October 1, 2007
The Bank of England should lower interest rates when it meets this week in order to aid economic growth and avoid potential pitfalls of prolonged high rates, according to a statement made by the influential Ernst & Young Item Club today.
The move came just days before the Bank of England Monetary Policy Committee is poised […]
October 1, 2007
The UK minimum wage is set to increase as of today, leaving around one million employees nationwide with a statutory pay increase as a result. Additionally entitlement to annual leave has also increased as of today, as part of an ongoing reform of employment law and benchmark employment standards.
The full rate for minimum wage has […]
September 26, 2007
The UK economy has grown at a faster rate than analysts had expected over the second quarter on an annual basis, according to official figures released today.
The figures released by the Office of National Statistics this morning reflected growth of 0.8% in the second quarter of 2007, taking the annual growth rate up to 3.1%, […]
September 25, 2007
A report by the BBC has uncovered widespread mal-practice in UK sub-prime mortgage lending, which it is predicted could lead to a mirror image problem of the US sub-prime lending crisis according to industry insiders and expert mortgage analysts.
The study into lending habits conducted through candid interviews with industry experts highlighted a popular trend towards […]
September 24, 2007
The UK’s public finances have been shown to be further into deficit over the month of August, beyond analysts’ previous expectations, according to official figures released today.
Both of the government’s key indicators of the health of UK public finance reflected a downturn on previous months sending the national coffers further into the red, despite analysts […]
September 21, 2007
The number of UK factory order has remained at a ‘healthy level’ for the month of August despite losing some value on the decade-highs witnessed through last month, according to a survey published today.
In a survey released today by the CBI, its monthly order index was up to the figure of +6 which remains at […]
September 20, 2007
UK retail sales have enjoyed growth over the course of August beyond analyst expectations as a result of widespread sales on the high street which has led to significantly decreased prices.
The sales figures released today by the Office for National Statistics show an increase in retail sales beyond the initial projections for the period, reflective […]
September 19, 2007
The Bank of England voted unanimously to hold rates at 5.75% in September, according to the minutes of the meeting of Monetary Policy Committee which were released today.
The minutes of the meeting showed that members were in no doubt as to the immediate future of interest rates in light of recent external disruption from the […]
September 18, 2007
The UK rate of inflation has recorded a further fall over the course of August, down to just 1.8% as an indicator that increased interest rates have finally had an impact on dampening inflation.
In official figures released today the UK rate of inflation was shown to have fallen further within the government’s safety zone of […]
September 17, 2007
Alan Greenspan, former Chairman of the Federal Reserve, has today spoken out against the UK housing boom, predicting significant unrest over the coming years as a result of the US sub-prime sector.
In a statement made today, Greenspan said that UK inflation would more regularly break the 3% mark resulting in a need for higher interest […]
September 14, 2007
Mortgage lender Northern Rock has today hit rock bottom as a result of over exposure to the sub-prime sector, which saw it pleading with central banks for emergency funding.
The UK based lender, one of the country’s biggest with a market share of almost 19%, was today involved in an emergency liquidity situation as a result […]
September 14, 2007
The rate of growth in the UK economy could be down by as much as 1% over the next two years, as the credit crunch begins to take hold of the economy according to a report by Ernst & Young.
The report forecast that the impact of a credit crunch on the UK economy may be […]
September 14, 2007
The housing market in the UK is continuing its slow down as a direct consequence of higher interest rates, according to figures released by the Royal Institution of Chartered Surveyors.
The figures suggest that more regional surveyors have experienced a decrease in prices than those that have reported an increase, suggesting that the momentum the housing […]
September 13, 2007
The Bank of England has announced a further cash injection to the value of £4.4 billion, roughly $9 billion, to relieve liquidity pressures in the banking sector amidst the ongoing tight credit environment.
The central bank has increased the total available fund from which banks can borrow to £23.1 billion in a bid to remove much […]
September 12, 2007
The average wage in the UK has experienced strong growth over the last three months to July, beyond analysts previous predictions, whilst unemployment figures have continued to fall according to official figures released today.
The figures released today by the Office for National Statistics reflectd a 3.5% increase in the average wage on the year, despite […]
September 11, 2007
The buy to let market in the UK looks set to continue to enjoy prolific success in spite of recent interest rate rises, as a result of persistently high house prices and unsettled market conditions, according to figures released today.
In the figures released by the Royal Institution of Chartered Surveyors, the buy to let property […]
September 10, 2007
Manufacturing firms in the UK have enjoyed falling costs over the month of August, exceeding previous analysts expectations, according to figures released today.
In the figures released by the Office for National Statistics, direct expenses among UK manufacturing companies were down by 0.5%, whilst the price of goods sold by manufacturers nationwide rose by 0.2% over […]
September 7, 2007
A former advisor to the Bank of England has today warned that the US sub-prime crisis will impact upon UK mortgages, as a result of widespread UK bank exposure to the US sub-prime sector.
Professor Willem Buiter, a former member of the Monetary Policy Committee, has today advised that UK lenders could find themselves in some […]
September 7, 2007
The Bank of England met today prior to announcing its decision to maintain interest rates throughout the UK at 5.75% for the coming month.
In the widely anticipated move, the monetary policy committee of the Bank of England, fronted by Chairman Mervyn King, voted unanimously to maintain rates at their current level of 5.75%, in order […]
September 6, 2007
The average cost of a home in the UK is fast approaching £200,000 taking it above the threshold for inheritance tax, according to the outcome of a survey released today.
The survey, conducted by Halifax mortgage lenders, reflected the average price of a home in the UK to be of £199,770 - just £330 off the […]