Figures published by the Insolvency Service have revealed personal insolvencies climbed to a new high in 2010. According to the Insolvency Service, there were 135,089 personal insolvencies in 2010 – a rise of 0.7% compared with 2009. This was also double the number of people declared insolvent in 2005 and represented the highest figure since [...]
Speaking in Newcastle last night, the Governor of the Bank of England, Mervyn King, said inflation could rise as high as 5% but will fall back to its target by 2012. Mr King previously dismissed fears that higher inflation would demand a significant rise in interest rates in the months ahead. The CPI inflation rate [...]
Headhunters have warned that staff at some of Europe’s largest banks are threatening to quit over bonus rules and other regulations. The bonus review, the threat of big banks being broken up, as well as the growing pay divide between Europe and the US, is expected to bring a mass exodus of staff. However, new [...]
Leading business groups have warned that the recent hike in VAT from 17.5% to 20% will drive inflation up to around the 4% mark over the coming months. This would take inflation to double the Government’s target of 2%. Last month, the Office for National Statistics (ONS) revealed Consumer Price Inflation (CPI) rose to an [...]
Ratings agency Moody’s today announced it has put Spanish bonds on watch for a possible downgrade due to its high funding requirements. However, the agency said it does not expect Spain to turn to the EU fund for a bailout. In a statement, Moody’s lead analyst on Spain Kathrin Muehlbronner, said: “Moody’s does not believe [...]
The International Air Transport Association (IATA) has again revised its forecasts for the airline industry. According to the industry body, global airlines will make a profit of $15.1 billion (£9.5 billion) this year. The figure is 70% higher than its previous forecast made in September and significantly better than its anticipated loss of $2.8 billion [...]
As Ireland looks set to accept a multi-billion euro loan, the International Monetary Fund (IMF) and EU officials have commenced their investigation of Ireland’s bank books. Yesterday, Governor of the Irish central bank, Patrick Honohan, said the country is expected to accept a “very substantial loan”. The news comes as speculation has been mounting all [...]
Barclays president Bob Diamond has warned of the dangers that new taxes could have on British banks. The American multi-millionaire, who is set to take over the chief executive role from John Varley next year, made the remarks shortly before the Bank of England unveiled proposals to overhaul the banking system. In a speech at [...]
The International Monetary Fund (IMF) has suggested the UK property market could experience a double dip. In its latest World Economic Outlook, the IMF highlighted that despite Government efforts to boost the housing market and encourage first-time buyers, UK house prices could still be in line for “further correction”. The IMF was referring to the [...]
In its half-yearly health assessment of the financial system, the International Monetary Fund (IMF) has said it is concerned about the global financial system. The crisis in the European sovereign debt markets has meant the prospects for global stability have been pushed back, said the IMF. The crisis is Europe has recently been exacerbated by [...]
The Council of Mortgage Lenders (CML) has today warned that proposals by the Financial Services Authority (FSA), to encourage responsible lending, could mean even more buyers are locked out of the market. City Watchdog, the FSA, has previously announced plans to restrict mortgage lending, in a bid to prevent reckless borrowing. The FSA has already [...]
The former deputy Governor of the Bank of England, Sir John Gieve, has today warned against further quantitative easing (QE). QE, also known as printing money, is a process whereby the Treasury injects funds into the financial system to ease pressure on banks by giving them extra capital. The Bank embarked on its £200 billion [...]
The economy received a boost today after UK retail sales grew much faster than expected in July. According to the Office for National Statistics (ONS), retail sales during the month grew 1.1% on the month – beating analysts forecasts of 0.4%. This represented the highest month-on-month growth since February. On an annual basis, sales were [...]
The Chartered Institute of Personnel and Development (CIPD) has warned of higher unemployment if economic growth misses forecasts. According to the employment group, growth needs to be at least 2.5% between now and 2015, in order for the private sector to create sufficient jobs to offset those that would be lost as a result of [...]
This weekend’s G20 summit, held in Toronto, Canada, saw more than 400 protesters arrested. Four police cars were set alight, while shop windows were broken with baseball bats and hammers, according to reports. Similar protests have occurred during the summit in past years and this year was no different as demonstrators came in their droves [...]
As the emergency budget approaches, Chancellor George Osborne has told the BBC that the massive spending cuts will save Britain from the problems which debt-stricken Greece faces. Speaking to the BBC’s Andrew Marr Show, Mr Osborne said: “Unless we take determined and concerted action, we will find our country on the road to ruin”. Cutting [...]
The newly-established Office of Budget Responsibility (OBR) is scheduled to publish growth forecasts later and they are likely to be much lower than the previous Labour Government’s predictions. According to economists, the OBR, which is led by former Treasury official Sir Alan Budd, is expected to say ex-Chancellor Alistair Darling’s 2011 forecast of 3% – [...]
Professor David Blanchflower, a former member of the Bank of England’s Monetary Policy Committee (MPC), has warned that cutting the deficit too quickly risks putting the UK back into recession. Mr Blanchflower, who is professor of economics at Dartmouth College in the US, told Sky News today that further investment is required to build growth. [...]
The Japanese economy, which is the world’s second largest, faces many risks, one of them is deflation and the other is the country’s debt – which at nearly 230% of GDP is the highest of any industrialised nation. The debt is the result of decades of stimulus spending and low tax receipts. Japan’s new Prime [...]
A report by the Chartered Institute of Personnel and Development (CIPD) has warned that UK unemployment could reach 2.95 million, from its current 2.51 million, as a result of the Government’s planned spending cuts. According to the influential think tank, 750,000 public sector workers could join the dole queue as the new coalition Government embarks [...]
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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