Wednesday, August 31, 2005 

This is London: The £240,000 garage There is ample room for an Aston Martin - as long as your other car is not much larger than a Mini. But regardless of size, this ordinary garage has just netted one couple £240,000.
posted by Webmaster  @ 2:49 PM 1 comments

FT.Com: Britain’s vacant shop space increases by 45% The amount of empty shop space in Britain has jumped by 45 per cent in the past year, according to research by one of the country's top retail property agencies. The rise in voids will add to concerns about the consumer slowdown that began about a year ago. Void rates have increased from an average of 3.1 per cent in the late 1990s to 3.8 per cent last year. They have since risen to 5.5 per cent, according to Donaldsons property consultants. Donaldsons described this as a “relentless increase”.
posted by Johnny  @ 12:52 PM 0 comments

Reuters: August consumer confidence slumps despite rate cut Consumer confidence deteriorated sharply to its lowest level in nine months in August, dragged down by a more pessimistic assessment of Britain's economy, a report showed on Wednesday. Consultancy GfK Martin Hamblin said its confidence barometer fell to -4 from -1 in July. That was the lowest since a reading of -4 in November and confounded expectations for stablisation at -1 thanks to August's Bank of England interest rate cut.
posted by Johnny  @ 12:50 PM 0 comments

SkyNews: CONSUMER CONFIDENCE DIPS Consumer confidence fell sharply in August, hitting its lowest level in nine months. The barometer of confidence fell to -4 from -1 in July as Britons' assessment of the country's economic situation slumped, said consultancy GfK Martin Hamblin.
posted by Johnny  @ 12:48 PM 0 comments

TimesOnline: 60% admit to ignoring their bank statements Research suggesting that three quarters of consumers are more likely to read the back of cereal packets than information sent to them by their financial service providers has led to calls for a simplification of financial correspondence.
posted by Johnny  @ 12:44 PM 1 comments Counting the cost Had you been told in late 2001—not long after that September's terrorist attacks, and when stockmarkets had been tumbling for 18 months or so—that the price of crude oil would more than triple within four years, you might well have predicted global economic meltdown.
posted by Webmaster  @ 12:09 PM 0 comments The damage that Katrina could still wreak Hurricane Katrina is already known to have killed dozens along the Gulf of Mexico coast, with the death toll expected to rise as rescuers reach more affected areas. Besides its devastating cost in lives, Katrina could push the American economy—maybe even the world economy—into recession
posted by Johnny  @ 8:39 AM 0 comments

Analysts are eyeing up the cost of oil after prices raced ahead to a record high $70.80 a barrel. The rise came after fears about the possible effect of Hurricane Katrina. There were initial concerns that the hurricane could do lasting damage to US Gulf Coast oil production and refining equipment, straining an industry already working nearly flat-out. However, BP later reported that its massive Thunder Horse construction appeared to have escaped unscathed, calming the market.
posted by Johnny  @ 8:34 AM 0 comments

ThisisMoney: Car costs double in ten years THE cost of running a car has passed the £2,000-a-year mark for the first time, a survey has revealed. The average annual cost of motoring has doubled in the past ten years and is now around £2,053, excluding interest repayments on loans and depreciation of the cost of the car. With petrol and diesel prices soaring - the £4 gallon having become the norm - the biggest cost is fuel.
posted by Johnny  @ 8:32 AM 0 comments

Telegraph: Payback time for credit card spenders Shoppers are spending far less on their credit cards, the Bank of England said yesterday, as they switch to less expensive forms of debt. The Bank said borrowing on plastic rose by £312m in July - less than half the average amount of £655m over the previous six months - while bank loans gained in popularity.
posted by Johnny  @ 8:30 AM 0 comments

Telegraph: Forbes predicts oil will drop to $35 within a yearSteve Forbes, the billionaire business publisher, predicted that the oil bubble will burst inside a year and the price will plunge, as the impact of Hurricane Katrina sent the price of oil soaring to new record levels.
posted by Johnny  @ 8:29 AM 1 comments

Independent: Car dealers look to September number plates to lift gloom The UK's car dealers are pinning their hopes on the release of September number plates this week, as sales of new vehicles fall further behind estimates for the year.
posted by Johnny  @ 8:28 AM 4 comments

Independent: Mortgage lending hits a three-year low Hopes of a revival in consumer spending took another blow yesterday from figures showing that mortgage lending hit a three-year low last month, while retailers suffered another gloomy trading session over the key bank holiday weekend.
posted by Johnny  @ 8:27 AM 0 comments

TimesOnline: Buy-to-let available, minimum investment of just £1 TO LOCALS in the Leeds suburb of Horsforth, No 5 Back Clarence Road is a cute-looking, stone-built one-bedroom terraced cottage perfect for a first-time buyer. To 65 web-surfing investors who have just snapped it up for £104,000 without setting foot in it, it is LS184JZ1 plc, a company with tradeable shares. Welcome to the pioneering world of internet-based buy-to-let investment, where investors can become micro-landlords for a fraction of the cost of buying an entire property
posted by Johnny  @ 8:25 AM 3 comments

TimesOnline: Hurricane 'will force consumers to reduce fuel use' OIL prices soared to record levels yesterday as nervous traders ignored pledges of additional supplies from Saudi Arabia and instead worked feverishly to calculate the impact of Hurricane Katrina. The price of a barrel of US light crude touched $70.85 a barrel, five cents higher than Monday’s peak, while Brent in London jumped $3.55 to $68.42 when trading resumed after Bank Holiday Monday. Gas prices in the United States also rose sharply.
posted by Johnny  @ 8:24 AM 0 comments

BBC NEWS | Business | Energy price rise for six million Six million people who buy their gas and electricity from Powergen face bigger bills from Wednesday. The company's domestic electricity charges are going up by seven percent and its gas charges are rising by 12%.
posted by Johnny  @ 8:22 AM 0 comments

Tuesday, August 30, 2005 

ThisisMoney: Mortgage lending continues to slide UK mortgage lending grew at its weakest rate in more than three years last month while consumer credit also rose less than expected, according to figures released by the Bank of England. The 12-month growth rate in house prices fell to 10.4% in July, down from 10.8% in June and the weakest increase since June 2002.
posted by Johnny  @ 1:00 PM 0 comments

BBC NEWS | Business | UK borrowing slowdown continues Mortgage lending in the UK is rising at its slowest rate since January 2002, according to the Bank of England. Lending in July rose at a yearly rate of 10.4%. Last month bank and building society lending rose £6.45bn, the lowest cash increase for a little over three years.
posted by Johnny  @ 12:43 PM 0 comments

FT.Com: UK mortgage lending rise weakest in 3 years The amount of outstanding mortgage debt rose at its slowest pace in three years last month while unsecured consumer credit also increased more slowly than expected, Bank of England data showed on Tuesday.
posted by Johnny  @ 12:40 PM 0 comments

FT.Com: Clues from other times and places For the government and the Bank of England, the dream scenario on the housing market is a soft landing: a period of stable prices during which affordability improves as earnings catch up. As residential property values come off the boil, experts are turning to historical and international comparisons in search of clues to what the future holds.
posted by Johnny  @ 12:38 PM 0 comments

Reuters: Retail sales fall in August - CBI Retail sales volumes fell again in August, dragging the underlying trend to its weakest in at least 22 years, an industry survey signalled on Tuesday. The Confederation of British Industry's distributive trades survey showed 27 percent of retailers reported sales volumes up on the year in August but 45 percent said they were down.
posted by Johnny  @ 12:05 PM 0 comments

Reuters: July mortgage lending rise weakest in 3 yrs Mortgage lending saw its weakest monthly rise in more than three years in July while consumer credit also increased less than expected, official data showed on Tuesday. The Bank of England said mortgage lending rose by 6.451 billion pounds last month, compared to a forecast for 7.1 billion pounds and following a 7.064 billion rise in June. That was the weakest rise since June 2002.
posted by Johnny  @ 12:04 PM 0 comments

Reuters: Sterling falls to 3-week low vs dollar after data Sterling fell to its lowest level in three weeks against the dollar on Tuesday after Bank of England data showed the lowest rise in mortgage lending in three years in July. Mortgage lending rose by 6.45 billion pounds last month, compared with June's 7.06 rise and forecasts for a 7.1 billion increase. Net consumer credit also rose less than expected.
posted by Johnny  @ 11:45 AM 0 comments

SkyNews: PEOPLE CLUELESS ON DEBT A new financial education service has beern launched after research showed many people do not have a clue when it comes to mortgages and debt. A survey of 1,000 people for the Prudential found that more than half did not know how much debt or credit they had. A similar number did not know what a repayment mortgage was.
posted by Johnny  @ 8:51 AM 3 comments

SkyNews: GLOOM HITS HIGH STREET Shops on the High Street are at their gloomiest since 1983, according to the latest survey from the CBI. A third of retailers believe the situation is going to get worse while one in five businesses believe overall business outlook will deteriorate in the next quarter. That is the first time in seven years that firms have been more despondent than hopeful about prospects.
posted by Johnny  @ 8:49 AM 0 comments

ThisisMoney: Earn £70k a year as a brickie A SHORTAGE of skilled builders and a boom in Government spending on construction have ushered in the era of the £70,000-a-year bricklayer. A jump in public-sector building work has triggered a scramble for craft workers that has sent pay spiralling. Earnings could get another hefty upward shove when building work starts on the 2012 London Olympics complex, say industry sources.
posted by Johnny  @ 8:48 AM 0 comments

TimesOnline: Retail slump to deepen after dismal summer AFTER a miserable summer, trading conditions on Britain’s high streets are going to deteriorate further, according to new sales figures from the CBI, the employers’ organisation, which show the worst trend for 22 years. Hopes that consumer spending was about to pick up have been dashed by the CBI’s quarterly survey, which shows little sign of any recovery for retailers threatened by the housing slowdown and the new quotas on imports of Chinese clothing.
posted by Johnny  @ 8:40 AM 0 comments

TimesOnline: Hurricane Katrina whips oil price to a record high OIL soared to record levels yesterday as Hurricane Katrina forced the shutdown of half of the Gulf of Mexico’s crude output and more than two thirds of its natural gas production.The price of a barrel of US light crude leapt to $70.80 in overnight trading as oil companies scrambled to move personnel from offshore rigs and platforms. Reports that the hurricane had weakened caused oil to pull back from its early gains to end at $67.20, up $1.07 on Friday’s close.
posted by Johnny  @ 8:39 AM 0 comments

BBC NEWS | Business | Dreary summer on the High Street Retailers have suffered one of their worst summers on the High Street in years - and the situation is set to remain bleak, according to the CBI. One in five retailers expect trade to worsen in the next quarter, the group said, against 13% who expect a rise.
posted by Johnny  @ 8:38 AM 0 comments

BBC NEWS | Business | Oil close to highs as storm rages The price of oil has stayed close to record levels as Hurricane Katrina batters the US southern coastline. A barrel of light crude was trading at $68.48 in New York, before falling back slightly to $68.45 in Singapore. On Monday, the price surged to a record of $70.80 on concerns that Katrina would damage refining and extraction operations in the Gulf of Mexico.
posted by Johnny  @ 8:36 AM 0 comments House prices wobble and have a long way to fall It has been almost a year since the average national house price started to stagnate.
posted by Webmaster  @ 8:26 AM 3 comments

Monday, August 29, 2005 

Herald: Danger of negative equity for buy-to-let borrowers Is a scandal looming over the sale of buy-to-let mortgages? "Some borrowers may already be in negative equity without realising it," warns John Brown, residential director of DTZ Residential for mid-Scotland.
posted by Johnny  @ 6:55 PM 1 comments

Reuters: Oil leaps above $70 as Katrina rips through US Gulf Oil prices surged to a record above $70 a barrel on Monday as one of the biggest hurricanes in U.S. history disrupted oil and gas production in the Gulf of Mexico. The region is home to a quarter of total U.S. oil and gas production. U.S. crude oil futures jumped nearly $5 a barrel in electronic trade to touch a peak of $70.80 a barrel, the highest front-month price since the New York Mercantile Exchange (NYMEX) began trading the contracts in 1983.
posted by Johnny  @ 6:48 PM 0 comments

Telegraph: B&Q struggling as housing slowdown puts brake on DIY B&Q, the country's biggest DIY retailer, is being hit harder than its arch rival Homebase in the worst trading year for the industry. The DIY and gardening sector is expected to see its first ever decline in consumer expenditure this year, according to research published today by Verdict.
posted by Johnny  @ 6:45 PM 1 comments

BBC NEWS | Business | House prices down again in August House prices fell again in August, with the interest rate cut at the start of the month appearing to do little to revive the marketplace, figures show.
posted by Johnny  @ 10:47 AM 2 comments

Telegraph: US debtors rush to beat bankruptcy deadline The number of Americans filing for bankruptcy is soaring, as hard-up individuals seek to beat the deadline for the introduction of tougher laws making it more difficult to write off personal debts.
posted by Webmaster  @ 10:42 AM 0 comments

Independent: Inflation may run out of control - King The Governor of the Bank of England has warned that inflation could spiral out of control if economic shocks such as an oil price spike jolted consumers' faith in stable prices. Addressing other central bankers, Mervyn King said monetary policy in the UK and US was vulnerable precisely because of its own recent success.
posted by Johnny  @ 8:58 AM 7 comments

Guardian: 14th month of house price falls House prices fell for the 14th month in a row and show no signs of recovery in the near future, a survey shows today. Hometrack said national house prices fell by an average of 0.1% this month compared with July and have declined by an average of 3.7% over the past year. The national average price is £161,000, down from a peak of £167,000 in June last year.
posted by Johnny  @ 8:56 AM 0 comments

Guardian: What I learned from Alan Greenspan - Mervyn King I want to describe the three important lessons that I have learned from Alan Greenspan [as chairman of the US Federal Reserve] during my time at the Bank of England. First, to be a successful central banker requires an extraordinary degree of objectivity. The key is to recognise that economics tells you how to think, not what to think. It is not a set of settled conclusions about issues. Above all, it is vital never to confuse the world with a model. The whole point of a model is to abstract from a wide range of factors in order to think clearly about one particular issue.
posted by Johnny  @ 8:54 AM 2 comments

