Blow for chancellor George Osborne as government borrowing overshoots in February March 22, 2016 The government borrowed £7.1bn in February, down £0.5bn compared with the same month last year. It takes total borrowing for financial year to date (April 2015 to February 2016) to £70.7bn, according to the figures released by the Office for National Statistics this morning. The Office for Budget Responsibility, the government's fiscal watchdog, last week [...]
Going nowhere fast: UK inflation stays at 0.3 per cent in February March 22, 2016 The UK's inflation rate remained at 0.3 per cent in February, according to data released this morning by the Office for National Statistics. Inflation, as measured by the year-on-year change in the consumer price index, was equal to January's 12-month high of 0.3 per cent. Transport costs were the biggest downward contributor falling 1.1 per cent on the [...]
Eurozone economy avoids further slowdown in March – Markit PMI March 22, 2016 The Eurozone economy grew at a faster rate in March, according to survey data released this morning. Markit's purchasing managers' index rose to a score of 53.7. It marks a small rebound from February's 12-month low of 53. It also puts the PMI further above the 50 no-change mark, which implies the economy is growing faster. Growth [...]
Financial Ombudsman explains frequent problems with debt management companies after it reveals that debt charities are receiving 4,000 new requests for help a day March 22, 2016 The Financial Ombudsman has today explained the most common problems it hears about regarding services offered by debt management companies. In its most recent newsletter, the Ombudsman reveals that debt charities are now receiving 4,000 new enquiries a day. Juliana Francis, senior ombudsman, explained that the complaints received regarding debt management companies, which she calls among the [...]
UK pensions freedoms: Number of defined benefit (DB) to defined contribution (DC) pension transfers lower than expected, finds Financial Reporting Council report March 21, 2016 We hope you didn't bet your pension pot on there being a big switchover from defined benefit (DB) to defined contribution (DC) schemes when the pension freedoms came into force last year – research published today by the Financial Reporting Council (FRC) discovered that there has been relatively low levels of scheme swapping. The study by [...]
Concerns for growth as Eurozone consumer confidence edges down to 13-month low March 21, 2016 Consumer confidence in the Eurozone has fallen to a 13-month low this month. Figures released today by the European Commission reveal the so-called flash consumer confidence index – an early estimate of data to be finalised at the beginning of next month – dropped to a score of minus 9.7. It marks the third consecutive month [...]
The UK’s giant current account deficit unlikely to create extra risk in the run up to EU referendum, says Bank of England’s Kristin Forbes. March 21, 2016 A top Bank of England official has said the UK's large current account deficit helps to share risk, as well as create it, in the face of domestic uncertainty. The current account deficit hit 5.1 per cent of GDP in 2014, the largest in 60 years of comparable records. It is the amount the UK [...]
CBI: UK factory output falls at fastest rate since 2009 March 21, 2016 Manufacturing output fell sharply over the past three months, but demand remains robust, according to a new survey data. Of the 471 manufacturers surveyed by the Confederation of British Industry (CBI), 18 per cent said output had gone up over the last three months compared with 33 per cent that reported a fall. The difference, [...]
Rightmove: Cheapest boroughs fuel 11 per cent rise in London house prices as one agent warns it now takes 46 years to save for a deposit March 21, 2016 London house prices have climbed 11 per cent over the last 12 months, with the cheapest boroughs rising at the most rapid rate. The fastest growth was in Barking and Dagenham, according to the data published today by property website Rightmove. Asking prices in the borough, the capital’s cheapest, are 23.5 per cent higher this [...]
PwC: Brexit would cost the UK one million jobs, but most are destined for immigrants March 21, 2016 A vote to leave the EU could cost the UK nearly a million jobs by 2020, a financial services giant has warned. However, the figure is mainly due to a fall in inward migration. In the report from PwC for the Confederation of British Industry (CBI), the number of people in work is expected to [...]