caused sterling to rise to €1.13 and above $1.50. By [...]
Sterling rose to its highest level against the US dollar today in three months after the Royal Institution of Chartered Surveyors (Rics) announced that housing market activity is picking up after new enquiries increased for the fifth month in a row. At one point, sterling reached as high as $1.5037 and also hit a six-week [...]
The Office for National Statistics has said that a combination of lower oil prices and the value of the pound has meant that the price of goods leaving the UK has risen by the smallest rate for over a year and a half. On a month-to-month basis, output prices have risen by just 0.1 percent. [...]
The Confederation of British Industry (CBI) has warned that the UK economy will contract at nearly double the rate previously forecast this year. The organisation said that the deteriorating global economy, together with a rise in unemployment and the ongoing difficulties that UK firms are facing in accessing credit will drive the economy deeper into [...]
Despite the bad news surrounding the economy this week, bank shares have recovered today following two weeks of heavy falls in the sector. Following decent increases yesterday, shares in Barclays were up 12% to 99p earlier today, following a 73% surge yesterday. Shares in the bank closed today at 89p. However, shares in Barclays are [...]
Official figures have confirmed today that the UK is in recession after Gross Domestic Product fell by 1.5% in the fourth quarter of last year, following a 0.6% contraction in the three months prior to that. This represents the biggest quarter-on-quarter fall since 1980. Neil Mackinnon, chief economist at ECU Group, described the GDP figures [...]
Last week’s cut to the base rate of interest has rallied the strength of the pound against key currencies. The Bank of England cut rates by 0.5% to 1.5%, the lowest for over 300 years, but not as drastic a cut as some analysts had anticipated. As a result, the pound strengthened against the US [...]
Sterling has fallen to a fresh low of 98.05p against the euro suggesting that the outlook for the UK economy is worse than previously thought. Meanwhile, at one point today, Sterling also fell against the dollar to its lowest level since April 2002. However, the currency later recovered to $1.4484. The fall in the value [...]
Following the doom and gloom surrounding the UK economy, the pound has tumbled to just above 95p to the euro – equivalent to around €1.05 to the pound. Official figures today revealed that the UK’s public finances deteriorated sharply again in November, with net borrowing rocketing to a high of £16 billion. The figure was [...]
Professor David Blanchflower, a member of the Bank of England’s Monetary Policy Committee (MPC), is calling for aggressive interest rate cuts in order to boost Britain’s economy and stave off the prospect of a deep and prolonged recession. In response, Chancellor Alistair Darling appeared to be supporting Prof Blanchflower’s call after he stressed that while [...]
London’s FTSE 100 fell 5.6% to 3,665 at one point today, this represents the lowest level since April 2003 as investors continue to worry about the global economic slowdown. Investors’ fears were brought to light after last week’s news that the British economy shrank for the first time since 1992, according to figures from the [...]
According to the Office for National Statistics (ONS), the British economy shrank for the first time since 1992 as the UK flirts with recession. Many reports this week have confirmed that the UK is on the brink of recession with Bank of England Governor, Mervyn King, issuing a recession warning. However, a forecast published over [...]
Following Chancellor Alistair Darling’s grave assessment of the British economy, the pound has fallen to a record low against the euro and also fell against the dollar. In an interview with the Guardian newspaper, Chancellor Alistair Darling said the UK is facing the worst economic downturn in 60 years and it will be ‘profound and [...]
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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