TimesOnline: Rate cut fails to put spark into housing market THE quarter-point cut in interest rates made at the beginning of this month made no immediate impact on Britain’s stagnant housing market. Instead of potential buyers being enticed back to the market, more have stayed away. According to Hometrack, which follows housing market trends through a network of estate agents, the number of new buyers edged down again, by 0.5 per cent.
posted by Johnny  @ 8:49 AM 0 comments

Sunday, August 28, 2005 

SkyNews: MANY HOUSES NEEDING CASH English homes need £48bn of repairs and improvements, with a third of private properties failing to meet even basic standards, research has shown. Nearly seven million homes in England, including five million private houses, fall below the standards of decent accommodation, says mortgage lender Halifax.
posted by Johnny  @ 7:47 PM 0 comments

Independent: Woolwich dismisses fears of property market crash Woolwich, the British bank owned by Barclays, became the latest organisation to dismiss fears of a crash in the UK residential property market yesterday, forecasting that the average house price will in fact more than double over the next 20 years, to around a third of a million pounds.
posted by Johnny  @ 7:37 PM 6 comments

Bloomberg: Greenspan Says Housing Boom to `Simmer Down,' Prices May Fall The U.S. housing boom is sure to end eventually, slowing spending and possibly leading to a drop in home prices, Federal Reserve Chairman Alan Greenspan said. The housing boom will inevitably simmer down,'' Greenspan said in the text of a speech at the close of a two-day Kansas City Fed symposium in Jackson Hole, Wyoming. ``As part of that process, house turnover will decline from currently historic levels, while home price increases will slow and prices could even decrease.''
posted by Johnny  @ 7:35 PM 0 comments

BBC NEWS | Business | Katrina set to raise oil prices Oil prices are likely to rise further this week after Hurricane Katrina caused producers in the Gulf of Mexico to halt production at the weekend.
posted by Johnny  @ 7:32 PM 0 comments

SkyNews: SPENDERS NOT SAVERS People in their 40s and 50s would rather spend their money now than save towards their retirement, a survey has claimed. Three out of 10 people in this age group say enjoying their cash now is a bigger priority for them than investing for their future, according to Insight Investment.
posted by Johnny  @ 11:47 AM 0 comments

Independent: British IT jobs at risk as Euro merger draws closer Hundreds of British IT service jobs could be at risk when the expected merger of two of Europe's largest technology groups, Atos Origin and T-Systems, is unveiled.
posted by Johnny  @ 11:42 AM 0 comments

In2Perspective: House prices still stagnating Hometrack's August survey of the national housing market reports a fall of -0.1%, following last month’s fall of -0.2%. The group says house prices have now been falling for 14 months and show little sign of imminent recovery.
posted by Johnny  @ 11:41 AM 0 comments

Guardian: Households rein in their spending Spending by British households fell to the slowest rate for a decade as consumers tightened their belts in the face of higher borrowing costs, more expensive energy and a cooling housing market.
posted by Johnny  @ 11:38 AM 0 comments

TimesOnline: Oil price hike 'will hit growth in UK' HIGH oil prices will knock Britain’s growth rate next year for the second successive year, forecasters say, pushing the economy even further away from Gordon Brown’s growth predictions.
posted by Johnny  @ 11:35 AM 0 comments

TimesOnline:Tales of a Landlady: So, size really does matter Hello? Is anybody out there? Who’ll buy my house? Come on, guys! It’s a really good buy. Well, there’s an Aga. And it’s (quite) near the new Olympic “hub”. But estate agents in Islington all pull long faces when I turn up.
posted by Johnny  @ 11:23 AM 2 comments

Guardian: Why Gordon's Golden Rule is now history Has the Bank of England, in its latest inflation report, underestimated the risks facing the economy?
posted by Webmaster  @ 10:36 AM 0 comments

The Observer: You have a right to fight blight It is a homeowner's nightmare. Your peace of mind, privacy and tranquillity are erased overnight because of a new air, road or rail scheme or a retail park being built nearby.
posted by Webmaster  @ 10:36 AM 0 comments Home sweet home for first-time buyers - but not until 2025 Young people trying to get that first foot on the property ladder have been confronted by more bad news after being told they will have to wait until 2025 before buying a home becomes any easier.
posted by Webmaster  @ 10:35 AM 0 comments

The Observer: Playing the percentages The decision by the Bank of England's Monetary Policy Committee to reduce the base rate by 0.25 per cent to 4.5 per cent this month should have come as welcome news to those with home loans.
posted by Webmaster  @ 10:34 AM 0 comments

Times Online: Fed chief reveals his thoughts on house price risks Deep in the thickets of the impenetrable syntax that characterises most of his speeches, Alan Greenspan usually plants a small gem of information that gives an important clue to his latest thinking about US monetary policy.
posted by Webmaster  @ 10:33 AM 0 comments

in2perspective: USA risks property crash Alan Greenspan, the United States’ central banker, has warned Americans that they risk a crash if they continue to drive property prices higher
posted by Webmaster  @ 10:32 AM 0 comments

Saturday, August 27, 2005 

Telegraph: Meet the IPODS (They're Insecure, Pressurised, Over-taxed and Debt-ridden) Politicians of all parties are cooking up trouble for the future by neglecting younger voters in favour of older ones, according to the author of new research that has branded 18- to 34-year-olds the IPOD generation - insecure, pressurised, over-taxed and debt-ridden.
posted by Webmaster  @ 9:21 PM 1 comments A mortgage belting for Sydneysiders Home loan affordability remains at "scary" levels in Sydney even though property prices continue to fall across the city, and it will weigh heavily on the economy for years to come, the housing industry has warned.
posted by Webmaster  @ 9:20 PM 0 comments

Telegraph: Punters aim to cash in even if house prices fall It was not long ago that dinner parties in the south-east were dominated by guests trying to out-do each other with claims about how much their homes had risen in value.
posted by Webmaster  @ 8:47 PM 0 comments

Guardian: Gate Gourmet beefs up its redundancy offer Some 2,000 catering workers - including 670 sacked staff - are to be offered enhanced redundancy payments by Gate Gourmet if they agree next week to quit the troubled company, which was at the centre of the dispute that crippled Heathrow a fortnight ago.
posted by Johnny  @ 9:19 AM 0 comments

TimesOnline: Rise in consumer spending is at its weakest in decade SPENDING by consumers has fallen to its weakest level in a decade, dealing a blow to faltering economic growth, official figures for gross domestic product (GDP) showed yesterday.
posted by Johnny  @ 9:17 AM 2 comments

TimesOnline: US heading for house price crash, Greenspan tells buyers WALL STREET shuddered yesterday after Alan Greenspan, the United States’ central banker, warned American homebuyers that they risk a crash if they continue to drive property prices higher. He said that the US house-price spiral had become an economic imbalance, threatening stability like the country’s trade gap or its budget deficit.
posted by Johnny  @ 9:14 AM 0 comments

Friday, August 26, 2005 

SkyNews: SHOPPERS STALL FURTHER The rise in consumer spending for the second quarter of the year was at its lowest annual rate in more than 10 years. Consumer spending rose by 0.2% after increasing by 0.1% in the first quarter, said the Office for National Statistics.
posted by Johnny  @ 5:13 PM 0 comments

Guardian: Job cuts at toilet paper maker The maker of Velvet toilet tissue has warned that its UK workforce could bear the brunt of a restructuring set to cost 3,600 jobs. Svenska Cellulosa employs some 7,000 staff at 30 sites across the UK including in Edinburgh, London, Northampton, Darlington and Portsmouth. It said Britain, Denmark, Sweden and the Netherlands would be hardest hit.
posted by Johnny  @ 8:47 AM 0 comments

Independent: Tax breaks on second homes could worsen rural housing shortage The Government has been warned that its plans to give tax breaks on second homes could deepen the shortage of affordable houses in the countryside.
posted by Johnny  @ 8:46 AM 0 comments

WesternGazette: TOWN FACES FRESH BOUT OF JOB LOSSES The spectre of job losses cast a fresh shadow over Yeovil this week, following a shake-up at two of the town's largest employers. Honeywell Aerospace, which employs around 800 staff in Bunford Lane, confirmed 50 local jobs have been axed as part of a global streamlining process to cut five per cent of staff worldwide.
posted by Johnny  @ 8:43 AM 0 comments

Times Online: Economic growth dampens rate cut hopes Economic data published today has prompted one prominent analyst to question the Bank of England's Monetary Policy Committee's decision to cut interest rates by 0.25 per cent last month, and suggest that inflationary pressures will prevent any cuts in the short- to mid-term.
posted by Johnny  @ 8:42 AM 0 comments

ThisisMoney: Pay rises pegged at 3% PAY deals appear to be stabilising at 3%, with no sign of any change in the coming months, a report showed today.
posted by Johnny  @ 8:37 AM 0 comments

ThisisMoney: First-time buyer joy - in 2025 FIRST-time buyers only have 20 years wait before they will be able to step on the property ladder, according to new research. Unlike today's troubled youngsters, first-time buyer in 2025 will benefit from a plethora of small starter homes built from Government subsidies and earnings growth outstripping property price rises.
posted by Johnny  @ 8:36 AM 3 comments

Telegraph: Hundreds of EU textile firms fold Almost 200 textile firms are closing each week across the EU because of surging imports from low-cost countries, despite quotas imposed on Chinese clothing last month
posted by Johnny  @ 8:33 AM 0 comments

ThisisMoney: Second-home plan under attack PLANS to let pension savings be used to buy a second home came under fire last night. Chancellor Gordon Brown's proposed changes could mean sizeable tax breaks for some wealthy buyers. There are fears that this will trigger sharp house price rises in rural areas, forcing locals out of the property market.
posted by Johnny  @ 8:32 AM 0 comments

Guardian: Lloyds TSB to move 125 jobs to India Staff at Scottish Widows were told yesterday that 125 jobs are to be outsourced to India by the parent company Lloyds TSB to cut costs. The news shocked the 4,000 workers at the Edinburgh-based insurer, according to union officials at Amicus, who pledged to fight compulsory job losses.
posted by Johnny  @ 8:31 AM 1 comments

Guardian: Diesel 'could cost £1 a litre by Christmas' The price of a litre of diesel could reach £1 before Christmas if oil prices continue to rise, analysts have warned. The average price of diesel is now 95.3p a litre, compared with unleaded petrol at 91.6p. Diesel costs are rising more quickly than petrol because of constraints in refining capacity, said Ray Holloway of the Petrol Retailers Association, which represents independent filling stations.
posted by Johnny  @ 8:26 AM 0 comments

TimesOnline: Crude politics to keep oil price rising This week the price of a barrel of oil surged towards $70 a barrel, up more than 65 per cent on the start to the year and near the inflation-adjusted price last seen in 1980, shortly after the Iranian revolution.
posted by Johnny  @ 8:25 AM 0 comments

Thursday, August 25, 2005 

Money Week: What Lies Ahead for US House Prices? Can you open a financial paper today without an article on the slowing housing market? Everyone is looking for signs of an impending fall in housing prices.
posted by Webmaster  @ 4:48 PM 1 comments

Money Week: The Future for UK Interest Rates It is self-evident from the voting figures — a 5:4 majority for a rate cut with the Governor voting against the 25bp reduction to 4.5% — that the decision made by the Monetary Policy Committee at the Bank of England on August 4 was, as we had always expected, very finely balanced.
posted by Webmaster  @ 4:47 PM 2 comments

New York Times: Rents Head Up as Home Prices Put Off Buyers Rents are rising again across the country, squeezing tenants who are already coping with high gasoline prices and improving returns to landlords after a deep five-year slump.
posted by Webmaster  @ 4:41 PM 0 comments

ThisisMoney: Second homes boom predicted OR thousands of Britons, buying a second home has meant looking at places such as Spain, the Dordogne in France and Tuscany in Italy.In the UK, there was the West Country or the Cotswolds. Now, however, would-be buyers are turning their attentions to slightly less obvious areas - such as Bradford and the East End of London.
posted by Johnny  @ 12:20 PM 3 comments

Sky News: FACTORY ORDERS FALTER Factory order books fell at their sharpest pace in nearly two years in August, a survey for the CBI has shown. However, companies still expect to raise output in the coming months. The Confederation of British Industry said its monthly manufacturing order books balance fell to -29 in August, its lowest since October 2003.
posted by Johnny  @ 12:17 PM 1 comments

SkyNews: MORTGAGE DEALS FALL OFF Mortgage approvals for home purchases fell 6% in July. However, that was at a much slower rate than in previous months. Approvals - the number of loans agreed but not yet made - fell to 65,611 in July from a 12-month high of 70,750 in June, said the British Bankers' Association.
posted by Johnny  @ 12:16 PM 0 comments

Guardian: Oil prices top $68 a barrel Crude oil prices broke through the $68 a barrel mark for the first time today after China reported a surge in oil imports in July. Storms that could damage production in the Gulf of Mexico also contributed to the latest bounce in prices. Gulf production accounts for around 30% of US output and refineries have shut down as a precautionary measure against hurricanes.
posted by Johnny  @ 12:11 PM 0 comments

BBC NEWS | UK | Tax plan sparks rural homes fear Plans to give tax breaks on second homes could exacerbate the shortage of affordable housing in the countryside, a government watchdog has warned.
posted by Johnny  @ 12:09 PM 1 comments

Telegraph: Surging oil price forces bosses to wield axe There was a sharp jump in the price of oil yesterday, as the CBI said British factories had slumped because of high energy prices. The employers body said it was "energy, not wages" that is biting into manufacturers, who are firing 20,000 to 25,000 staff every three months.
posted by Johnny  @ 8:32 AM 0 comments

Guardian: Economic growth will slow to 13-year low, says CBI Britain's economy is likely to grow at the slowest rate for 13 years as the result of the slowdown in consumer spending and a new recession in the manufacturing sector, according to the CBI.
posted by Johnny  @ 8:30 AM 0 comments

TimesOnline: High street slowdown fuels fears for stricken industry THE recession in manufacturing looked set to worsen yesterday after a survey of the sector showed that slowing consumer spending and soaring oil prices had caused new business to fall at its fastest rate for nearly two years.
posted by Johnny  @ 8:28 AM 2 comments

