Tag: borrowing

UK public sector borrowing higher than forecasts in June

UK public sector borrowing higher than forecasts in June

The Office for National Statistics (ONS) has today revealed UK public sector borrowing rose last month. According to the ONS, public sector net borrowing rose to £14 billion last month compared with £13.6 billion June 2010. The figure was higher than analysts’ expectations and was attributed to a fall in income tax receipts. The figure [...]

July 21, 2011 | 0 Comments More
Moody’s may downgrade US AAA debt rating

Moody’s may downgrade US AAA debt rating

July 14, 2011 | 0 Comments More
Credit card usage falls sharply

Credit card usage falls sharply

The British Retail Consortium (BRC) has today reported a fall in credit card usage as consumers look to cash and debit cards for their purchases. According to a survey by the BRC, which represents 90% of the UK’s stores, shoppers are opting to use their debit cards and cash to avoid borrowing. However, the number [...]

June 27, 2011 | 0 Comments More
UK borrowing falls in May

UK borrowing falls in May

The Office for National Statistics (ONS) has today revealed UK public sector borrowing fell slightly last month. According to the ONS, public sector borrowing fell to £15.15 billion last month compared with £16.46 billion in May last year. The figure was lower than analysts’ expectations of £15.75 billion and was attributed to an increase in [...]

June 21, 2011 | 0 Comments More
UK economic recovery to remain sluggish

UK economic recovery to remain sluggish

Recovery of the UK economy is to remain sluggish, with GDP growing by 1.4% in 2011 and by 2% in 2012, the National Institute of Economic and Social Research (NIESR) predicts. Growth this year will be constrained by government spending cuts and a squeeze on household finances resulting from higher taxes and rising inflation. According [...]

May 6, 2011 | 0 Comments More
OBR reviews growth, borrowing, inflation and unemployment

OBR reviews growth, borrowing, inflation and unemployment

The Office for Budget Responsibility (OBR) has today delivered its forecasts for British public borrowing, economic growth, inflation and unemployment. The independent OBR, which was set up by the coalition Government to assess the state of public finances, lowered its 2011 economic growth forecast to 1.7% from its previous estimate of 2.1%. The latest estimate [...]

March 23, 2011 | 0 Comments More
Report reveals £8bn windfall for Government

Report reveals £8bn windfall for Government

A report by the Ernst & Young Item Club has suggested the Government could be in line for an £8 billion windfall this year due to a rebound in tax revenues and a cut in public spending. The Item Club is estimating public borrowing for the financial year to the end of March to be [...]

March 21, 2011 | 0 Comments More
UK public sector finances see surplus in January

UK public sector finances see surplus in January

The Office for National Statistics (ONS) has today revealed UK public sector net borrowing switched to a surplus in January - boosted by a sharp increase in income tax receipts and corporation tax inflows. According to the ONS, public sector net borrowing registered a surplus of £3.735 billion - representing the biggest surplus since July [...]

February 22, 2011 | 0 Comments More
Portugal’s borrowing costs rise

Portugal’s borrowing costs rise

Speculation is mounting again that Portugal may need financial assistance after a sharp rise in bond yields. In early trading, yields on Portuguese 10-year bonds climbed to almost 7.6%, their highest since the euro was introduced more than a decade ago. The country’s borrowing costs have risen in recent months – mimicking what happened in [...]

February 10, 2011 | 0 Comments More
UK public sector net borrowing falls in December

UK public sector net borrowing falls in December

The Office for National Statistics (ONS) has today revealed public sector net borrowing totalled £15.3 billion in December - lower than forecasts of £18.1 billion and a fall from November‘s record high. However, it was slightly above December 2009′s total of £14.3 billion. The fall was attributed to the cost of Government support for Royal [...]

