Tag: economic recovery

Economic recovery could take until 2017

Economic recovery could take until 2017

Sir Mervyn King, the governor of the Bank of England, does not expect the UK economy to recover until 2017, three years later than his earlier estimate. The Governor made his gloomy prediction to MPs at a meeting of the Treasury Select Committee (TSC). “When this crisis began in 2007, most people did not believe [...]

June 27, 2012 | 0 Comments More
UK’s economic recovery to take five years

UK’s economic recovery to take five years

The UK’s economy will take five and a half years to recover to pre-recession levels according to Martin Weale, a member of the Bank of England’s Monetary Policy Committee. Speaking to the National Institute of Social and Economic Research, Mr Weale said that the recovery “unusually slow” and indicated that the Bank could enact more [...]

November 25, 2011 | 0 Comments More
Bank ring-fencing threatens UK economy

Bank ring-fencing threatens UK economy

Britain’s banks are warning that ring-fencing their retail activities, to protect against investment banking losses, could endanger the UK economy because of the cost involved. A ring-fencing proposal will form part of the Independent Commission on Banking’s (ICB’s) final report, due out in September. However, according to the British Bankers’ Association (BBA), the proposed reform [...]

August 23, 2011 | 1 Comment More
Double-dip recession unlikely, says OECD

Double-dip recession unlikely, says OECD

Influential think tank, the Organisation for Economic Co-operation and Development (OECD), has today said the global economic recovery is slowing faster and has therefore revised its growth forecast downwards for the G7 leading economies. However, the think tank has said a return to recession is unlikely but “great uncertainty” remains. It has therefore slightly revised [...]

September 9, 2010 | 0 Comments More
Falling unemployment boosts sterling

Falling unemployment boosts sterling

The reported decline in UK unemployment figures last month gave sterling an extra boost, pushing the euro/sterling rate towards the €1.20 mark, exchange rate analysts observed. Unemployment fell to 7.8% in June, down from 8.0% in April. Exchange rate specialist Caxton FX said the rise in employment shows employers are willing to recruit, and represent [...]

July 15, 2010 | 0 Comments More
Prospects of UK economic growth “dismal” in 2010

Prospects of UK economic growth “dismal” in 2010

Respected economic forecaster, Ernst & Young ITEM Club, sees the prospects for the UK’s economic recovery remaining poor this year, with output growth likely to be about 1%. In its latest “Outlook for Business” report, the firm’s analysts describe world output and trade as “recovering rapidly” and maintain their view that exports and other sources [...]

April 19, 2010 | 0 Comments More
Mortgage fraud threat as economy recovers

Mortgage fraud threat as economy recovers

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 [...]

March 17, 2010 | 0 Comments More
Growth too slow to halt record company administrations

Growth too slow to halt record company administrations

Having studied the latest figures from the Insolvency Service, Grant Thornton is predicting a glut of company failures in England and Wales during 2010. Last year saw a record 4,161 companies placed in administration (up 1.7% on 2008) and the accountancy firm warns: “There is no light at the end of the tunnel for troubled [...]

February 9, 2010 | 0 Comments More
PM warns against early withdrawal of stimulus measures

PM warns against early withdrawal of stimulus measures

Speaking today at the annual conference of the Confederation of British Industry (CBI), Prime Minister Gordon Brown told business leaders that in order to sustain economic recovery, financial stimulus measures will be kept in place for as long as necessary. The PM warned that economic recovery would be put at risk if official support was [...]

November 23, 2009 | 0 Comments More
Oil price hits 10-month high on back of economic recovery

Oil price hits 10-month high on back of economic recovery

US light crude hit $74.49 (£45) a barrel by afternoon in Europe today - after reaching $74.81, its highest intra-day price in ten months, on the back of increasing demand. Meanwhile, London’s Brent crude was 16 cents higher to $74.35 a barrel. This resulted in stock rising in BP, Royal Dutch Shell, BG Group and [...]

August 24, 2009 | 0 Comments More
Expert predicts mortgage “scramble” as rates rise

Expert predicts mortgage “scramble” as rates rise

Homeowners will be forced to “scramble around” for good value fixed-rate mortgages in the future as interest rates “fly up”, an industry expert has warned. Jacqueline Thornton, financial planner at Re-Financial Planning, said householders that are currently happy to benefit from currently low-priced standard variable rate mortgages will struggle to find a reasonably priced fixed-rate [...]

August 20, 2009 | 0 Comments More
RBS: No economic recovery until at least 2011

RBS: No economic recovery until at least 2011

The Royal Bank of Scotland (RBS) warned this week that the UK’s economy will not start recovery until 2011. Stephen Hester, chief executive, expects unemployment to continue rising. The journey to economic recovery will be a “marathon” rather than a “sprint”, Hester said. “I believe we are coming out of the problems but when we [...]

August 11, 2009 | 0 Comments More
Sustainable investments ‘the answer’ to global downturn

Sustainable investments ‘the answer’ to global downturn

Five trillion dollars that has been allocated to sustainable investing strategies could form the core of an economic recovery, two financial experts have predicted in a book released this week. Cary Krosinsky, vice president of Trucost Plc, and Nick Robins, head of the HSBC Climate Change Centre for Excellence, estimate that sustainable investing funds - [...]

March 30, 2009 | 0 Comments More