BBC NEWS | Business | Oil prices shoot up to new record Oil prices have surged to fresh record highs again after a surprise drop in US petrol stocks added to worries about a gathering storm in the Caribbean.
posted by Johnny  @ 8:26 AM 2 comments

Wednesday, August 24, 2005 

Bloomberg: Oil Climbs as Storm May Threaten U.S. Rigs in Gulf of Mexico Crude oil rose for a third day in four in New York on concern a storm developing near the Bahamas may become a hurricane and threaten rigs in the Gulf of Mexico, the biggest source of U.S. production.
posted by Johnny  @ 12:25 PM 1 comments

ICWales: Fears over 800 job losses in Pontypool FEARS that the Welsh automotive industry is about to take another blow grew last night as reports circulated that the future of the TRW plant in Pontypool is in doubt. Local politicians reacted with dismay to claims that the major employer in Pontypool yesterday started negotiations with workers over potential job losses. TRW, a global car parts manufacturer, employs 800 people in its Pontypool car brakes factory.
posted by Johnny  @ 12:11 PM 0 comments

BBC NEWS | UK | Scotland | Paper mill lays off 70 employees A Fife paper mill is cutting 70 jobs in an effort to stem heavy losses and save the rest of the plant.
posted by Johnny  @ 12:09 PM 0 comments

Independent: BCC trims growth forecast as consumers spend less The British Chambers of Commerce have slashed their economic growth forecast for this year to 2 per cent, fuelling expectations that the Chancellor will have to cut his own far more optimistic estimate.
posted by Johnny  @ 12:08 PM 3 comments

Guardian: Builder predicts housing recovery Shares in house-building companies rallied yesterday as Britain's largest home developer defied housing market sceptics by reporting record first-half figures.
posted by Johnny  @ 8:39 AM 0 comments

Telegraph: 'Shoemaker to the stars' files for bankruptcy Charles Jourdan, shoemaker to the world's rich and famous for the past 80 years, filed for bankruptcy yesterday after collapsing under €9m (£6m) of debt. The company's 432 employees have been warned that they will lose their jobs unless a buyer can be found for parts of the business in coming days.
posted by Johnny  @ 8:35 AM 0 comments

Tuesday, August 23, 2005 

ThisisMoney: Northern slump hits home at Persimmon A SLOWDOWN in the housing market has finally caught up with Britain's most valuable builder, Persimmon, as it reported a 12% fall in sales from its northern division.
posted by Johnny  @ 12:46 PM 0 comments

ThisisMoney: Ombudsman reports hike in IFA complaints THE Financial Ombudsman Service has reported a spike in the number of endowment mis-selling complaints involving Independent Financial Advisors. The FOS said 13% of all endowment complaints concerned IFAs last year, but it expects that figure to rise significantly during the current.
posted by Johnny  @ 12:43 PM 0 comments

BBC NEWS | England | London | Tube firm announces 300 job cuts One of the companies responsible for maintaining the Tube is axing 300 jobs. Metronet said there would be no compulsory cuts as part of the restructuring and losses would mainly be administration and backroom posts.
posted by Johnny  @ 12:40 PM 0 comments

Reuters: UK's Persimmon expects autumn boost to house sales British housebuilder Persimmon (PSN.L: Quote, Profile, Research) has seen an increase in confidence among house buyers and expects sales to pick up possibly as soon as September, Chief Executive John White said on Tuesday.
posted by Johnny  @ 8:39 AM 3 comments

Telegraph: Bank fires 20 staff who monitor risks in the financial world The Bank of England is about to fire more than 10pc of its Financial Stability department, despite recently announcing that it wanted to boost its ability to prevent another banking collapse.
posted by Johnny  @ 8:32 AM 0 comments

Guardian: Property market slowed in July Selling a property became harder in July, with the number of viewings before a sale up 50% on June's figure, estate agents said today. A survey by the National Association of Estate Agents (NAEA) revealed that July lived up to its reputation as a traditionally quiet month for buying a home. Its members reported falls in the number of buyers on their books, the number of properties available and the number of sales agreed.
posted by Johnny  @ 8:31 AM 2 comments

Monday, August 22, 2005 

BBC NEWS | UK | England | Shropshire | Jobs could go at assembly plant Up to 90 jobs could go at a Telford manufacturing and assembly plant. Ogihara Europe Limited says jobs are at risk because of a reduction in sales and an increase in material costs.
posted by Johnny  @ 7:30 PM 0 comments

ThisisMoney: Fixed rate deals edge up BORROWERS looking to fix their mortgage are being urged to get a move on as some of the best buy products on the market disappear. Despite interest rates falling this month, lenders have started to raise their rates on fixed deals following a shift in sentiment over the future of the economy.
posted by Johnny  @ 7:16 PM 0 comments

BBC NEWS | UK | 'Planning' call for second homes People wanting to sell their properties to second-home buyers should be made to seek planning permission, the Liberal Democrats have suggested.
posted by Webmaster  @ 7:09 PM 2 comments Boom forces youth exodus Young people are fleeing Sydney as they are priced out of New South Wales and lured by cheaper living elsewhere.
posted by Webmaster  @ 7:08 PM 0 comments

Times Online: Odds are still stacked against first-time buyers The beleaguered first-time-buyer mortgage market was rocked last week when Woolwich, the home-loans arm of Barclays bank, said it was pulling its Offset Together mortgage.
posted by Webmaster  @ 7:06 PM 1 comments

Times Online: Tough times for buy-to-let novices The buy-to-let boom is over, for the time being at least. Figures from the Council of Mortgage Lenders show that the number of new loans fell by 4% in the first half of the year. This follows an 18% decline in the second half of last year.
posted by Webmaster  @ 7:05 PM 3 comments

Times Online: Are we set for a recovery in house prices? The housing market has reached a crossroads, with some commentators detecting tentative signs of a recovery while others predict further gloom.
posted by Webmaster  @ 7:04 PM 1 comments

This is Lincolnshire: £1,000 a week off till price is right A couple desperate to sell their bungalow are so fed up they have pledged to cut the asking price by £1,000 a week until it's sold.
posted by Webmaster  @ 7:02 PM 2 comments

Times Online: Inflation rate is now slave to oil prices SHOULD Britain be starting to worry about inflation? After the stream of inflationary news stories last week, it is tempting to think so. On Monday, the oil price shot up to more than $65. On Tuesday, the official measure of inflation jumped to its highest level for eight years. Then on Wednesday came the most disconcerting development: Mervyn King, the Governor of the Bank of England, tried to warn the Monetary Policy Committee that a cut in interest rates could jeopardise the inflation outlook, but found himself outvoted for the first time in the history of the MPC.
posted by Johnny  @ 5:17 PM 1 comments

ThisisMoney: Tough financial times for young Britons SO what is the problem with the youth of today? It is hardly a new question, but rarely has there been more cause to ask it. There are disturbing and concrete signs that the younger generations are in a serious quandary - and not just the 'happyslapping' hoodie wearers.
posted by Johnny  @ 12:59 PM 0 comments

ThisisMoney: UK jobs threat after shipping firm takeover ERMAN travel giant TUI's £1.2bn purchase of Anglo-Canadian shipping company CP has raised the spectre of job cuts at the Gatwick-based firm. TUI may target jobs there in its quest to rationalise as its Hapag-Lloyd line becomes the world's fifth biggest containershipping business.
posted by Johnny  @ 12:56 PM 0 comments

IC Wales: Bankruptcies prompt consumer debt fears THE number of consumer debtors resorting to bankruptcy, when compared to entrepreneurs and business people, has hit a new high. The proportion of bankruptcy cases represented by those whose debts are mainly personal loans and credit card balances rose by 70% in the year 2004/05, according to new figures.
posted by Johnny  @ 12:45 PM 0 comments

Reuters: Property transactions fall in July-UK tax collector The number of property transactions in England and Wales edged down in July, Britain's tax collector said on Monday, but activity remained well above a low at the start of the year. Transactions fell to a seasonally adjusted 122,000 in July from 123,000 in June, HM Revenue and Customs said. That was down on 151,000 a year ago but above a low of 107,000 this January.
posted by Johnny  @ 12:43 PM 0 comments

ThisisMoney: £9,000 bill for two late payments MONEY was always tight for John Bullen and his wife Freda, but the couple scrimped and saved to make sure they met their monthly repayments for a £13,000 loan.
posted by Johnny  @ 12:34 PM 0 comments

Scotsman: Don't bank on more interest cuts THE latest inflation figures and the minutes of the last Bank of England Monetary Policy Committee meeting showing the governor voting against a cut in interest rates have brought us to a critical juncture in monetary policy. Britain could now be close to an economic 'worst of all worlds'. It is one that combines slowing growth, subdued consumer spending, rising unemployment, a housing market dead in many areas, rising inflation, pending tax increases and interest rate setters deeply divided as to what the response should be: rate cuts, no cuts - or even an increase.
posted by Johnny  @ 8:38 AM 0 comments

Guardian: Mervyn King won't write off the threat of inflation, but his hawkish stance may be risky The buzzword of the moment is stagflation. Inflation is going up, growth is slowing down, the oil price has hit levels unforeseen a year ago. So this is the 1970s redux, right?
posted by Johnny  @ 8:25 AM 2 comments

Sunday, August 21, 2005 

Independent: Hopes of more rate cuts recede as oil pumps up inflation The cost of living is running at its highest rate for eight years, official figures revealed last week. Soaring petrol prices lay behind the rise in inflation to 2.3 per cent in July, its highest since 1997, according to the Office for National Statistics.
posted by Johnny  @ 11:17 AM 0 comments

Independent: Spiralling costs threaten British building projects Construction prices are set to rise by almost a third over the next five years, casting a cloud over a swathe of projects including the building of the Olympic village for London 2012.
posted by Johnny  @ 11:12 AM 0 comments

Telegraph: There's no need to panic over inflation Last week the corpse seemed to be stirring. Inflation rose from 2 per cent to 2.3 per cent, leading to fears that we are on the brink of an inflation resurgence. Are these fears justified?
posted by Johnny  @ 11:06 AM 1 comments

Times Online: Move fast to snap up cheap home loans FIRST-TIME buyers and homeowners looking for a new loan were urged this week to act fast to grab the best deals as lenders moved to increase the rates on fixed-rate mortgages. The trend for more expensive fixed-rate deals comes despite the Bank of England’s decision to cut the base rate to 4.5 per cent.
posted by Johnny  @ 10:51 AM 2 comments

Saturday, August 20, 2005 

Financial Times: Inflation news crushes hopes of lower fixed-rate mortgage Homebuyers holding out for cheaper fixed-rate mortgage deals were on Friday urged not to wait as some lenders raised rates on their best buys or withdrew them after this week's surprise news of a spike in inflation.
posted by Johnny  @ 8:03 PM 0 comments

Financial Times: Housing wealth falls for first time in a decade British net housing wealth has declined for the first time in a decade because of rising mortgage debt and falling house prices, according to an analysis by the Financial Times. In the second quarter, the net wealth tied up in British homes dropped by over £60bn. This was because falling house prices wiped close to £40bn off the value of the housing stock and total mortgage debt rose by over £20bn. The last time net housing wealth fell was in the fourth quarter of 1995.
posted by Johnny  @ 8:00 PM 0 comments

Independent: Service industries twice as valuable as factories The business and financial services sectors are twice as valuable to the UK economy as the beleaguered manufacturing sector, official figures published yesterday showed.
posted by Johnny  @ 8:48 AM 0 comments

Times Online: Company tax surge eases the strain on Chancellor A SURGE in revenues from corporation tax and national insurance helped to ease strains on the Government’s finances last month, but still left Gordon Brown on course to overshoot his borrowing plans for the financial year.
posted by Johnny  @ 8:43 AM 0 comments

Guardian: Manufacturing share has fallen 30% The manufacturing sector's share of the economy has fallen by almost 30% since Labour came to power in 1997 and now contributes only half as much to output as financial and business services, the government said yesterday.
posted by Johnny  @ 8:40 AM 0 comments

Friday, August 19, 2005 'Chav' towns hit by house-buying info websites The proliferation of websites providing house buyers with information on good and bad neighbourhoods could widen the divide between the richest and poorest places in the UK, according to new research.
posted by Webmaster  @ 2:26 PM 0 comments

BBC NEWS | England | Staffordshire | Group meets to discuss RAF losses A task force which was set up following the announcement of hundreds of job losses at RAF Stafford has met for the first time. The Ministry of Defence (MoD) has said 280 redundancies at the storage depot are planned by 2007. The task force is to press the MoD to let JobCentre Plus give early help to workers affected.
posted by Johnny  @ 1:43 PM 1 comments

BBC NEWS | England | Cumbria | Threat to textile printing jobs Up to 62 jobs at a textile printing firm could be lost after plans for a major restructuring were announced. Staff at Stead McAlpin in Carlisle, which is part of the John Lewis Partnership, were told about the plans on Thursday. The company said changes were needed to secure the company's future, which had been in some doubt because of a period of difficult trading conditions.
posted by Johnny  @ 1:42 PM 1 comments

BBC NEWS | England | Shropshire | Job losses at county timber firm Richard Burbidge Ltd, based in Oswestry, is blaming the cuts on a downturn in the DIY and housing market. The firm, which employs more than 400 people in Oswestry and Chirk, said up to 30 posts, mainly managerial and administrative, may be affected.
posted by Johnny  @ 1:41 PM 0 comments

BBC NEWS | England | Cornwall | Electronics plant to lose 90 jobs Nearly 90 jobs are to go with the closure of an electronics company in Cornwall.Invensys is shutting its factory in Bodmin and moving production to its site in Plymouth, Devon.
posted by Johnny  @ 1:39 PM 1 comments

Colne News: Job losses shock as firm goes bust Wages to go unpaid as company faces insolvency. WORKERS at the Trawden-based company VFN engineering this week received official confirmation that they had lost their jobs.
posted by Johnny  @ 1:38 PM 1 comments

