Tag: Britain

National shop vacancies rise to record high

National shop vacancies rise to record high

A new report has revealed the British High Street is suffering after shop vacancies rose to a record high in 2010. According to the Local Data Company, the number of vacant shops in Britain increased to 14.5% at the end of last year, up from 12% at the end of 2009 and compares with 5% [...]

February 16, 2011 | 0 Comments More
IMF-EU officials investigate Ireland’s books

IMF-EU officials investigate Ireland’s books

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 [...]

November 19, 2010 | 0 Comments More
Financial crisis hammered Britain’s wealth

Financial crisis hammered Britain’s wealth

November 11, 2010 | 0 Comments More
Standard Chartered considers relocation to Far East

Standard Chartered considers relocation to Far East

London-based emerging markets bank, Standard Chartered, is looking to free itself from stricter regulations in Britain by considering relocating to the Far East. The bank, which already has a strong presence in the Far East, said relocation “is something we do look at but we have no plans to move.” According to The Times newspaper, [...]

September 17, 2010 | 0 Comments More
Sterling sinks to 13-month dollar low

Sterling sinks to 13-month dollar low

Britain’s ongoing deficit worries continue to weigh heavily on the economy and this was evident after the pound fell to a 13-month low against the dollar today. Sterling fell as low as $1.4249 - its lowest level since March 2009, before recovering to $1.4435 - down 0.7% on the day. Today, at his first press [...]

May 17, 2010 | 0 Comments More
Recalls lead Toyota to halt production in France and Britain

Recalls lead Toyota to halt production in France and Britain

Struggling Japanese carmaker Toyota is to suspend production at plants in France and Britain for two weeks from Monday amid safety recall problems. The carmaker has been suffering amid major safety fears and has recalled almost 9 million vehicles over concerns about accelerator pedals and brake systems. The problems have been blamed for almost 60 [...]

March 26, 2010 | 0 Comments More
CEBR reveals what might have happened if Britain joined the euro

CEBR reveals what might have happened if Britain joined the euro

Leading think tank, the Centre for Economic and Business Research (CEBR), has today claimed that the recession and unemployment would have been much worse if Britain had joined the euro. According to the think tank, if Britain had dropped the pound, the unemployment rate would be at 15% (double what it is now) and GDP [...]

February 15, 2010 | 0 Comments More
S&P downgrades Britain’s banking sector

S&P downgrades Britain’s banking sector

January 29, 2010 | 0 Comments More
Government orders £16bn asset sale to reduce public debt

Government orders £16bn asset sale to reduce public debt

In an effort to tackle Britain’s spiralling public debt, the Government has today unveiled proposals that will see it raise £16 billion via asset sales. In order to reduce the budget deficit, which is set to hit a record £220 billion (the equivalent of 12% of GDP), the Government has taken action by ordering sale [...]

October 12, 2009 | 0 Comments More
Further hopes of recovery as UK exports rise

Further hopes of recovery as UK exports rise

The Office for National Statistics (ONS) has today reported that British exports rose at their fastest monthly pace in July, bringing further hopes of a recovery. According to the ONS, exports rose 5% on the month to £19.187 billion - the fastest rise since January 2008, while the value of imports grew by 3.5% to [...]

September 9, 2009 | 0 Comments More
Sharp fall in business investment in Q2

Sharp fall in business investment in Q2

Business investment in Britain fell by 10.4% in the April to June period - the biggest quarterly fall since 1985. Official figures show that the amount spent by businesses on a range of investments, such as new computers and building works, fell to £29.8 billion during the period. According to economists, the figures will raise [...]

August 27, 2009 | 0 Comments More
British household spending in biggest fall since 1980

British household spending in biggest fall since 1980

Figures released today by the Office of National Statistics (ONS) revealed that spending by British households fell by 1.2% in the first three months of 2009 - the largest fall since 1980. According to the ONS, the only positive contribution to growth was Government spending. In addition to the fall in household spending, the ONS [...]

May 22, 2009 | 0 Comments More
Green shoots of recovery leads OECD to believe worst of recession over

Green shoots of recovery leads OECD to believe worst of recession over

According to the Organisation for Economic Cooperation and Development (OECD), the worst of the recession may be over for Britain. The OECD has gathered its evidence by measuring a range of statistics, including trends in stock markets and business surveys. The influential think tank said while output is still shrinking, there have been some green [...]

May 12, 2009 | 0 Comments More
Britain’s shopping habits changing during recession

Britain’s shopping habits changing during recession

The UK is changing its shopping habits as a coping mechanism during the credit crunch, new research has revealed. A survey by Abbey Credit Cards found that Brits are increasingly searching for bargain deals to make every pound go as far as possible. More than a third of shoppers now check the price of an [...]

March 24, 2009 | 0 Comments More
Chancellor plans Britain’s answer to Obama’s stimulus package

Chancellor plans Britain’s answer to Obama’s stimulus package

Chancellor Alistair Darling has admitted that a second package of tax and spending measures may be required to prevent the UK from entering a deep and profound recession. Measures include help for the ailing car industry, which is suffering as consumers continue to cut back on non-essential items. Proposals under consideration include an expansion of [...]

January 26, 2009 | 0 Comments More
Financial ruin for one third of unemployed

Financial ruin for one third of unemployed

Almost one in three people in the UK would end up in financial disaster within two months if they faced unemployment. In a new survey by MoneyExpert.com, 30% of respondents admitted that losing their job would leave them unable to make repayments on their mortgage and other debts within two months. Half of these people [...]

December 18, 2008 | 0 Comments More
Recession puts life on hold for Brits

Recession puts life on hold for Brits

With the credit crunch biting hard, the majority of British adults have put major life decisions on hold. Research by CreditExpert.co.uk reveals that 75% of Brits are stalling key life plans, including moving house and having a baby, because they fear the worst for the oncoming recession. In addition, more than half (55%) of adults [...]

MPC member calls for aggressive rate cuts to stave off recession

MPC member calls for aggressive rate cuts to stave off recession

Professor David Blanchflower, a member of the Bank of England’s Monetary Policy Committee (MPC), is calling for aggressive interest rate cuts in order to boost Britain’s economy and stave off the prospect of a deep and prolonged recession. In response, Chancellor Alistair Darling appeared to be supporting Prof Blanchflower’s call after he stressed that while [...]

October 30, 2008 | 0 Comments More
Ernst & Young: Britain in recession

Ernst & Young: Britain in recession

A forecast published today by the Ernst & Young Item Club claims that Britain is now in a recession that will last for 12 months, with only a weak recovery in 2010. Peter Spencer, the chief economist at Ernst & Young, said the economy fell sharply in the previous quarter and will shrink for three [...]

October 19, 2008 | 0 Comments More
Britain facing worst economic conditions for 60 years

Britain facing worst economic conditions for 60 years

In an interview with the Guardian newspaper, Chancellor Alistair Darling said the UK is facing the worst economic downturn in 60 years and it will be ‘profound and long lasting’. Mr Darling’s stark warning comes as the Nationwide revealed that the average house price has fallen by 10.5% over the last year – this represents [...]

August 31, 2008 | 0 Comments More