January 25, 2011 | 0 Comments More
November public borrowing hits record high

November public borrowing hits record high

The Office for National Statistics (ONS) has today revealed public sector net borrowing totalled £23.3 billion in November – a record high for the month. Not only did it exceed the monthly record of £21.1 billion that was set in December 2009 - it represented the highest level since monthly records began in 1993. The [...]

December 21, 2010 | 0 Comments More
October public borrowing rises to £10.3bn

October public borrowing rises to £10.3bn

The Office for National Statistics (ONS) has today revealed public sector net borrowing totalled £10.3 billion in October – a record high for the month. However, the figure was roughly in line with expectations of a £9.6 billion figure but is up from the £10.1 billion in October last year. The increase comes despite a [...]

November 18, 2010 | 0 Comments More
Irish debt and Chinese inflation fears send markets down

Irish debt and Chinese inflation fears send markets down

Despite efforts to calm fears over Ireland’s debt problems, global markets have fallen today. The Shanghai Composite index closed down 5% as speculation mounted that the central bank could hike interest rates again to curb inflation. Yesterday, the National Bureau of Statistics (NBS) said Chinese inflation continued to increase in October, driven by higher food [...]

November 12, 2010 | 0 Comments More
Credit card interest could be capped

Credit card interest could be capped

As part of a crackdown on credit cards and store cards, the Government is considering capping interest rates in a bid to get the consumer a fairer deal. Following the Government’s review into consumer borrowing, Consumer Minister, Edward Davey, and Financial Secretary to the Treasury, Mark Hoban, have asked industry experts for their views as [...]

October 17, 2010 | 0 Comments More
Six British banks propose to kick-start lending

Six British banks propose to kick-start lending

The bosses of Britain’s top six banks have revealed a £1.5 billion fund, designed to kick-start lending to small businesses. It was announced in August that the chief executives of Barclays, Royal Bank of Scotland, Lloyds Banking Group, Standard Chartered and the heads of the UK operations of HSBC and Santander, would address the shortage [...]

October 13, 2010 | 0 Comments More
UK consumers opted to repay unsecured debt in August

UK consumers opted to repay unsecured debt in August

Figures from the Bank of England today revealed that British households opted to repay loans and overdrafts last month. The figures are evidence that consumers are concerned about the uncertainty surrounding the economy and massive spending cuts, opting not to go further into debt. According to the Bank of England, consumers repaid a net £120 [...]

September 29, 2010 | 0 Comments More
Government borrowing falls in July

Government borrowing falls in July

The Office for National Statistics (ONS) has today revealed public sector borrowing totalled £3.8 billion in July. Not only was the figure was much less than the £5.25 billion expected by analysts, it is also well below the £6.1 billion borrowed in July 2009. The improved picture was attributed to exceptionally strong growth in receipts [...]

August 19, 2010 | 0 Comments More
Government borrowing exceeds £14bn in June

Government borrowing exceeds £14bn in June

The Office for National Statistics (ONS) has today revealed public sector borrowing totalled £14.5 billion in June. While the figure was slightly lower than the £14.7 billion seen in June last year, it surprised economists who expected the figure to be around £13.1 billion. Overall, Government debt stands at £926.9 billion – the equivalent to [...]

July 20, 2010 | 0 Comments More
Government borrowing hits £16bn in May

Government borrowing hits £16bn in May

The Office for National Statistics (ONS) has today revealed the UK Government borrowed £16 billion in May. However, the figure was lower than the £18 billion expected and was 8% less than the figure in May 2009. Overall, Government debt stands at £903 billion – the equivalent to 62.2% of GDP - the highest ever. [...]

June 18, 2010 | 1 Comment More
France reveals overhaul to pensions system

France reveals overhaul to pensions system

The French Government has announced the country’s retirement age will be lifted from 60 to 62 by 2018, as part of a sweeping overhaul to its pension system. The new measures are to be implemented to cut France’s pension costs and reduce public borrowing. However, the shake-up has met with public anger after tens of [...]

June 16, 2010 | 0 Comments More