Reuters: Do retailers' tales of woe reflect reality? Have consumers really lost their appetite for shopping or are retailers just complaining needlessly? Britain's shopkeepers have loudly lamented a slowdown in spending -- the British Retail Consortium said July sales were the weakest in a decade -- as consumers faced soaring fuel bills and higher mortgage payments over the last year.
posted by Johnny  @ 1:30 PM 2 comments

Sky News: Are You Part Of The New Billion-Pound Pensions Scandal? If you're on of the 7.5 million people who opted out of the State Second Pension (formerly SERPS) you are likely to find a recent report from consumer group Which? very interesting. Essentially, the study has found that, due to high investment charges and poor performance in many private funds, millions of us would have been better off simply staying put.
posted by Johnny  @ 1:27 PM 0 comments

Sky News: AA TO CUT MORE JOBS The AA motoring organisation is planning to cut 100 jobs from two of its call centres. The AA - owned by two private equity firms following a £1.8bn takeover in October - said the job losses at Newcastle and Cardiff involved mainly management and administrative roles. The AA recently announced that a site at Maidstone in Kent, which employs 154 staff answering emergency breakdown calls, will close.
posted by Johnny  @ 1:25 PM 0 comments

BBC NEWS | England | Lancashire | Matalan announces 300 axed jobs Clothes retailer Matalan is to cut 300 jobs, including about 100 posts at its headquarters in Lancashire. It follows warnings to staff in June that the firm was looking to save £15m a year because of slowing sales.
posted by Johnny  @ 1:21 PM 0 comments

ThisisMoney: Shutters go up at Barkers after 135 years BARKERS, the iconic Kensington department store, is to close after 135 years of trading. Its trademark designer clothing and Le Creuset saucepans could be replaced with lentils and mung beans as the front-runner to take up the premises is US-based Whole Foods Market. Whole Foods is best-known in the UK for its upmarket Fresh & Wild organic stores, which it bought in January 2004.
posted by Johnny  @ 8:47 AM 0 comments

ThisisMoney: Take shelter, taxpayers HIGHER taxes are looming as the economy produces less than Government forecasts. The knock-on effect is a shortfall between the Government's spending plans and money coming into the coffers. Here, Sylvia Morris looks at where you can shelter your money to make the most of the tax breaks on offer.
posted by Johnny  @ 8:46 AM 0 comments

ThisisMoney: Controversy over 'flat tax' THE Treasury was accused of a cover-up last night over whether Britain would benefit from the adoption of a flat tax - a radical proposal favoured by some Tories. Arguments in favour of the policy, the direct opposite of Gordon Brown's complicated regime, were said to have been cut out of a briefing paper released under the Freedom of Information Act.
posted by Johnny  @ 8:44 AM 0 comments

The Business: Job losses as Multiyork feels pressure Norfolk furniture company Multiyork announced plans yesterday to shed 39 jobs amid a downturn in orders. Multiyork, which employs 280 people at its head office and factory in Stephenson Way, Thetford.
posted by Johnny  @ 8:37 AM 0 comments

Guardian: Economists expect tax rises next year Bumper tax receipts last month failed to stem criticism from analysts and opposition parties about the state of the public finances. The Office for National Statistics said public sector net borrowing last month registered a surplus of £2.9bn, the highest since records began in July 1980. Current receipts grew by 9.1% to £43bn.
posted by Johnny  @ 8:34 AM 0 comments

Guardian: Rate cut fails to entice housebuyers Demand for mortgages dropped to its lowest level in three and a half years last month as Britain's consumers showed little sign of regaining their appetite for borrowing.
posted by Johnny  @ 8:33 AM 0 comments

Times Online: Petrol, up. Eating out, up. School fees, up. Hang on, why is inflation so low? HOW MUCH has your cost of living risen in the past year? Most people reading this paper would probably say “an awful lot”. Petrol prices are nearing £1 a litre and are 10 per cent higher than last summer.
posted by Johnny  @ 8:31 AM 2 comments

Times Online: Personnel Boss Axes His Own Job MATALAN’S human resources director has cut 300 jobs — including his own. Anthony McDaniel is one of about 90 staff to leave the discount retailer’s head office in Skelmersdale, Lancashire, as part of cost cutting in the face of a tough trading period.
posted by Johnny  @ 8:28 AM 0 comments

BBC NEWS | Business | Borrowers turn to fixed mortgages Fixed rate mortgages are at their most popular for nearly six years.
posted by Webmaster  @ 8:20 AM 0 comments

The Motley Fool UK: Is Greed The Cause Of Debt? It's usually been thought that the reason most people get into trouble with debt is because of a life-changing event such as divorce, ill health or unemployment.
posted by Webmaster  @ 8:17 AM 0 comments

Yahoo! News: China newspaper pleads for higher fuel prices As most of the world struggles to cope with the impact of crude prices soaring over $60 a barrel, an influential Chinese paper on Thursday made an unusual call for higher fuel prices to protect the national economy.
posted by Webmaster  @ 8:12 AM 0 comments

Thursday, August 18, 2005 

Guardian: Edwardian summer Welcome to the second age of globalisation, and the labour practices of Victorian mill owners.
posted by Webmaster  @ 4:56 PM 0 comments

Reuters: Mortgage lending slows sharply Mortgage lending slowed sharply in July to its weakest since December 2001, the British Bankers' Association said on Thursday, while consumer credit remained weak.
posted by Webmaster  @ 4:55 PM 1 comments

Reuters: EU ministers say trade limits will hit European jobs The European Union must ease curbs on Chinese clothing imports or risk job losses and bankruptcies across the 25-nation bloc, four EU ministers said in an article published on Thursday. Writing in the Financial Times newspaper, the ministers accused Brussels of sticking to an outdated view of international trade which could harm the EU economy.
posted by Johnny  @ 1:26 PM 0 comments

BBC NEWS | England | Humber | High-tech steel centre costs jobs Steelmaker Corus has unveiled plans for a £10m automated distribution centre in Scunthorpe which will mean the loss of about 20 jobs. The new unit will allow steel sections to be moved automatically from the medium section mill to a computerised stacking system and onto transport.
posted by Johnny  @ 1:24 PM 0 comments

Sky News: BENEFIT CLAIMS INCREASE The number of people out of work and claiming unemployment benefit rose 2,800 in July, the sixth rise in a row. Although the figure was less than predicted, the rise still marks the longest stretch of increases since the economic slump of 1992. The total number of people out of work - including those not claiming benefits - rose by 27,000 to 1.4m.
posted by Johnny  @ 1:20 PM 0 comments

Sky News: MORTGAGE LENDING SLOWS Mortgage lending eased during July with total mortgage lending reaching £25.2bn during the month. That was 2% less than during June and 13% below the same time last year, said the Council of Mortgage Lenders. The figures appear to show the housing market stabilised while people waited for August's widely-anticipated interest rate cut.
posted by Johnny  @ 1:18 PM 0 comments

Sky News: SALES CONTINUE TO FALL Shop sales continued to fall in July following their sharp jump the month before, but the fall was less than expected, according to the Office for National Statistics.
posted by Johnny  @ 1:17 PM 0 comments

Guardian: Borrowers opt for fixed mortgages Half of all mortgages taken out in July were fixed-rate deals, as the average price of these loans fell for the ninth consecutive month, figures showed today, but lending was down on the previous month.
posted by Johnny  @ 1:14 PM 1 comments

Sky News: Bye, Bye, Buy-To-Let? Although the buy-to-let (BTL) bandwagon continues to roll, it's fairly clear that the brakes are being applied in some areas. In the first half of this year, mortgage lenders lent £9.9 billion to buy-to-let investors. Although this is 1% up on the second half of 2004, it's down more than a sixth (17.5%) on the first half of 2004. The number of new BTL loans has decreased even further, down from 119,900 in the first half of 2004 to 93,400 in H1 2005, a fall of about two-ninths (22%).
posted by Johnny  @ 8:30 AM 1 comments

ThisisMoney: City's high-fliers face huge tax clampdown Thousands of wealthy City financiers face a new Governmentled purge of their pay arrangements. International banks with hubs in the Square Mile and Canary Wharf are running scared over concerns that they will be a hit with massive backdated bills for unpaid tax for dealmakers on their UK books.
posted by Johnny  @ 8:23 AM 1 comments

ThisisMoney: Postal charges to soar The cost of posting some letters and parcels will rise by more than 50% under changes to Royal Mail's pricing structure. But the company says it will become cheaper to send other items. From September next year, postal charges will be determined by an item's size and shape, as well as its weight.
posted by Johnny  @ 8:21 AM 0 comments

Guardian: Jobless figures show the most sustained growth since 1990s recession Britain's unemployment claimant numbers rose for the sixth consecutive month in July as sluggish growth resulted in the longest sustained rise in joblessness since the recession of the early 1990s.
posted by Johnny  @ 7:45 AM 1 comments

Guardian: Bank governor voted against cut in rates The most serious schism in the Bank of England's monetary policy committee since it was granted operational independence in 1997 was laid bare yesterday after it was revealed that the governor, Mervyn King, led a faction opposing this month's cut in base rates.
posted by Johnny  @ 7:38 AM 0 comments

Telegraph: Crisis looms for Britain's borrowers Unemployment would lead almost two-thirds of borrowers to default on personal loans and credit card balances within three months of losing their income.
posted by Webmaster  @ 7:27 AM 0 comments

First Time Buyer Channel 4 - Getting Desperate You just know that whenever the hard-to-get-rid-of Kirsty Allsopp and Phil Spencer appear on TV that they engage in their favourite activity - the art of property ramping.
posted by Webmaster  @ 12:09 AM 2 comments

Wednesday, August 17, 2005 

SMH (AUS): Boom, crash; it's a property opera When John Howard romped home in last year's election, the know-alls professed no surprise. The value of people's homes had been soaring - why on earth would they be in a mood to toss out the Government?
posted by Webmaster  @ 10:31 PM 0 comments

David Smith's Closer than we thought The minutes of the Bank of England monetary policy committee's August meeting have been released and show a much closer vote 5-4, than was expected.
posted by Webmaster  @ 10:12 PM 0 comments

Housing Outlook: The UK Housing Market Outlook August 2005 The latest data from the Halifax estimate that house prices rose by 0.2% in July with year on year growth of 2.3%. The Nationwide data present a similar picture, with a rise of 0.2% in February and 2.6% growth over the year. Hometrack reported the prices had been falling for 13 months, with a monthly fall of 0.2% in July.
posted by Webmaster  @ 10:12 PM 0 comments

BBC News: UK rate cut vote was 'close call' The Bank of England's decision to cut interest rates to 4.5% was finely balanced, minutes of the meeting show.
posted by Webmaster  @ 2:09 PM 2 comments

Guardian: Unemployment rises for sixth month running The number of people claiming unemployment benefit rose for the sixth month in a row in July, official figures showed today.
posted by Johnny  @ 12:45 PM 2 comments

ThisisMoney: Sellers ditch agents for the web HOMEOWNERS are increasingly sidestepping estate agents to avoid hefty fees and attempting to sell their property online. Around 70% of consumers said they feel comfortable about marketing their property over the internet, while buyers are also logging on to search for homes.
posted by Johnny  @ 8:37 AM 0 comments

Telegraph: Bank governor's problems are numbered on the petrol pumps We have feared a minor inflationary shock for nearly two years, ever since Gordon Brown effectively loosened the inflation target, by ditching the trusty old retail prices index, and replacing it with the euro-friendly consumer price index. At the time, this passed most people by as it was lost amidst the Chancellor's manoeuvring to keep us out of the single currency.
posted by Johnny  @ 8:31 AM 3 comments

Independent: Inflation surge casts doubt on Bank decision to cut rates Inflation surged to an eight-year high last month and is now threatening to exceed the Bank of England's near-term forecast, raising questions over the wisdom of its interest rate cut two weeks ago.
posted by Johnny  @ 8:27 AM 0 comments

Guardian: Carpet retailer's sales fall 7% Britain's biggest carpet retailer Carpetright yesterday blamed weak consumer spending and disruption caused by the London bombings for a sharp fall in sales over recent weeks. Revenues were down 7.5% in the first 15 weeks since end-April, but the company said it expects business to recover in the autumn.
posted by Johnny  @ 8:25 AM 0 comments

Guardian: Inflation hits eight-year high The prospect of further cuts in interest rates receded sharply yesterday after government figures showed soaring oil prices and less generous summer sales pushing inflation to its highest level since Labour came to power.
posted by Johnny  @ 8:23 AM 0 comments

Tuesday, August 16, 2005 

Sky News: BUY-TO-LET MARKET SLIPS Lending to buy-to-let investors slowed further during the first half of 2005 as house price growth stalled. A total of £9.9bn was advanced to people through buy-to-let loans during the first six months of the year, said the Council of Mortgage Lenders.
posted by Johnny  @ 5:30 PM 7 comments

BBC NEWS | Business | Lenders fail to pass on rate cut More than half of all mortgage lenders have failed to pass on the full Bank of England interest rate cut to borrowers.
posted by Johnny  @ 12:39 PM 1 comments

BBC NEWS | Business | Petrol prices fuel inflation rise Transport prices drove UK consumer price inflation (CPI) to 2.3% in July from 2% in June, Office for National Statistics (ONS) figures show.
posted by Johnny  @ 12:37 PM 0 comments

BBC News: Inflation jumps to record in July UK consumer price inflation (CPI) rose to 2.3% in July from 2% a month earlier, figures from the Office for National Statistics (ONS) show.
posted by Webmaster  @ 10:57 AM 0 comments

National Statistics: Inflation climbs to 2.3% (PDF) In the year to July, the consumer prices index (CPI) rose by 2.3 per cent, up from 2.0 per cent in June.
posted by Webmaster  @ 9:50 AM 0 comments

Telegraph: Energy chief says high oil price is stunting growth World economic growth will be crimped by 0.8pc this year as oil prices hover at record highs, the chief economist of the International Energy Agency said yesterday.
posted by Johnny  @ 8:42 AM 0 comments

Telegraph: Retailers go braless for autumn EU curbs on imports of Chinese clothing have left Europe's retailers facing an autumn stock crisis, blocking millions of garments in ports and warehouses while shelves go empty in the shops.
posted by Johnny  @ 8:41 AM 0 comments

