Tag: emergency budget

Bovis: Consumers hit by spending cuts and tax hikes

Bovis: Consumers hit by spending cuts and tax hikes

Housebuilder Bovis Homes has today claimed the coalition Government’s spending cuts and tax hikes have dented consumer confidence. Its claim comes as the company reported a pre-tax profit of £3.5 million in the first half of 2010, compared with a loss of £8.6 million for the same period last year, Meanwhile, it added it planned [...]

August 23, 2010 | 0 Comments More
Retirement planning vital during pensions crisis

Retirement planning vital during pensions crisis

Brits should take charge of their own pension plans following the government’s cuts to pensions in the emergency budget, a financial expert has claimed. Nick Scarrett, head of pensions at the Fair Investment Company (FIC), said consumers should take responsibility for saving as much as they can afford for retirement. “It has never been more [...]

June 29, 2010 | 0 Comments More
Repossessions fall to two-year low

Repossessions fall to two-year low

The number of homeowners who saw their properties repossessed by lenders fell to a two-year low in the first three months of 2010. New data from the Financial Services Authority put the total the number of repossessions at 10,500, down 11% on the final quarter of 2009. In addition, new mortgage arrears declined by 2%, [...]

June 23, 2010 | 0 Comments More
Banks get off lightly in emergency budget

Banks get off lightly in emergency budget

George Osborne’s emergency budget “takes from the poor to give to the rich” according to campaigners for a fairer tax system. The Chancellor of the Exchequer has failed to hold banks responsible for the financial carnage they caused in the credit crunch and the subsequent recession, the Robin Hood Tax campaign said. ”The Chancellor called [...]

June 23, 2010 | 0 Comments More
Budget change to Support for Mortgage Interest scheme

Budget change to Support for Mortgage Interest scheme

Yesterday’s emergency Budget contained a change to the Support for Mortgage Interest (SMI) scheme, which aims to give homeowners in financial difficulties time to find new employment or recover income, without the added stress of potentially losing their homes. The scheme involves lenders reducing a borrower’s monthly mortgage payments by deferring interest, which can be [...]

June 23, 2010 | 0 Comments More
UK consumer confidence sees sharp fall in May

UK consumer confidence sees sharp fall in May

The latest survey from the Nationwide Building Society has revealed a sharp fall in UK consumer confidence for the month of May. The building society’s consumer confidence index plunged to 65 last month – the lowest level since June 2009, down from a revised reading of 75 in April. According to the Nationwide, its survey [...]

June 16, 2010 | 0 Comments More
Cameron: Budget problems worse than thought

Cameron: Budget problems worse than thought

In a major speech in Milton Keynes this morning, Prime Minister David Cameron said the budget problems are even worse than thought and has laid the blame with the former Government. His speech, which comes ahead of the emergency budget on 22 June, issued a stark warning about the painful spending cuts which his Government [...]

June 7, 2010 | 0 Comments More
PM to warn of painful spending cuts

PM to warn of painful spending cuts

In a major speech in Milton Keynes this morning, Prime Minister David Cameron is expected to issue a stark warning about the painful spending cuts which his Government is to implement in the years to come. Mr Cameron is expected to say: “The decisions we make will affect every single person in our country. And [...]

June 7, 2010 | 0 Comments More
Cameron explains “the purpose behind the pain”

Cameron explains “the purpose behind the pain”

In an interview with the Sunday Times, Prime Minister David Cameron said action needed to be taken to deal with the “huge amount of debt” but promised to explain “the purpose behind the pain”. He said: “The country has got an overdraft. The interest on that overdraft is swallowing up things that the nation should [...]

June 6, 2010 | 0 Comments More
Bank of England Governor turns down pay rise

Bank of England Governor turns down pay rise

Mervyn King, the Bank of England’s Governor, has turned down a pay rise worth more than £15,000, according to the Bank’s annual report. The report, published today, revealed Mr King waived his right to a pay rise and comes just a few weeks before the Government is expected to announce severe spending cuts in an [...]

June 2, 2010 | 0 Comments More
M&S announces 4.6% rise in pre-tax profits

M&S announces 4.6% rise in pre-tax profits

British retailing giant, Marks and Spencer (M&S), has today announced pre-tax profits totalled £632.5 million for the 12 months to 27 March - a rise of 4.6% on the same period a year ago. UK like-for-like sales, which strip out the impact of new store openings, grew 0.9% over the 12-month period. Sales of general [...]

May 25, 2010 | 0 Comments More
VAT to hit 20% under new coalition Government

VAT to hit 20% under new coalition Government

Leading economists have said VAT will rise to 20% by the end of 2011 under the new coalition Government. According to a BBC survey, 24 out of 29 economists used by the Treasury expect the sales tax to rise, in order to try to pay back the UK’s fiscal deficit. Prior to the election, all [...]

May 13, 2010 | 0 Comments More
Moody’s cuts debt ratings on 12 Irish banks

Moody’s cuts debt ratings on 12 Irish banks

There is more bad news for Ireland after ratings agency, Moody’s, has downgraded ratings on a dozen Irish banks, just 24 hours after the country unveiled an emergency budget. The downgrades suggest that Moody’s believes the banks are in a weaker financial position and this can mean borrowing in the future can be expensive. According [...]

April 8, 2009 | 0 Comments More
Ireland sees surge in unemployment

Ireland sees surge in unemployment

Ireland, which was the first country in the euro zone to enter recession, has experienced a sharp rise in unemployment. New figures released by the Central Statistics Office (CSO) revealed that the number of people claiming jobseeker’s allowance surged by 87.5% in the 12 months to March. According to the CSO, the number of people [...]

April 1, 2009 | 0 Comments More