The Chartered Institute of Purchasing and Supply (CIPS)/Markit manufacturing purchasing managers’ index (PMI) has today revealed UK manufacturing contracted in July – the first time since the UK was in recession two years ago. The closely-watched CIPS/Markit manufacturing PMI fell to 49.1 last month from a revised 51.4 in June. The index is now below [...]
The Chartered Institute of Purchasing and Supply (CIPS)/Markit manufacturing purchasing managers’ index (PMI) has today revealed UK manufacturing grew at its slowest rate in almost two years in June. The closely-watched CIPS/Markit manufacturing PMI dived to a 21-month low of 51.3 last month from May’s reading of 52. June’s reading was slightly lower than the [...]
Growth in the UK’s closely-watched service sector slowed in May, figures have revealed today. The Chartered Institute of Purchasing and Supply (CIPS)/Markit purchasing managers’ index (PMI) eased to a 3-month low of 53.8 in May from 54.3 the previous month. Analysts had expected the index to be around the 54.0 level. However, the index remains [...]
Official figures have revealed the world’s largest economy experienced annualised growth of 2.4% in the April to June period, according to the US Commerce Department. The figure came in slightly below expectations but it is the first of three estimates and could be revised up or down in the next few months. However, the growth [...]
US consumer confidence took a dive in June after rising for three consecutive months. The closely-monitored Consumer Confidence Index from the Conference Board plummeted to 52.9 in June, down from a revised 62.7 in May. June’s figure was short of analysts forecasts of 62 and remains far away from the 90 points required to show [...]
The Commerce Department has revealed a record fall in sales of new homes in the US for the month of May. According to the Commerce Department, new single-family home sales fell by 32.7% on year to an all-time low of 300,000 units – the lowest since records commenced in 1963. However, a fall was expected [...]
The Office for National Statistics (ONS) today revealed UK manufacturing output unexpectedly fell in April, raising fears about the strength of the economic recovery. According to the ONS, output fell by 0.4% in April compared with March – far below analysts expectations of a 0.5% rise and follows a rise of 2.2% in March. The [...]
The strength of the recovery in the world’s second largest economy should lead it to start reducing its massive debt from 2011, according to the International Monetary Fund (IMF). The IMF is urging Japan to increase consumption tax, while containing its growth in spending, in order to deal with its debt which currently stands at [...]
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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