BBC NEWS | Business | Norwich Union cuts 330 RAC jobs Insurer Norwich Union is shutting down two RAC call centres as part of its longer-term plans to axe 1,700 jobs in the newly-merged group.
posted by Johnny  @ 8:34 AM 0 comments

BBC NEWS | Business | C&W to buy Energis and cut jobs Cable & Wireless has said it is to buy business telecoms provider Energis for an initial £594m ($1.1bn) in cash. The deal will lead to 700 job cuts, part of plans to cut costs by at least £80m within three years.
posted by Johnny  @ 8:32 AM 0 comments

BBC NEWS | Business | Jobs go as Agilent sells chip arm Agilent Technologies, which was spun off from Hewlett-Packard in 1999, is to sell two units and shed 1,300 staff after a 10% dip in third quarter sales.
posted by Webmaster  @ 12:40 AM 0 comments

Monday, August 15, 2005 

ThisisMoney: Property prices on the slide HOUSE prices are falling as the number of properties entering the market increases, figures revealed yesterday. Pressure on sellers to lower their expectations was borne out by a drop of 0.2%, or £367, in the average asking price in England and Wales during the past month.
posted by Johnny  @ 1:06 PM 5 comments

The Citizen: HAS THE HOUSING BOOM ENDED? New figures show that the county's housing boom could be over after a 45% fall in house sales in Gloucestershire. Details released by the Land Registry show that between April and June this year property sales fell county-wide with 2,352 homes changing hands - compared to 4,275 in the same period last year. The slump has provoked speculation the frenetic market may finally be beginning to slow down.
posted by Johnny  @ 12:56 PM 3 comments

ThisisMoney: Thousands face debt ruin The personal debt crisis has escalated to the point where six out of ten borrowers would default on loans and credit cards within three months of losing their job, a report warned yesterday.
posted by Johnny  @ 12:51 PM 0 comments

Guardian: House prices hold steady after rate cut The average asking price of a UK home fell by 0.2% in August, the property website Rightmove said today.
posted by Webmaster  @ 12:43 PM 1 comments

MoneyExtra: Cost of housing rises by 5% as council tax bills increase New research by Halifax, based on the latest ONS data, shows that the cost of owning and running a house rose by 5% in 2003/04, more than four times the rate of CPI inflation, the government's preferred inflation measure.
posted by Webmaster  @ 12:42 PM 1 comments

SKY News: House Prices Are Falling House sellers are lowering the prices of their property as more homes come on to the market.
posted by Webmaster  @ 12:41 PM 0 comments

SKY News: Blasts deter shoppers The July 7 bomb attacks have led to the worst central London July shopping figures in three years.
posted by Webmaster  @ 12:40 PM 0 comments

Telegraph: CBI says times are tough for minnows Small and medium-size manufacturers are being forced to scale back investment and reduce their workforce as trading conditions continue to deteriorate, the CBI said.
posted by Webmaster  @ 9:38 AM 0 comments

BBC News: House prices rise 'a correction' Property prices in Wales are outstripping the rest of Britain by more 7% according to figures from a property website.
posted by Webmaster  @ 9:37 AM 0 comments

FT.Com: Purchasers 'have to buy smaller homes' A quarter of homebuyers are forced to buy smaller properties than they desire because new homes are too small, according to the website It says that developers, constrained by government policy that encourages high density development, have created an over-supply of one and two-bedroom homes and a shortage of three and four-bedroom properties.
posted by Johnny  @ 8:39 AM 1 comments

Reuters: House prices fall in latest month -survey Buyers continued to have the upper hand in the property market in August as homeowners further lowered their asking prices to achieve a sale and agents' books remained full, a survey showed on Monday.
posted by Johnny  @ 8:37 AM 0 comments

Guardian: How high can the oil price go? How high can it go and when will it start to hurt? This may sound like something the actress should ask the bishop but the question is, in fact, about oil. Black gold, as it is also known, smashed through the $66 a barrel level last week, its highest ever, and has risen 10% this month alone.
posted by Johnny  @ 8:29 AM 1 comments

Times Online: CBI hits out against stifling bureaucracy TRADING conditions for smaller manufacturers have continued to get worse, with output, employment and new orders all falling for a second successive quarter.
posted by Johnny  @ 8:27 AM 0 comments

BBC NEWS | Business | Confidence 'low' in house market Confidence in the UK housing market remained static for the fourth month running in July, according to a survey.
posted by Johnny  @ 8:26 AM 0 comments

Sunday, August 14, 2005 

Evening Times: Estate agents face rogue 'for sale' signs rap ESTATE agents who "aggressively" market homes in property hotspots face a council crackdown. More than 40 estate and letting agents in Renfrewshire have been rapped for displaying 'for sale' signs and placards illegally.
posted by Johnny  @ 4:42 PM 0 comments

Guardian: CBI warns Brown: do not tax your way out of slump he head of the CBI is warning of a major split between business and government if the Chancellor tries to tax his way out of the current slowdown in economic growth.
posted by Webmaster  @ 4:20 PM 2 comments

Sky News: YOUNG 'SPEND RECKLESSLY' Older people believe Britons in their 30s are spending recklessly without worrying about debt or their future finances, a new report claims.
posted by Johnny  @ 11:40 AM 2 comments

Independent: New tax rules will drive us out of London, say big City firms Big City firms - including Goldman Sachs and Morgan Stanley - are understood to be threatening the Treasury that they will scale back their London operations in a row about the tax paid by employees from abroad.
posted by Johnny  @ 11:31 AM 0 comments

Telegraph: Guardian Media plans 407 sackings Guardian Media Group, the publisher of the left-wing national newspaper, has been secretly considering plans to fire 407 staff in a cost-cutting operation designed to improve its profits.
posted by Johnny  @ 11:27 AM 0 comments

ThisisMoney: Mis-selling: The inside story COMPLAINTS are flooding in at 25,000 a month from homeowners who believe they were mis-sold mortgage endowment policies, according to a unique survey by Financial Mail. But the leading providers and sellers of endowments - Norwich Union, Prudential and Standard Life among them - insist they are coping with this unprecedented barrage.
posted by Johnny  @ 11:25 AM 1 comments

Scotland on Sunday - Business - Homeowners hit hard by council tax rises RISING council tax bills are a running sore for many homeowners, but those living in Scotland are among the hardest being hit, according to a report published by HBOS yesterday.
posted by Bullish Bear  @ 11:11 AM 0 comments

FT: Fifth month of house price falls - in2perspective House prices fell for the fifth month in a row in July, returning to levels last seen in December, according to the Financial Times House Price Index.
posted by Bullish Bear  @ 11:11 AM 0 comments

Saturday, August 13, 2005 

Telegraph: Estate agents lose jobs as 'very weak' market takes its toll The slowdown in the housing market has hit Britain's biggest chain of estate agents hard with staff being laid off and branches closed. Countrywide has reduced its staff in estate agencies by nine per cent through natural wastage and closed 33 branches.
posted by Johnny  @ 10:37 AM 0 comments

Telegraph: Pension funds face tax clamp Pension funds could be subject to 40pc inheritance tax for the first time after new rules take effect next April, accountants and lawyers claim.
posted by Johnny  @ 10:32 AM 0 comments

Times Online: No news is good news for UK banks MERVYN KING’S latest Bank of England Inflation Report is the antidote to hysteria. Reading it should provide the equivalent of a course of beta-blockers for investors biting their nails over bank shares.
posted by Johnny  @ 10:26 AM 2 comments

Times Online: Banks quick to take their cut SAVERS are fearful that their returns could slump by more than last week’s quarter-point cut in the base rate after two savings institutions reduced some of their rates by half a percentage point or more.
posted by Johnny  @ 10:24 AM 0 comments

BBC NEWS | England | Southern Counties | Hospital job cuts over £34m debt Up to 500 hospital posts could be lost as a health trust tries to tackle a funding gap of £34m.
posted by Johnny  @ 10:09 AM 0 comments

BBC NEWS | Business | Household bill costs 'rise by 5%' UK household bills have risen by more than four times the rate of inflation as a result of surging council tax bills, a study by the Halifax says.
posted by Johnny  @ 10:04 AM 0 comments

Friday, August 12, 2005 

BBC NEWS | Business | Oil tops $67 as US demand soars The US thirst for gasoline and fears of a hurricane have pushed the oil market further into uncharted territory, with prices breaking the $67 mark on Friday.
posted by Webmaster  @ 10:55 PM 2 comments

Herald: Fish farms plead for aid to survive SCOTTISH fish farmers meet for crisis talks today in an effort to win the government cash they say is necessary for survival, with fears of imminent company closures and job losses in some of the most remote parts of Scotland.The independent sector of the industry, which employs about 4000 people, mostly in small communities throughout north-west Scotland, says it is facing an unprecedented cash crisis.
posted by Johnny  @ 5:22 PM 0 comments

Evening Times: Hopes fade of new deals to stem shipyard job cuts VITAL contracts which could save the troubled Ferguson shipyard will not be awarded in time to stop job cuts, union leaders warn.
posted by Johnny  @ 5:21 PM 0 comments

Scotsman: Knitwear jobs axed A WORLD famous textile firm yesterday announced 35 job losses. Pringle of Scotland said it hoped to keep the number of compulsory redundancies at their outlet in Hawick, Roxburghshire, to a minimum.
posted by Johnny  @ 5:19 PM 0 comments Fears over job losses UNION leaders say it is too early to say how many jobs will be axed at a Deeside food firm. Workers fear that up to 500 jobs are at risk, but Greencore said that will not be the case, admitting only that the redundancies will be “substantial.”
posted by Johnny  @ 5:17 PM 0 comments

BBC NEWS | Business | Lenders breaking mortgage rules The City watchdog, the FSA, has found that mortgage lenders and brokers routinely fail to comply with consumer protection rules.
posted by Johnny  @ 5:15 PM 0 comments

FT.Com: House prices fall for fifth month House prices fell for the fifth month in a row in July, bringing price levels back to those last seen in December, according to the FT House Price Index, the most accurate guide to the real trends in residential property prices.
posted by Johnny  @ 1:34 PM 5 comments

ThisisMoney: Nationwide borrowers miss out NATIONWIDE, the UK's largest building society, has disappointed borrowers after reducing its base rate mortgage by only 0.1% following last week's cut in interest rates.
posted by Johnny  @ 12:54 PM 2 comments

ThisisMoney: Endowment shortfalls on the rise The size of the average shortfalls in homeowners endowment policies is on the up with a difference of £7,057 between the maturity value of a property and the mortgage it needs to repay.
posted by Johnny  @ 12:52 PM 0 comments

Reuters: Oil extends record-breaking streak above $66 Oil prices climbed above $66 a barrel on Friday, setting a fifth record high in as many days as robust U.S. economic growth keeps refiners straining to meet demand and friction over Iran's nuclear programme jangles nerves.
posted by Johnny  @ 8:21 AM 0 comments

Guardian: Iranian stand-off pushes oil to fresh high Refinery problems add to pressure as petrol threatens to hit £1 a litre. Oil prices shot up to yet another record yesterday, driven by Iran's stand-off with the west over its nuclear plans and by more refinery trouble in the United States.
posted by Johnny  @ 8:18 AM 0 comments

BBC NEWS | UK | BA halts Heathrow flights all day British Airways has cancelled all flights in and out of Heathrow until Friday evening because of unofficial strike action by ground staff.
posted by Webmaster  @ 8:04 AM 0 comments

This Is Local London: Big Fall In House Prices House prices in Barnet have taken the biggest fall in London this year, according to figures published by the Land Registry this week.
posted by Webmaster  @ 7:47 AM 2 comments

Telegraph: Young renters shun the property ladder Young adults are opting for renting in fashionable areas close to their social circles rather than commit themselves to a mortgage - which smacks of having children and getting married, claims a new study.
posted by Webmaster  @ 7:46 AM 0 comments

The Daily Telegraph (AUS): Rates may go down Reserve Bank governor Ian Macfarlane today ruled out any move on interest rates in the near term, adding an interest rate cut was just as likely as an increase.
posted by Webmaster  @ 7:45 AM 0 comments

BBC NEWS | Business | US demand pushes oil still higher The US thirst for gasoline has helped push the oil market further into uncharted territory, as US prices soar above $66 a barrel.
posted by Webmaster  @ 7:42 AM 0 comments

The Guardian | Countrywide hit by 'appalling' downturn Britain's biggest chain of estate agents yesterday showed just how dramatically the housing market had slowed when it revealed it had suffered a loss for the first time in a decade.
posted by Webmaster  @ 7:40 AM 2 comments

The Guardian | What you can buy for £185,000 The years of inflation-busting double-digit growth in property prices have faded into memory for most of the country now.
posted by Webmaster  @ 7:39 AM 0 comments

Thursday, August 11, 2005 

Money Week: Where risk hides All the financial indicators are telling us that the markets are practically risk free, says James Ferguson, but they are not. In fact, risk levels are higher than ever.
posted by Webmaster  @ 11:11 PM 0 comments

Money Week: How to avoid slipping on oil The soaring oil price is bad news for the global economy, but how high does it have to go before it really starts to cause trouble? Annunziata Rees-Mogg reports
posted by Webmaster  @ 11:11 PM 0 comments

Money Week: Can the Bank of England Save the UK Economy? If the Bank of England has done its sums correctly, last week’s 0.25% rate cut “is likely to be the last,” said Edward Hadas on
posted by Webmaster  @ 11:09 PM 0 comments

Money Week: Will US Housing Rust or Bust? Until early this year, I steadfastly argued that US housing markets were far from bubble territory, supported as they were by strong fundamentals and buttressed by what I saw as attractive ‘valuations,’ at least by my admittedly crude metrics.
posted by Webmaster  @ 11:08 PM 0 comments

SKY News: BA suspends check-ins A catering row which has hit British Airways services has escalated after the airline was forced to halt all check-ins to Heathrow flights.
posted by Webmaster  @ 4:30 PM 0 comments

ThisisMoney: Countrywide's profits collapse COUNTRYWIDE today unveiled an 89% collapse in profits as its core estate agency division suffered a loss for the first time in a decade.Pre-tax profits in the six months to 30 June fell to £3.5m from £30.7m a year earlier. Chairman Christopher Sporborg said the housing market appeared to have stabilised but confidence could easily be knocked off course by external events.
posted by Johnny  @ 1:20 PM 0 comments

