News Tag: UK

March 17, 2010

Barings warns of increased risk of double dip

by Kay Murchie
The latest global economic research by Baring Asset Management’s (Barings) suggests that of the major global economies, the UK looks most vulnerable to a renewed dip into recession. According to Barings, there is a slightly higher risk of the UK falling back into recession than there was a few weeks ago. However, should the UK fall back into recession, ...

---

Savers “disillusioned” with ISA returns

by David Masters
ISA investors are "disillusioned" with the returns they are receiving on their savings, Barclays claimed this week. The bank blamed the frustration on historically low interest rates. The 0.5% base rate has caused many investors to rethink their approach to the financial marketplace, Barclays said. Research by the bank found more than two-thirds (72%) of investors have changed their outlook because of the low interest rate environment. A similar number (72%) ...

---

UK unemployment continues to fall

by Kay Murchie
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 million - the sharpest fall since November 1997, just ...

---

Labour admits taxes could go up in order to cut deficit

by Kay Murchie
In order to tackle the UK’s deficit, tax hikes could well be on the agenda, according to reports today. Last week, Chief Secretary to the Treasury Liam Byrne suggested that no new tax rises will be required in order to cut the UK’s ballooning deficit. However, in a dramatic u-turn, asked by the BBC yesterday if he was ...

---

Mortgage fraud threat as economy recovers

by Gill Montia
The full extent of UK mortgage fraud in the lead up to the credit crisis is probably as yet unknown and signs of economic recovery have prompted the National Fraud Authority (NFA) to remind lenders that they must continue to combat the crime. According to the NFA, almost £144 billion was loaned in mortgages in 2009, representing an attractive target for criminals. The ...

---

March 16, 2010

Report reveals impact cold weather had on SMEs

by Kay Murchie
A study by Lloyds TSB Commercial has revealed the impact the big freeze had on the UK's small and medium-sized companies (SMEs) earlier this year. According to the research, the coldest winter in decades cost SMEs more than £7 billion. Seven out of ten small firms were severely affected with snow and ice hitting deliveries and resulting in the firms to ...

---

EU report calls for more action in reducing UK budget deficit

by Kay Murchie
A report due to be released later this week by the European Commission is expected reveal the Government’s plans for reducing the budget deficit are not ambitious enough. A draft document, which has been seen by the Reuters news agency, warns Britain is not on target to trim its deficit in accordance with EU rules of below ...

---

March 15, 2010

UK and US credit ratings safe for now

by Kay Murchie
Moody's Investors Services has today announced the credit ratings of the world’s four largest AAA-rated nations are viewed as safe. According to Moody’s, the world's four largest AAA-rated sovereign nations, which include Germany, France, the UK and the US are currently "well positioned despite their stretched finances". In its quarterly report assessing the prospects of the triple A-rated countries, Moody’s said ...

---

Young people exploit multiple overdrafts

by David Masters
Young people are risking their financial future by opening multiple current accouts to maximise their access to overdraft facilities, according to a new report. Research by YouGov, on behalf of Callcredit, found that nearly one in ten (9%) 18 to 24 year olds have three or more current accounts in their name with an overdraft available. Of those with more than one bank account, ...

---

Passenger numbers in record slump at UK airports

by Kay Murchie
Figures published by the Civil Aviation Authority (CAA) have revealed a severe decline in passenger numbers across UK airports in 2009. According to the CAA, the UK's airports handled 7.4% fewer passengers in 2009 than in 2008 - marking the biggest drop since records began just after World War II. It was also the first time levels have fallen two years ...

---

March 11, 2010

HSBC reunites customers with £10.4 million

by David Masters
HSBC has reunited customers with £10.4 million held in lost or forgotten bank accounts. The bank, which started searching out owners for unclaimed funds in September 2008, said over 7,000 customers have been reunited with dormant accounts. The average money in each account was £1,400. People in London are the most forgetful about money left in bank accounts, with over £7 million still to be ...

---

March 10, 2010

Think tank provides UK growth forecasts

by Kay Murchie
According to leading economic think tank, the National Institute of Economic and Social Research (NIESR), the UK economy grew by 0.3% in the December to February period and has expanded by 0.7% since last September's slump. The NIESR’s latest predictions come just a few weeks after the Office for National Statistics (ONS) revealed the UK economy saw growth of 0.3% in the ...

---

UK factory output in surprise January fall

by Kay Murchie
The Office for National Statistics (ONS) today revealed UK industrial output unexpectedly fell in January - primarily due to the cold weather during the month. According to the ONS, output fell by 0.4% in January compared with the previous month and represented the largest monthly fall since August. Analysts had expected a 0.3% rise. However, on an annual basis, output was up ...

---

March 9, 2010

UK trade deficit unexpectedly widens in January

by Kay Murchie
The Office for National Statistics (ONS) has today revealed the UK’s trade gap widened unexpectedly in January to a 17-month high. The news disappointed markets and sent the already weak pound falling. Sterling fell 0.4% to €1.10 at mid morning and lost 0.75% against the dollar to fall below the $1.50 mark. Sterling has lost around 24% of its value since ...

---

March 8, 2010

Recovery will be “sluggish”, expert claims

by David Masters
Recent increases in the purchasing managers index (PMI) should not be taken as an indication that Britain is entering a strong recovery, one expert has claimed. Vicky Redwood, economist at Capital Economics, said economic recovery will be "sluggish" over the next two years. She made the remarks despite conceding that PMI data released this week was "pretty positive". Both the manufacturing and service sectors have seen expansion, easing worries ...

---

March 4, 2010

Why you should check the SVR on your mortgage

by David Masters
Millions of homeowners across the UK have no idea what interest rate they're paying on their mortgage, according to research by Post Office Mortgages, A poll by the lender found that while 35% of borrowers are currently on a standard variable rate (SVR) mortgage, 28% - around 3 million homeowners - don't know what rate they're paying. The Post Office ...

---

March 3, 2010

UK service sector recovers after snowy January

by Kay Murchie
The UK’s closely-watched service sector recovered in February after experiencing a dip in January as a result of bad weather disrupting services, as well as the VAT rise. The latest activity index from the Chartered Institute of Purchasing and Supply (CIPS)/Markit PMI showed a reading of 58.4 in February, up from 54.5 in January. Any reading above 50 indicates growth and February‘s ...

---

UK consumer confidence up in February

by Kay Murchie
The latest survey from the Nationwide Building Society has revealed a rise in UK consumer confidence for the month of February. The building society’s consumer confidence index surged to 80 last month - the highest level since January 2008 and double the reading seen last February. According to the Nationwide, its survey reflects the fact that consumers are now more confident as the ...

---

March 2, 2010

Handful of countries see house price growth in 2009

by Kay Murchie
The Rics European Housing Review 2010 has revealed a mixed bag for European house prices. The Royal Institution of Chartered Surveyors (Rics) found that only five countries reported growth in house prices - with the UK being one of them - rising by 1% in 2009. Norway led the way with a 12% gain during 2009, while Finland, Sweden and ...

---

Euro slumps to nine-month low against dollar

by Kay Murchie
Growing fears over the debt crisis in Greece continue to weaken the value of the euro and it sank further today to 1.3436 dollars - a level not seen since May 2009. Greece is currently taking action to reduce its public deficit from 12% to 8% of GDP this year. The country currently has the highest debt of the 16-member euro zone ...

---