The Halifax has today revealed UK house prices fell by 1.2% in August on a monthly basis – reversing the gains noted in the previous three months. The latest fall takes the average cost of a UK home to £161,743, the Halifax said. However, on an annual basis, prices are 2.6% lower, said the lender, [...]
The UK’s five largest banks: Barclays, HSBC, Lloyds Banking Group, Royal Bank of Scotland and Santander, have launched a scheme aimed at providing support and financial advice for small and medium-sized enterprises (SMEs). The initiative comes at a time when banks have come under fire for not lending enough to SMEs. Under the Project Merlin [...]
It has been confirmed that French Finance Minister, Christine Lagarde, is to become the first ever woman to head the International Monetary Fund (IMF). The 55-year-old has been the front-runner since the position became available when Dominique Strauss-Kahn, former managing director of the IMF, was forced to step down after being accused of sexually assaulting [...]
Leading business group, the British Chambers of Commerce (BCC), has downgraded its growth prospects for the UK economy. The BCC now expects the economy to grow by 1.3% this year, slightly lower than a previous forecast of 1.4%. The figures are much lower than the 1.7% expected by the Office of Budget Responsibility but are [...]
Moody’s Investors Service has today announced it is reviewing 14 UK banks and building societies for downgrade due to the withdrawal of Government support. Elisabeth Rudman, a Moody’s Senior Credit Officer, said: “It has been initiated in response to ongoing guidance from the UK authorities (the Bank of England, the Financial Services Authority and the [...]
Chancellor George Osborne has showed his support for Christine Lagarde to take over as chief at the International Monetary Fund (IMF). Mr Osborne believes the 55-year-old Economy Minister is an “outstanding candidate” for the position and is set to formally nominate her. The chief role at the IMF is available after Dominique Strauss-Kahn was forced [...]
Professor David Blanchflower, a former member of the Bank of England’s Monetary Policy Committee (MPC), has once again said massive spending cuts introduced to deal with the budget deficit could push the UK back into a recession. In June, and again last month, Mr Blanchflower warned the coalition Government that tough spending cuts could pose [...]
The Coalition Government’s decision to slash the budget deficit so soon has met with some criticism over recent times. However, it appears that Chancellor George Osborne’s deficit reduction program has also met with support, which an open letter to the Telegraph newspaper has revealed today. To name but a few, the leaders of Marks and [...]
The Office for National Statistics (ONS) has today revealed the UK economy grew by 1.2% in the April to June period – unrevised from its second estimate last month. While the reading was expected to remain the same – it represented the fastest pace in nine years and took the annual rate of growth to [...]
The International Monetary Fund (IMF) has today said it supports the Coalition Government’s tough austerity measures, designed to cut the budget deficit. The support comes despite many experts suggesting that the tough measures could pose a threat to the fragile recovery, because spending cuts and a hike in taxes will have slashed the forecast for [...]
Employers’ group, the Confederation of British Industry (CBI), has today said it supports the coalition Government’s overhaul of the benefits system. It is also suggesting the Government consider ending final salary pensions for public sector workers. The coalition Government has introduced tough austerity measures and has said they are necessary to slash the budget deficit. [...]
It has been announced that the tough austerity measures introduced by the coalition Government are set to lead to industrial action following a trade union gathering in Manchester today. At the annual Trades Union Congress (TUC) meeting, union leaders urged delegates to “stand up and fight” against the massive spending cuts. The motion was supported [...]
The Council of Mortgage Lenders (CML) has today reported a further fall in repossessions – the third consecutive quarter in which they have fallen. According to the Council, lenders seized 9,400 properties in the April to June period – 400 less than in January to March period. Experts argued, though, that many homeowners have been [...]
Earlier this month, Business Secretary Vince Cable warned that the UK’s car industry will not receive any further funding from the Government but said it would consider investing in measures which would reduce emissions from cars and to help transform the UK into a low carbon economy. As a result, the Government has today unveiled [...]
US Democrats have been forced to revise their reform of the US financial sector after some Republicans are not in full support of a controversial tax on financial institutions. The reforms will impose strict limits on banks’ ability to take risky speculative bets on markets and were added during a 19-hour negotiating session by House [...]
US billionaire investor, Wilbur Ross, has invested £100 million in Sir Richard Branson’s Virgin Money in order to help it in its quest to bid for Royal Bank of Scotland’s (RBS) High Street branch network, believed to be worth up to £2 billion ($3 billion). RBS, which is 84% state-owned, was ordered by European Union [...]
Jarvis, the railway maintenance company, has entered administration after being refused further support by its lenders. The company, which has is based in York, said the future of the firm depended on the ongoing support of its lenders but said after negotiations, it was evident “that sufficient support will not be extended to the company [...]
Despite calls from leading business groups to take urgent action with regard to spending cuts, Chancellor Alistair Darling, has received support to delay cuts until 2011. According to David Kern at the British Chambers of Commerce, the UK’s credit rating is being put at risk by the Government’s failure to act more quickly. However, over [...]
The International Monetary Fund (IMF) has today pledged its support for Greece after yesterday’s declaration from the European Union, which will see the debt-stricken economy tackle its spiralling debts. “We stand willing and able to support Greece in ways that the Greek authorities think is appropriate,” IMF First Deputy Managing Director John Lipsky told reporters [...]
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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