ThisisMoney: Lenders stop card flutter THE DAYS of banks and building societies dishing out credit cards like confetti could be at an end as lenders struggle with a surge in bad debts.
posted by Johnny  @ 1:15 PM 1 comments

ThisisMoney: Young reject buying to rent SPIRALLING house prices have spawned a new breed of 18- to 34-year-olds who have no interest in buying a property and are at the heart of a move towards Continental-style renting.
posted by Johnny  @ 12:55 PM 0 comments

BBC NEWS | Business | Dairy firm Arla in profits alert Milk supplier, Arla Foods UK, has seen its shares fall 9% after it issued a profits warning. The firm's chief executive Tim Smith told Reuters that the steep increase in diesel prices and in plastics for packaging had hurt it the most.
posted by Johnny  @ 12:34 PM 0 comments

ThisisMoney: Car insurance hike on the cards INSURANCE companies face a staggering £800m loss on car policies this year as stiff competition means premiums have failed to keep up with the spiralling cost of claims, influential research predicted today.
posted by Johnny  @ 8:39 AM 0 comments

Telegraph: Argos managers to go in £4m staff shake-up Around 1,500 Argos employees will be hit by a shake-up in the way the catalogue retailer organises its 604 shops.
posted by Johnny  @ 8:37 AM 0 comments

Telegraph: OFT to survey bailiffs' behaviour The Office of Fair Trading is asking consumers to comment on whether debt collectors are physically or psychologically harassing them, with findings which will show how its guidance has changed behaviour in the sector.
posted by Johnny  @ 8:36 AM 0 comments

Telegraph: Scot Power chief warns of rising cost Ian Russell, chief executive of ScottishPower, yesterday forecast high power prices for another 12 months and suggested that a $9.4billion sale of its underperforming US business PacifiCorp to billionaire Warren Buffett could be completed earlier than expected.
posted by Johnny  @ 8:35 AM 0 comments

Telegraph: Two major lenders pull out of scheme to help first-time buyers Government plans to help more first-time buyers on to the property ladder, by getting mortgage lenders to subsidise the cost of a home, have been dealt a blow by the withdrawal of two major players.
posted by Johnny  @ 8:34 AM 0 comments

Telegraph: Diesel alert and fears for stockpile push oil to new record Oil prices soared to record highs yesterday as news of a fall in American gasoline stockpiles caused by strong demand from drivers spooked traders and a leading energy consultant warned that Europe faced a severe shortage of diesel within 10 years.
posted by Johnny  @ 8:33 AM 0 comments

Guardian: Bank chief widens rift with Brown The division between the Treasury and the Bank of England over the health of the public finances widened yesterday when the Bank's governor, Mervyn King, openly questioned Gordon Brown's interpretation of the so-called golden rule.
posted by Johnny  @ 8:30 AM 0 comments

Times Online: Bank foils City hopes for more rate cuts THE Bank of England undermined hopes for further cuts in interest rates yesterday when it forecast a strong rebound in the economy from next year and sounded a warning that lower rates would stoke inflation.
posted by Johnny  @ 8:29 AM 0 comments

BBC NEWS | Business | Oil prices return to record highs Refinery stoppages and security fears are sending oil prices soaring, topping $65 a barrel for the first time.
posted by Johnny  @ 8:26 AM 0 comments

Wednesday, August 10, 2005 

Money Week: UK House Prices Remain Overvalued The housing market correction may have a long way to go. Near term, the outlook for house prices, for transactions levels and for mortgage lending is significantly cooler than we have seen over the past five years. In our view, UK house prices probably remain overvalued, perhaps significantly so.
posted by Webmaster  @ 6:42 PM 0 comments

BBC NEWS | Business | US housing boom vexes the Fed As the Federal Reserve raises interest rates in the US for the 10th time, its inability to control accelerating house price inflation is worrying analysts.
posted by Johnny  @ 5:18 PM 0 comments

BBC NEWS | Magazine | I don't drive; why should I care about oil prices? With crude oil prices at a 22-year high, motorists are paying out up to £1 a litre at the pumps. Will this hike hit those who don't own a car - or drive for a living?
posted by Johnny  @ 4:20 PM 1 comments

BBC NEWS | England | Lincolnshire | Jobs to be cut at primary schools Nearly 60 members of staff are being made redundant at Lincs schools - more than double the amount last year.
posted by Johnny  @ 1:14 PM 0 comments

FT.Com: Gilts dip as UK rate-cut hopes fade Short-dated gilts fell as hopes of another UK interest rate cut this year faded on the back of a relatively hawkish quarterly inflation report from the Bank of England released on Wednesday.
posted by Johnny  @ 1:02 PM 1 comments

ThisisMoney: Parents shoulder burden of student debt PARENTS are being forced to bear the brunt of soaring levels of student debt, a study has revealed. Growing numbers are forking out thousands of pounds to cover their offspring's tuition fees and living expenses while studying.
posted by Johnny  @ 12:59 PM 1 comments

Times Online: Sharp rise in exports boosts hopes for growth SURGING exports, with the sharpest monthly rise in sales of UK goods abroad for more than eight years, have led to a steep drop in Britain’s trade gap and boosted hopes for upward revisions to the economy’s recent growth.
posted by Johnny  @ 12:56 PM 1 comments

Times Online: Rightmove hires in IPO managers, the online property website, has hired Swiss-American investment bank UBS to help prepare it for a stock market listing that could see it valued at more than £200 million.
posted by Johnny  @ 12:55 PM 2 comments

Guardian: Britons have their 'head in the sand' over savings The majority of Britons would be unable to cope financially in the event of a minor household emergency, research revealed today. Of the 2,300 people questioned for Alliance & Leicester, just 28% said they had money put aside which could be used to replace household appliances, such as a cooker or fridge.
posted by Johnny  @ 12:53 PM 0 comments

BBC NEWS | Business | Bank of England warns of slowdown Economic growth will remain subdued in the short term, the Bank of England said in its quarterly inflation report.
posted by Johnny  @ 12:50 PM 0 comments London business 'faces attack' from terrorists A terrorist attack on the City of London is only a matter of time, the police officer responsible for the capital's financial district said on Tuesday.
posted by Webmaster  @ 9:52 AM 0 comments

Reuters: BoE to lower growth outlook as consumers flag The Bank of England is set to slash its economic growth forecasts on Wednesday and analysts say the extent of the downgrade is key to how much further interest rates will fall, if at all.
posted by Johnny  @ 8:38 AM 0 comments

Telegraph: Borrowers are kept waiting for their cut Borrowers with some of Britain's major lenders are still waiting to benefit from the Bank of England's decision to cut the base rate by a ¼ point last week.
posted by Johnny  @ 8:37 AM 0 comments

Independent: Retailers sweat as China quotas cause shortage of jumpers Peter Mandelson, the European Trade Commissioner, sparked a dispute with retailers yesterday as curbs on Chinese textile imports prompted fears that shops will be left without autumn fashion collections this year.
posted by Johnny  @ 8:33 AM 0 comments

Independent: Taxpayers losing billions in 'systematic VAT fraud' The Government has warned of systematic attempts by fraudsters to cheat the UK's tax system by billions of pounds every year.
posted by Johnny  @ 8:32 AM 0 comments

Guardian: Fears of £1 a litre for petrol as world prices reach high Petrol prices at the pump set yet another record yesterday after world oil prices touched an all-time high for the second day running. Analysts said £1 a litre for petrol and even more for diesel were now a possibility but added that it was likely oil prices would fall back again in the autumn.
posted by Johnny  @ 8:30 AM 0 comments

Times Online: B&B more than triples repossessions BRADFORD & BINGLEY has aggressively stepped up home repossessions, taking back the keys to 237 properties in the first half of this year.
posted by Johnny  @ 8:28 AM 1 comments

Times Online: Lifetime mortgage sales fall as equity release rules hit home THE headlong rush by pensioners to unlock money from their homes has undergone a sharp slowdown in recent months as new rules on equity release begin to bite.
posted by Johnny  @ 8:27 AM 0 comments

Telegraph | Money | Mortgage slowdown is over, says B&B Bradford & Bingley said the slowdown in mortgage lending has ended as the bank announced a small rise in interim profits on the back of lower costs.
posted by Webmaster  @ 8:26 AM 2 comments

Tuesday, August 09, 2005 Perils at the pump Oil prices have hit yet another record, on fears of political instability in the Middle East and refining problems in America. So far, the world economy has managed to chug along without much ill effect. But how long can consumers go on paying ever more at the pump without cutting back elsewhere? And why aren’t high prices bringing new supplies to market?
posted by Webmaster  @ 10:21 PM 2 comments Wall Street's Fate Caught Up With Housing Of course, a lot can change quickly on Wall Street. And the current climate carries special risks. We’re not talking about oil recently hitting a record $62 per barrel, or Fed Chairman Alan Greenspan’s new warning of more rate hikes ahead, or even China’s revaluation of the yuan against the dollar this week. We’re talking about the growing danger from real estate.
posted by Webmaster  @ 10:11 PM 0 comments

BBC NEWS | Business | Fed raises interest rates to 3.5% The US Federal Reserve has voted to raise interest rates by one quarter of a percentage point from 3.25% to 3.5%.
posted by Webmaster  @ 8:57 PM 0 comments

BBC NEWS | Politics | House prices too high - Prescott John Prescott said the price of houses in Britain is too high except for people already on the property ladder.
posted by Johnny  @ 5:14 PM 5 comments Nurse job losses warning The RCN has been alerted to the possibility of at least 350 nursing job cuts around Britain, the Nursing Standard reports today.
posted by Johnny  @ 2:07 PM 0 comments

New York Times: That Hissing Sound This is the way the bubble ends: not with a pop, but with a hiss. Housing prices move much more slowly than stock prices. There are no Black Mondays, when prices fall 23 percent in a day. In fact, prices often keep rising for a while even after a housing boom goes bust.
posted by Webmaster  @ 1:17 PM 0 comments

Bloomberg: U.K. Government Uncovers Tax Fraud Distorting Trade The British government last month uncovered a systematic attempt by criminal gangs to defraud the tax system which distorted trade statistics for April, May and June.
posted by Johnny  @ 1:12 PM 0 comments

Time Online: Retailers call for more rate cuts as sales hit low The lobby group representing Britain's retailers has called on the Bank of England to cut interest rates at least once more before Christmas after releasing figures showing that high street sales last month put on their weakest showing for 10 years.
posted by Johnny  @ 1:06 PM 5 comments

Guardian: Banks call for data-sharing on personal credit histories Stories of customers with wallets stuffed full of credit cards, stacked up with more debt than their holders can afford to repay, have become commonplace amid the outcry about the level of personal indebtedness in Britain.
posted by Johnny  @ 8:28 AM 0 comments

Times Online: £1.5bn cost of pensions lifeboat 'could sink businesses' COMPANIES will pay £1.5 billion to keep the Government’s pensions lifeboat afloat, five times more than previously estimated, experts said yesterday when it emerged that a number of businesses faced being crushed by their individual levies.
posted by Johnny  @ 8:25 AM 1 comments

Times Online: B&B upbeat on buy-to-let as profits rise 6% Specialist lender Bradford & Bingley sang the praises of the buy-to-let mortgage market as its revealed that pre-tax profits had risen by 6 per cent during the first half of the year despite a "challenging" housing market.
posted by Johnny  @ 8:23 AM 0 comments

BBC NEWS | Business | UK petrol prices hit new record The average price of unleaded petrol in the UK has risen above 90p a litre for the first time.
posted by Johnny  @ 8:22 AM 1 comments

BBC NEWS | Business | Weather hits UK High Street sales Traders on UK High Streets suffered their worst July in a decade as sales were affected by cooler weather.
posted by Johnny  @ 8:21 AM 1 comments

BBC NEWS | Business | Oil price climb continues apace Oil prices have continued their latest surge, climbing above $64 a barrel in Asian electronic trading on widespread security and supply concerns.
posted by Webmaster  @ 7:47 AM 0 comments

ODPM: House price index June 2005 (PDF) The mix-adjusted average house price in the UK in June 2005 stood at £184,152 up from £182,651 in May (not seasonally adjusted).
posted by Webmaster  @ 7:46 AM 1 comments

ALL BOOMS BUST: Words of Caution from Robert Kiyosaki Lately, I have been asked if we are in a real estate bubble. My answer is, "Duh!" In my opinion, this is the biggest real estate bubble I have ever lived through. Next, I am asked, "Will the bubble burst?" Again, my answer is, "Duh!"
posted by Webmaster  @ 7:43 AM 1 comments

Sky News: Gloomy Outlook Amid Economic Slowdown Business confidence has fallen in every region of the country for the first time in two years, a survey shows.
posted by Webmaster  @ 7:28 AM 0 comments

This is Money: Retail sales hit new lows High street sales continued to suffer in July, with poor weather pushing sales down to their weakest level for 10 years.
posted by Webmaster  @ 7:26 AM 1 comments

BBC NEWS | Business | US Fed is expected to raise rates The US Federal Reserve will decide on Tuesday whether to alter interest rates from 3.25%, with analysts forecasting a rise of 25 basis points to 3.5%.
posted by Webmaster  @ 7:25 AM 0 comments

BBC NEWS | Programmes | Real Story | Sunset for Spanish property dreams A staggering 500 people a day leave the UK in search of a new beginning abroad, the majority choosing Spain for what they hope will be cheaper property and a better life.
posted by Webmaster  @ 7:25 AM 2 comments

Monday, August 08, 2005 

FT.Com: Lenders warm to the idea of positive data sharing Supporters of the increased use of positive credit scoring by lenders were disappointed that an amendment designed to achieve just that did not make the cut at the third reading of the Consumer Credit Bill in July.
posted by Johnny  @ 8:43 PM 0 comments

BBC NEWS | Business | Housing market set to 'flatline' House price inflation has slowed to a crawl across most parts of the UK but property market experts have told BBC News that they do not think a crash is around the corner.
posted by Johnny  @ 8:28 PM 3 comments

