Further concerns for euro zone debt was raised today after the national statistics bureau INSEE said France’s public debt rose to 80.3% of national output in the first quarter of the year. EU rules state that debt should not exceed 60% of GDP. According to INSEE, at the end of March, French gross public debt [...]
The International Monetary Fund (IMF) has today warned that the global recovery “remains very fragile“. Dominique Strauss-Kahn of the IMF said the global economy has been stronger than expected and China and developing Asian economies are leading the way in the global economic recovery but warned all major economies of an early withdrawal from stimulus [...]
Over the weekend, G20 finance ministers at St Andrews in Fife reached an agreement to maintain financial support until recovery is ensured. The agreement was reached following concerns over rising unemployment and unsteady growth which saw finance ministers from developing and rich countries vow to keep fiscal measures in place until global recovery is assured. [...]
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 [...]
Despite recent signs of an imminent recovery within the US, Nobel Prize-winning economist Joseph Stiglitz has expressed his concern for a “double-dip” recession in the world’s largest economy. Mr Stiglitz, who said he has been consulted on an informal basis by the Obama Administration to discuss economic issues, said “the prospects of a robust recovery [...]
The Japanese economy, which is the world’s second largest, has emerged from its longest recession since World War II after the economy grew by 0.9% in the second quarter. The news follows on from the announcement last week that Hong Kong had emerged from recession after the economy grew 3.3% in the second quarter. Furthermore, [...]
At a meeting in Italy yesterday for the Group of Eight (G8) industrialised nations, it was acknowledged that there are signs of stabilisation in the world’s leading economies. G8 ministers said stock markets were rising, interest rates more stable, and consumer confidence was returning. However, finance ministers reluctantly admitted that the global situation still “remains [...]
According to the European Commission, the eurozone is faced with a deep and prolonged recession and forecasted that the economy will contract by 1.9% this year and expand by just 0.4% next year. Official figures show that the 16-member nation has been in recession since September 2008. However, recovery will be seen in the second [...]
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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