Tag: finances

BCC revises growth prospects for UK economy

BCC revises growth prospects for UK economy

Leading business group, the British Chambers of Commerce (BCC), has downgraded its growth prospects for the UK economy. The BCC now expects the economy to grow by 1.3% this year, slightly lower than a previous forecast of 1.4%. The figures are much lower than the 1.7% expected by the Office of Budget Responsibility but are [...]

May 30, 2011 | 0 Comments More
Government to slash funding for debt advice charities

Government to slash funding for debt advice charities

The Government’s massive spending cuts, which were introduced to trim the spiralling budget deficit, is to lead to a cut in funding for debt advisers. The news comes as debt advice charities are at their busiest as households are squeezed by unemployment, tax hikes and rising inflation. As a result, many debt advisers believe that [...]

February 1, 2011 | 0 Comments More
Millions relying on plastic for day-to-day living

Millions relying on plastic for day-to-day living

According to the fourth annual Post Office Consumer Credit Report, millions used their credit card this month for daily purchases, suggesting the pressure on household finances is growing. The Government’s spending cuts, together with rising inflation, is having a major impact on families and this is highlighted in the research by the Post Office. The [...]

January 31, 2011 | 0 Comments More
Survey reveals households’ pessimism over finances

Survey reveals households’ pessimism over finances

The Markit Household Finance Index has revealed that households are at their most pessimistic about their finances since April 2009. According to Markit, households are concerned about rising inflation and the survey suggests a gloomy outlook as finances are expected to deteriorate over the next 12 months. The index fell to 36.1 points in January, [...]

January 24, 2011 | 0 Comments More
Moody’s slashes Ireland credit rating five notches

Moody’s slashes Ireland credit rating five notches

December 17, 2010 | 0 Comments More
High Street facing bleak Christmas

High Street facing bleak Christmas

According to the latest Markit Economics survey, the UK looks set to be in for a bleak Christmas as households are squeezed amid higher consumer prices. The survey revealed that consumers’ enthusiasm for buying “big-ticket” items has slumped to its lowest level since February 2009. The research comes despite optimism that consumers would opt to [...]

November 22, 2010 | 0 Comments More
Lloyds shareholders in protest meeting over HBOS takeover

Lloyds shareholders in protest meeting over HBOS takeover

The group, Lloyds Action Now, has been holding protest meetings after the group claims their savings were wiped out following the Lloyds Banking Group’s merger with HBOS. Lloyds TSB’s controversial takeover of HBOS took place at the height of the financial crisis and the group was renamed Lloyds Banking Group. The shareholder group, which was [...]

October 24, 2010 | 0 Comments More
People opt to pay off debts rather than save

People opt to pay off debts rather than save

According to the latest Markit UK Household Finance Index, people are continuing to pay off their debts rather than top up their savings. This has been the case for some time now as historically low interest rates discourage consumers from saving. Meanwhile, the survey of 1,500 households discovered that around 27% of those questioned saw [...]

September 27, 2010 | 0 Comments More
Survey reveals household finances are squeezed

Survey reveals household finances are squeezed

A survey of 2,000 households, conducted by market researchers Markit and YouGov, has revealed confidence has been knocked and households are under pressure financially. The reason for the fall in confidence comes as households are fearful of losing their jobs as the coalition Government embarks on massive spending cuts and tax hikes. Approximately 600,000 public [...]

August 23, 2010 | 0 Comments More
CBI urges public sector pay cuts

CBI urges public sector pay cuts

The Confederation of British Industry (CBI) has said that in order to control public finances, a two-year pay freeze should be imposed on most public sector workers’ pay. Selected public sector pay and recruitment freezes could save £18 billion in the next two years, the business group argued, and it highlighted that pay freezes were [...]

May 19, 2010 | 0 Comments More
Portugal warned over budget deficit

Portugal warned over budget deficit

The European Commission has warned that additional measures may need to be taken by Portugal in order to cut its budget deficit. Like Greece, Portugal’s public finances are in a dire state and last month, international credit rating agency, Fitch, cut the country’s credit rating to ‘AA-’ with a negative outlook. According to Fitch, Portugal’s [...]

April 14, 2010 | 0 Comments More
Leeds Building Society declares ‘strong’ results

Leeds Building Society declares ‘strong’ results

Leeds Building Society yesterday posted its 2008 results, with profits remaining strong despite the global financial downturn. Assets of the UK’s seventh largest building society grew by over £900 million to £10.1 billion. End of year operating profit was £68.6 million, compared to £69.4 million in 2007. Savings balance increased by more than £500 million [...]

February 27, 2009 | 0 Comments More