Yahoo! Finance: Oil soars towards $64 to new record high Oil soared towards $64 a barrel to a new record high on Monday on fears of militant attacks in the world's biggest oil exporter Saudi Arabia and a possible gasoline shortage in the United States.
posted by Webmaster  @ 7:40 PM 0 comments

BBC NEWS | Magazine | How to build a house for £60,000 With new homes planned to help first-time buyers get on the property ladder, John Prescott has challenged developers to come up with houses that can be built for £60,000. What's the secret?
posted by Webmaster  @ 7:38 PM 0 comments

Credit Action: Debt Statistics August 2005 Total lending in June 2005 grew by £8.8bn. Secured lending grew by £7.5bn in the month and consumer credit lending grew by £1.3bn in the month.
posted by Webmaster  @ 5:13 PM 0 comments

BBC NEWS | Business | Oil drives up UK production costs Raw material costs rose at their fastest annual rate in 20 years in July as soaring oil prices continued to put pressure on UK industry.
posted by Johnny  @ 12:51 PM 0 comments

icBirmingham: 18,000 industry jobs 'lost in current quarter' Business confidence is down in every UK region for the first time since 2003 as new orders continued to fall, according to gloomy new figures today.
posted by Johnny  @ 12:46 PM 0 comments

Guardian: Factories hit by fall in orders Confidence among manufacturers has fallen in all regions for the first time in two years while property price inflation has hit its lowest level for nearly a decade, according to surveys released today.
posted by Johnny  @ 8:08 AM 1 comments

Guardian: Hold on, this could get bumpy You may think that the housing market, whose foundations having been looking increasingly shaky over the past year, would be shored up by last week's interest rate cut from the Bank of England.
posted by Johnny  @ 8:07 AM 13 comments

Times Online: House Price Rises by Region Table of price rises Q2 2005 for various regions.
posted by Johnny  @ 8:03 AM 3 comments

BBC NEWS | Business | Business confidence 'is falling' Confidence among businesses has fallen in all parts of the UK for the first time in two years, a study suggests.
posted by Johnny  @ 8:00 AM 0 comments

BBC NEWS | Business | Subdued market hits house prices House prices are advancing at their weakest rate in almost a decade, figures from the Land Registry show.
posted by Webmaster  @ 7:48 AM 0 comments

Telegraph: Euro warning: cut spending or face inflation Members of the single currency will have to slash public spending or face an "unacceptable" rise in inflation, according to a new report.
posted by Webmaster  @ 7:46 AM 0 comments

Sunday, August 07, 2005 Jobs under threat if Motability move MORE than 90 jobs could be lost from Harlow after a company annouced it was considering moving services away from the town.
posted by Johnny  @ 6:26 PM 0 comments

Evening Times: There's only three weeks' work left for Ferguson yard WORRIED workers at a Clyde shipyard say they have only three weeks' work left to keep them in business.
posted by Johnny  @ 6:24 PM 0 comments

ZDNet UK News: Novell announces European layoffs News of 150 job losses in Novell's European operation have led some to suggest that 'Europe could be weak again'
posted by Johnny  @ 6:22 PM 0 comments

ITWeek: Job losses in C2000 restructure Computer 2000 (C2000) has cut a number of UK jobs as part of its corporate restructuring process.
posted by Johnny  @ 6:20 PM 0 comments

Guardian: Are consumers living on borrowed time? As if to underline the urgency of the Bank of England's first cut in interest rates for two years last week, Britain's lenders have issued a string of warnings that their debt-ridden customers are beginning to struggle.
posted by Johnny  @ 6:02 PM 0 comments

ThisisMoney: Banks write off £3bn bad debts Rising fears that customers will not be able to repay their loans have forced High Street banks to write off almost £3bn in the first six months of the year.
posted by Johnny  @ 5:49 PM 0 comments

Sunday Times: Royal boom in St Andrews In just three years the average house price in St Andrews soared from £103,000 to more than £214,000 — a 108% rise.
posted by Webmaster  @ 5:10 PM 0 comments

BBC NEWS | UK | 50,000 miss licence law deadline Up to 50,000 businesses which provide alcohol, hot food or entertainment after 11pm may have to shut temporarily after failing to reapply for licences.
posted by Webmaster  @ 10:48 AM 0 comments

Times Online: UK needs more than low rates The cut in base rate will have little impact on the economy. Britain needs to become more competitive in world markets
posted by Johnny  @ 10:19 AM 0 comments

Sky News: PRE-PAID CREDIT AHEAD Some of the world's largest credit card providers are pushing for the introduction of pre-paid cards in the UK.
posted by Johnny  @ 9:40 AM 2 comments

Telegraph: Royal Mail plans 30,000 more job losses Royal Mail is to reduce the number of its full-time employees by at least 30,000, according to a strategic plan that it has submitted to Postcomm, the mail regulator.
posted by Johnny  @ 9:27 AM 0 comments

Saturday, August 06, 2005 

Sky News: Robin Cook Dies After Heart Attack The former foreign secretary Robin Cook has died aged 59 after suffering a heart attack.
posted by Webmaster  @ 7:12 PM 1 comments

Yorkshire Post: Estate agency failure leaves big debt ANGRY creditors have been left owed thousands of pounds after a Yorkshire estate agent went into administration, it emerged yesterday.
posted by Johnny  @ 1:01 PM 0 comments

Telegraph: Chancellor is failing to cut civil service jobs, claims report Gordon Brown was accused yesterday of failing to slash government bureaucracy amid reports that the number of Whitehall mandarins was still on the increase.
posted by Webmaster  @ 10:08 AM 0 comments

Independent: House prices slow but industry picks up speed House price inflation slowed to its annual lowest growth rate in almost a decade last month, a survey showed yesterday, just a day after the Bank of England cut interest rates in response to sluggish consumer spending. But the manufacturing sector showed some signs of revival
posted by Johnny  @ 10:06 AM 0 comments

Telegraph: Don't knock it, money-lending is our strong suit Steel's gone to glory, cotton's in the shade, but we've still got the money-lending trade, and it's flourishing.
posted by Johnny  @ 10:03 AM 0 comments

Telegraph: Barclaycard rejects 50pc of applicants but Varley denies crisis Barclaycard is turning down 50pc of applicants for credit amid rising concerns over consumers' ability to manage personal loan and credit card debts.
posted by Johnny  @ 10:01 AM 0 comments

Guardian: House price growth at a nine-year low House price growth fell to a nine-year low last month, the Halifax said yesterday, the latest proof that Britain's lengthy property boom is running out of steam.
posted by Johnny  @ 9:59 AM 0 comments

Guardian: Bankruptcies hit highest level since 1960 Credit card companies came under fire last night as new figures showed a record number of people going bankrupt as a result of the country's growing mountain of debt.
posted by Johnny  @ 9:58 AM 2 comments

Times Online: Bad debt 'over the worst' ALL OF Britain’s main banks are showing the effects that rising interest rates have had on consumers. The number of people in arrears on payments on home loans, credit cards and personal loans has risen rapidly during the first half, and is substantially higher than the same period last year.
posted by Johnny  @ 9:56 AM 2 comments

Times Online: Industry slowdown is not as bad as feared Industry received a boost after figures showed it slowed in the second quarter by less than previously thought, as a survey of confidence and new growth estimates suggested the economic slowdown could be easing.
posted by Johnny  @ 9:55 AM 0 comments

Times Online: Consumer debt crisis deepens as bankruptcies hit 40-year record THE number of Britons declaring themselves bankrupt each year is set to hit 100,000 for the first time as official data yesterday revealed the highest quarterly figure for at least 40 years.
posted by Johnny  @ 9:53 AM 0 comments

Times Online: 13,000 jobs could go in Rover fallout THE jobs toll from the collapse of MG Rover could be 13,000 and the loss of wealth from the West Midlands up to £380 million, according to the MG Rover Task Force.
posted by Johnny  @ 9:52 AM 0 comments

Friday, August 05, 2005 

New HousePriceCrash Video. Courtesy of ClassixUK. This movie is dedicated to Kirstie Allsop of Channel 4's "Location, Location, Location"
who famously said that she would eat her hat if house prices in the UK dropped.
posted by Johnny  @ 6:04 PM 8 comments

Sky News : Manufacturing Output Slightly Higher There are encouraging signs that the slowdown in the UK economy may not be as bad as had been feared.The better news comes with figures showing that manufacturing output rose 0.2% in June.
posted by Johnny  @ 5:38 PM 2 comments

ThisisMoney: Petrol set to hit £1 a litre Motorists today faced the threat of pump prices soaring to £1 a litre as the cost of crude oil rose to a record high. Some garages are already charging up to 95p a litre for petrol and only fractionally under £1 a litre for diesel.
posted by Johnny  @ 5:31 PM 0 comments

Times Online: Housing market cools as rates cut House prices increases have stalled to their slowed levels in nearly a decade, according to Britain's biggest mortgage lender.
posted by Johnny  @ 5:28 PM 0 comments

Times Online: Consumer debt fears as insolvency rises A sharp rise in the number of individuals being declared insolvent during the second quarter has prompted some City economists to express concerns about the high level of consumer borrowing.
posted by Johnny  @ 5:26 PM 0 comments

BBC NEWS | Business | Could bad debts sink bank profits? As Barclays brings to a close the UK banks' interim reporting season, City traders seem unsure whether to celebrate or commiserate.
posted by Johnny  @ 5:23 PM 0 comments

BBC News: Bankruptcies hit another record The number of individual insolvencies in England and Wales soared by an annual 36.8% in the second quarter, official figures show.
posted by Webmaster  @ 2:13 PM 3 comments

Sky News: House Price Inflation Hits Nine-Year Low The annual rise in house prices has slowed to its lowest level for more than nine years, the latest Halifax survey shows. It says house prices rose by 0.2% in July, while the three-month annual rate of increase slowed to 2.3% - the lowest since April 1996.
posted by Johnny  @ 9:37 AM 0 comments

Every Investor: There's too much new-build property already. If Prescott concretes over the south of England to build thousands more homes, your house could plummet in value. Cutting base rates may ease the pressure on house prices. But the old-fashioned law of supply and demand still points to flat or falling prices.
posted by Johnny  @ 9:21 AM 0 comments

Reuters: Economists see strong chance of further rate cut The Bank of England is likely to follow up Thursday's interest rate cut with a further reduction, probably by the end of this year, according to a Reuters poll. The poll of 42 economists, surveyed after the Bank cut its benchmark rate to 4.5 percent from 4.75, gave mid-range forecasts for rates to end this year and next at 4.25 percent.
posted by Johnny  @ 9:09 AM 0 comments

Reuters: Rate cut seen as no remedy for retail slowdown While a quarter-point rate cut from the Bank of England was just the medicine many retailers were calling for, analysts said it was far from being a panacea for the ailing sector.
"I really don't think this is going to make much difference to consumer behaviour for quite some period. For most families, the issues are at least as much increases in costs like utility bills and indirect taxes," said Simon Irwin at JP Morgan.
posted by Johnny  @ 9:08 AM 0 comments

Guardian: Praise for Old Lady's control of inflation The Bank of England's respected monetary policy committee has marked its 100th meeting with first rate cut for two years
posted by Johnny  @ 8:54 AM 0 comments

BBC NEWS | Wales | Mid Wales | Job centre makes staff redundant Thirty-five job centre staff are to lose their jobs in Powys as part of the UK-wide civil service cutbacks announced last year.
posted by Johnny  @ 8:50 AM 0 comments

BBC NEWS | Business | Debt rise fails to dent Barclays Rising revenues helped the UK's third largest bank Barclays overcome bad debts and post a rise in profits.
posted by Johnny  @ 8:48 AM 0 comments

Thursday, August 04, 2005 Fantasy figures in the buy-to-let market (Reinhard's letter to the editor) Sir, In your front-page report (July 30) you expose the practice of avoiding lenders' deposit requirements for buy-to-let investors by overstating the value of the property. We have been warning about this and other fraudulent practices for a long time.
posted by Webmaster  @ 10:25 PM 1 comments

DTI: Tackling over-indebtedness (PDF) Annual report 2005
posted by Webmaster  @ 10:22 PM 0 comments

The Motley Fool UK: The Effect Of The Base Rate Cut The last time the Bank of England cut interest rates two years ago, everyone was caught napping and it came as a bit of a surprise. Not this time though.
posted by Webmaster  @ 10:19 PM 0 comments

Paul Maunders web log: Property developers struggling to sell The Cloisters is a new build development of 47 one and two bedroom flats built by Natta Country Homes in Farnborough.
posted by Webmaster  @ 10:18 PM 0 comments

Money Week: Taking the direct approach Last week I asked for your help. Could anyone, I said, suggest a bank that was capable of taking care of my current account with an adequate level of competence.
posted by Webmaster  @ 10:15 PM 0 comments The canary in the mine Long the envy of its peers in continental Europe, Britain’s economy has hit a soft patch.
posted by Webmaster  @ 10:14 PM 0 comments

Sky News : Fewer Permanent Jobs On Offer Growth in permanent job placements slowed in July to the lowest in five months and wage inflation was its slowest in 18 months, a report says.
posted by Johnny  @ 6:46 PM 0 comments

Times Online: Interest rates: more cuts to come? The City and business has applauded the Bank of England's 0.25 per cent cut in interest rates. But the debate has already moved on to what's in store next month. By Graham Searjeant, The Times Financial Editor
posted by Johnny  @ 6:28 PM 0 comments

BBC NEWS | Scotland | Union fears over observatory jobs Union leaders have expressed fears about the impact of proposed job cuts in the Astronomy Technology Centre at the Royal Observatory in Edinburgh.
posted by Johnny  @ 6:23 PM 0 comments

BBC NEWS | England | South Yorkshire | College to lose 95 jobs in cuts Financial pressure on Doncaster College could mean redundancy for 95 members of staff, education bosses have confirmed.
posted by Johnny  @ 6:21 PM 1 comments

Times Online: Bank cuts interest rates to 4.5 per cent The Bank of England has cut the cost of borrowing for the first time in two years today as it moves to kickstart consumer confidence and revive the flagging economy.
posted by Johnny  @ 12:04 PM 1 comments

Gitterdammerung (The Twilight of the Gits) Or the coming cataclysmic property crash - and its even more cataclysmic consequences. The current global property price boom is the biggest bubble in history - we are headed for a truly cataclysmic property crash
posted by Johnny  @ 10:33 AM 2 comments

Times Online: HBOS asks for details of council tax arrears HBOS, Britain’s biggest mortgage lender, is pressing the Government to force local authorities to provide banks with details of council tax arrears in a drive to improve credit scoring.
posted by Johnny  @ 10:30 AM 1 comments

ThisisMoney: Students face 15 years of debt A Generation of graduates will be paying back student debts until they are at least 36, the Government admitted yesterday.
posted by Johnny  @ 9:10 AM 2 comments

Telegraph: What consumer debt crisis? asks confident HBOS chief Banking group HBOS yesterday dismissed fears that Britain is facing a consumer debt crisis and described conditions as "exceptionally benign".
posted by Johnny  @ 9:03 AM 0 comments

Guardian: Services pick-up unlikely to halt interest rate cut A significant measure of the economy's dominant services sector showed an unexpected pick-up last month but analysts remain confident that the Bank of England will cut interest rates today.
posted by Johnny  @ 9:02 AM 0 comments

Guardian: Hanson warns of weak housing demand Building materials company Hanson yesterday announced a 28% rise in first-half profits but warned that weak demand in the UK house-building market would hit its future performance.
posted by Johnny  @ 9:01 AM 0 comments

BBC NEWS | Northern Ireland | Fears over civilian jobs in MoD Up to 2,000 civilian staff working for the Ministry of Defence could lose their jobs as a result of military cuts in Northern Ireland, unions have said.
posted by Johnny  @ 8:58 AM 0 comments

BBC NEWS | Business | Profit rises at banking giant RBS UK banking giant Royal Bank of Scotland (RBS) has unveiled a 14% rise in profits for the first half of the year.
posted by Johnny  @ 8:55 AM 0 comments

The Guardian | House prices will fall this year, says mortgage body The body representing Britain's mortgage lenders has cut its forecasts for house price growth and now believes property values will fall 2% this year.
posted by Webmaster  @ 7:48 AM 0 comments

Telegraph: Maxwell sells to keep bailiffs at bay Kevin Maxwell, the son of the disgraced newspaper publisher Robert Maxwell, is selling his family home to pay a loan secured against it, a court was told yesterday.
posted by Webmaster  @ 7:00 AM 3 comments

Wednesday, August 03, 2005 

ThisisMoney: Key workers locked out Thousands of young teachers, nurses and firemen cannot buy Government-backed affordable homes because banks and building societies will not give them mortgages
posted by Johnny  @ 6:13 PM 0 comments

Guardian: Surprise boost for services sector Britain's services sector showed surprising vigour in July, growing at its quickest pace in three months, a survey revealed today.
posted by Johnny  @ 6:11 PM 0 comments

Guardian: Savers losing interest According to the analysts, an interest rates cut is on the cards tomorrow. Hilary Osborne talks to providers and industry experts to find out what this means for your savings
posted by Johnny  @ 6:10 PM 0 comments

Times Online: Service sector strength casts doubt on rate cut The last significant economic data released before tomorrow’s interest rate decision indicates that the crucial service sector is in better shape than expected.
posted by Johnny  @ 6:08 PM 0 comments

BBC NEWS | Business | Oil prices break yet more records Oil prices have reached fresh highs as traders await the release of new US stockpile data.
posted by Johnny  @ 6:03 PM 0 comments

BBC NEWS | Business | Marconi losses widen as sales dip Losses have widened at UK telecoms equipment firm Marconi, as sales fell and margins tightened.
posted by Johnny  @ 6:00 PM 0 comments

Telegraph: Mood turns positive on promise of rate cut Fears about the economy in recent months have not been realised, and pessimism has evaporated, according to the country's biggest building society.
posted by Johnny  @ 9:39 AM 1 comments

Independent: Bank must 'get off the fence' and cut rates, says CBI Sir Digby Jones, the figurehead of British business, urged the Bank of England yesterday to "get off the fence" and cut interest rates as new figures showed retail sales fell in July for the fifth month in a row.
posted by Johnny  @ 9:29 AM 1 comments

Sky News: When Debts Don't Die With The Dead It's often thought that if you drop dead while owing money that your debts die with you. Not so. Your debts only die at the same time as you if you leave no assets at all.
posted by Johnny  @ 9:24 AM 1 comments

This is Money: Bank rates meeting starts today The Bank of England today begins its 100th meeting to set interest rates with loud calls for lower borrowing costs ringing in its ears.
posted by Webmaster  @ 9:22 AM 0 comments

Sky News: Historic Meeting For BoE The Bank of England is meeting for the 100th time since it was given independent charge of the interest rate.
posted by Johnny  @ 9:20 AM 0 comments

BBC NEWS | Business | HBOS plays down bad debt worries Banking group HBOS has played down fears of rising bad debts among its UK customers as it unveiled a 15% rise in half-year profits to £2.3bn ($4.1bn).
posted by Johnny  @ 9:09 AM 0 comments

Telegraph: Brown's burden of debt could grow by £60bn The Office for National Statistics yesterday classified over £4billion of obscure liabilities as government borrowing - the first step in a move which could see Gordon Brown forced to add £60billion to his official borrowing numbers.
posted by Webmaster  @ 7:54 AM 0 comments

Tuesday, August 02, 2005 

Sky News: Why A Rate Cut Won't Help If the MPC does cut the base rate by a quarter-point to 4.5% this week, it will be at the same level as it was in July 2004. However, there are several reasons why this rate reduction will have little positive impact on household budgets. Here are four to think about:
posted by Johnny  @ 6:21 PM 4 comments

BBC NEWS | England | Cumbria | Jobs to be cut at biscuit factory Biscuit maker McVitie's said up to 33 jobs in Carlisle will go after the factory was badly damaged by floods.
posted by Johnny  @ 6:11 PM 0 comments

BBC News: UK High Street sales remain weak Conditions on the High Street remained tough in July with nearly 50% of retailers seeing a drop in sales volumes, according to a CBI survey.
posted by Webmaster  @ 4:42 PM 0 comments

ThisisMoney: Trail-blazer ING drops the baton CRITICS warned it was a ploy when ING bank launched its flagship savings account with a chart-topping interest rate. Customers would be lured, they said, then the rate would be cut.
posted by Johnny  @ 10:05 AM 5 comments

Citywire: Housing slump batters Ben Bailey Profits fell sharply at housebuilder Ben Bailey as the slowdown in the market begins to bite.
posted by Johnny  @ 9:28 AM 0 comments

Independent: How rise in debt became a two-edged sword for economy The explosion in consumer debt to record levels has staved off a recession in the UK but may prove to be a poisoned chalice for the Bank of England when it comes to setting interest rates.
posted by Johnny  @ 9:21 AM 0 comments

Times Online: Domestic decline sends industry into recession THE recession in manufacturing appears to be persisting into the second half of the year, according to the first snapshot of industry activity that will further cement expectations of an interest rate cut this week.
posted by Johnny  @ 9:10 AM 0 comments

Times Online: Flat profits at Alliance & Leicester Alliance & Leicester, Britain's eighth-largest banking group, shrugged off fears about mortgage and lending arrears but still delivered flat profits for the first half of the year.
posted by Johnny  @ 9:08 AM 0 comments

BBC NEWS | Business | Market jitters drive oil over $62 Oil prices have hit new records after the death of Saudi Arabia's king and amid concerns over refineries and Iran.
posted by Johnny  @ 9:05 AM 0 comments

BBC NEWS | Programmes | Real Story | Banks sell loans to vulnerable Some high street banks are mis-selling loans to the sick and vulnerable, evidence obtained by the BBC has shown.
posted by Johnny  @ 9:02 AM 0 comments

BBC NEWS | Business | Gift firm calls in administrators Adventure and experience gift firm Red Letter Days (RLD) has been placed in administration, it has been confirmed
posted by Johnny  @ 8:58 AM 0 comments

Telegraph: HSBC counts the cost of struggling borrowers HSBC, the world's second biggest bank, yesterday branded Britain as its most difficult market due to a weaker economy and an increasing number of borrowers struggling to pay off loans.
posted by Webmaster  @ 7:47 AM 1 comments

Telegraph: A mammoth task facing the public sector The cost of the UK's public-sector pensions is sometimes described as "the elephant in the room".
posted by Webmaster  @ 7:46 AM 0 comments

Monday, August 01, 2005 

Useful Links: How much did a property sell for? Sold prices from the land registry database now updated with property sales registered up to 30 June 2005.
posted by Webmaster  @ 10:12 PM 0 comments

Times Online: Governor pads up for crucial interest rate test Interest rates are likely to be cut for the first time in more than two years when the Bank of England’s Monetary Policy Committee is expected to vote on Thursday in favour of a boost to the slowing economy.
posted by Webmaster  @ 9:28 PM 0 comments

RPIM: Summer 2005 Research Bulletin (PDF) A fairly realistic residential property report from RPIM.
posted by Webmaster  @ 9:26 PM 0 comments

Independent: America and Britain: united by debt but divided by economic performance - so far Talk about a tale of two countries. The UK economy seems to be slowing dramatically.
posted by Webmaster  @ 8:19 PM 0 comments

ThisisMoney: Borrowers rush to fix mortgages House buyers are rushing to snap up fixed-rate mortgage deals as competition between lenders drives down the cost of borrowing.
posted by Johnny  @ 5:04 PM 0 comments

ThisisMoney: Docklands in the doldrums A STOCK of upmarket flats worth £80m is sitting empty and unsold in Docklands.The jittery property market has hit smart developments aimed at well-paid City workers particularly hard.
posted by Johnny  @ 3:45 PM 1 comments

Telegraph: Spending boom fuelled by the desire for happiness People's spending habits today are influenced more by the ebb and flow of personal relationships than the desire for material goods, according to research.
posted by Johnny  @ 3:34 PM 0 comments

Reuters: First-time buyers priced out of countryside First-time buyers are finding rural England increasingly unaffordable as house price growth has outstripped the rises seen in urban areas and local wages have failed to keep pace, according to a survey by the Halifax
posted by Johnny  @ 3:18 PM 0 comments

Bloomberg: Bank of England May Cut Rate for 1st Time Since 2003 (Update3) The Bank of England may reduce its benchmark interest rate for the first time in more than two years to spur growth in Europe's second-largest economy, a survey of economists showed.
posted by Johnny  @ 3:13 PM 0 comments

MoneyExtra: 'Mortgage phobia' grips the nation Mortgage-phobia is gripping would-be property buyers according to Alliance & Leicester Mortgages latest movingimproving index
posted by Johnny  @ 2:50 PM 0 comments

BBC NEWS | England | Kent | Airport staff told of job losses Staff at Kent International Airport have been told that 127 jobs are to go following the collapse of EUjet and its parent company PlaneStation last week.
posted by Johnny  @ 2:35 PM 0 comments

Sky News: Manufacturing in the Doldrums Britain's manufacturing sector contracted for the fourth month in a row in July.
posted by Johnny  @ 2:22 PM 0 comments

BBC News: First-time buyers on poverty 'knife-edge' Many would-be first-time homebuyers consider getting on the property ladder a passport to prosperity but, it seems, it can also be a financial millstone condemning some to poverty living.
posted by Webmaster  @ 12:51 PM 0 comments

Times Online: Time is nigh for giving spenders a fillip Is the great British consumer dead? Or is he (or she) merely resting? This week the Bank of England looks set to put these questions to the test with an interest rate cut that will attempt to spark renewed life into a nation of unusually quiescent shoppers.
posted by Johnny  @ 12:34 PM 0 comments

Times Online: Manufacturing decline boosts rate cut hopes A surprise decline in state of the manufacturing sector in July has cemented expectations that the Bank of England will choose to lower interest rates when it meets on Thursday.
posted by Johnny  @ 12:32 PM 0 comments

BBC NEWS: Troubled textiles group axes jobs A textiles company has made 160 workers redundant at its Grimsby plant two months after going into administration.
posted by Johnny  @ 12:04 PM 0 comments

Sky News: Oil Prices Up On Nerves Oil prices rose more than 50c to a nearly three-week high above $61 a barrel on Monday after state television reported the death of King Fahd.
posted by Johnny  @ 11:28 AM 0 comments

Telegraph: Revenue singles out offshore accounts As part of its drive to increase tax receipts, HM Revenue & Customs is writing to people with offshore bank accounts, asking them to explain why no tax is due.
posted by Johnny  @ 11:22 AM 0 comments

Independent: Woolies to sell ailing music chain Woolworths, the variety retailer, is expected to announce the disposal of its loss-making music chain, MVC, today.
posted by Johnny  @ 11:08 AM 0 comments

Independent: Macpherson wins top Treasury job to strengthen Brown's grip The vacancy at the head of the Treasury is tipped to be filled this week when Tony Blair rubber stamps the Chancellor Gordon Brown's choice of Nick Macpherson for the top slot.
posted by Johnny  @ 11:06 AM 0 comments

The Guardian: A difficult drive through the mist This week the Bank of England looks almost certain to ease off the brakes on the economy by cutting interest rates by a quarter point to 4.50%, the first reduction in two years.
posted by Johnny  @ 10:56 AM 0 comments

Times Online: Bad loan losses jump at HSBC HSBC, Britain's biggest bank, has reported a hefty increase in its provisions for bad loans in the first half of the year, adding to fears that a consumer downturn has taken root in the UK.
posted by Johnny  @ 10:39 AM 0 comments

Money Week: August Rate Cut is No Sure Thing The outlook for the UK economy is fluid - terrorist events, major data revisions, the potential fallout from China’s currency revaluation/currency regime change and even London’s Olympic bid success all add a significant degree of uncertainty to the monetary policy outlook.
posted by Webmaster  @ 8:30 AM 0 comments The ones that get away It is corporate earnings season once again, and investors are poring over the numbers.
posted by Webmaster  @ 8:26 AM 0 comments

Money Week: Debt, Delusion, and Deception Due to higher inflation, higher short-term rates and compound interest, ever-increasing amounts of credit are required to maintain their effects on spending and asset prices.
posted by Webmaster  @ 8:25 AM 0 comments

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