Credit Crunch News
Another inevitability crammed in between taxes and death
Something that was hovering in the air for a long time, and has been swept under the carpet a little as a result of the ongoing credit crunch is the fact that most UK citizens can afford to become old or worse still, to retire
Mike Ashley counts the cost of mixing pleasure with business
Controversial sportswear retailer Mike Ashley, who followed every schoolboy's dream to own the football club that he loved and supported, has just discovered that sometimes these kinds of dreams can be expensive.
Darling announces that interest rates will remain low for the time being
Chancellor of the Exchequer Alistair Darling is doing all that he can to create an atmosphere of " business as usual "/ One of his measures announced yesterday is to allow interest rates to remain at the current and unprecedented low levels
Has London lost her right to be known as the World's most stable financial center?
Estimates have it that by next year, the U.K. will have the unfortunate distinction of being the holder of the largest budget deficit in the developed world, almost entirely reversing the country's hard earned status as the role model of a successful and wealthy financial services epicenter.
Has the recovery really begun, or are we just fooling ourselves?
Just as the financial community in the UK were apparently taken by surprise by the global economic turndown and the ferocity of its extent, they seem equally nonplussed by if, when and how it will end.
The "Old Lady" shows UK banks the real meaning of the word profit
Bank of England profits soared to nearly £1bn last year on the back of operations supporting the financial sector.
A good day to be British as the FTSE shoots up, and property repossessions are down.
It might only be the good old co-op, but a touch of humility none the less. The Co-operative Bank announced that they halved home repossessions during the last 16 months.
The weak pound makes the UK look good for foreign investment
Who was it that said that every cloud has a silver lining? It would appear that the very large cloud that has been hanging over the UK property market for the last 20 months or so may be beginning to dissipate.
2009 to hold its challenges for the building societies
Harrogate in the North of England is almost a nice place to spend a few days. Their stay might be slightly less than pleasant for the chief executives of the UK's building society sector who are due to gather there for their annual industry conference in Harrogate.
Someone forgot to tell Darling to lock the gates when he slapped on a 50% tax rate
The UK treasury might have been labouring under the misconception that loyalty to the flag would entice some of the UK's wealthy to set their personal welfare and desire to get even richer aside,
Manufacturing output on the way down meets retail sales on the way up
It was a day of mixed statistics yesterday in the UK, where it was announced that manufacturing output had declined by 5.5% in the first three months of 2009, the highest quarterly fall since records began in 1948.
Whisper it! Confidence within the UK business community is returning
Like a phoenix slowly rising from the ashes of the worst recession in close to seventy years, recent reports have it that the U.K. business community is beginning to regain some of its confidence for the future.
Public sector job cuts begin to grow
The much hammered private sector will still lead the way both in terms of redundancies as well as lack of new employment opportunities; however the public sector is beginning to feel a similar pinch.
RBS are doing better- but still have a long way to go
In the strange times in which we are forced to live in, when it is considered a major achievement to only make losses of £160 million in a quarter seems to be beyond imagination.
Barclays Bank announce a great first quarter of 2009
Barclays Bank revival seems to be gathering full speed with the news that the bank have made a considerable rise in profits for the first quarter of 2009, a quarter
UK public beginning to feel the positive (and negative) effects of interest rate cuts in their mortgages
Well the news is that these savings are beginning to filter through, and the reduction in their monthly mortgage and overdraft payments are being welcomed with both hands by most home owners in the United Kingdom.
Is Great Britain on the way to a new industrial revolution?
The UK financial sector has lost so much of its credibility in the recent past, and there are serious doubts that it will gain its strength and standing for years if not decades to come. And there are those who say that it is not a bad thing
Its Malaysia to the rescue in a last minute LDV buyout
In a move that was as dramatic as it was unexpected, the UK government made a sudden turnaround on their declaration that they will not be sinking any more funds into LDV, the stricken Midlands light van manufacturing plant.
Little doing as the stock market takes off for a day in the sun
There was much anticipation that tomorrow will see a continuation of the steady recovery that has now gone on for the last few weeks, especially on the announcement that the US treasury look set to purchase around one trillion dollars
What will we do if we all get the flu?
The question on everyone's lips would have to be, how would the current shaky financial situation affect us when we are busy fighting against our own personal dose of swine flu?
UK insolvencies up by more than half in the first quarter of 2009
A recent report issued by Insolvency Service revealed that company insolvencies have risen by more than 50 percent in the first quarter of the year
Darling's budget passes over small businesses
Most people who had the courage to listen to Chancellor Alasdair Darling's budget speech yesterday were left shocked but not particularly surprised by its content.
No surprises in the 2009 UK Budget
Yesterday's budget was probably the most anticipated, the most forecasted and the most feared for at least two decades in the UK.
Bailing out the UK banking system to add 13.4% to government debt
The International Monetary Fund (IMF) is on the verge of issuing some updated figures on losses made by banks during the current financial meltdown.
"Deep pockets" Darling expected to announce yet another bank bailout in his budget speech today
Unbelievable though it may sound, Chancellor of the Exchequer Alistair Darling is expected to announce a further set of bank guarantees, this time for mortgage backed bonds.
Will income tax changes (i.e. increases) really help the Government
All eyes are on budget predictions, and how far will Chancellor Alastair Darling veer away from his Pre-Budget Report made last November. He has already hinted strongly that his forecast that the economy would contract by less than 2% in 2009,
The pound's run ends
After a positive run that lasted almost six weeks, the pound slumped yesterday, as bank shares took a tumble. Adding to Sterling's woes was the, Confederation of British Industry's industry forecast that the U.K. economy is expected to shrink by more than earlier predictions from this year.
Knees knocking in the UK as budget day approaches
You may love him or you may hate him, but one thing is for sure, not many UK citizens would like to be in Alistair Darling's shoes on Wednesday when he makes his eagerly awaited budget speech
UK may blow the chance to create tens of thousands of valuable jobs in wind energy
UK treasury officials seem to be running around handing out tens of billions in attempt to keep some of Britain's traditional industries, especially those in the service sector afloat
Retailers and the local authorities fight to keep our city centres alive
Although the internet has taken some of the edge of high street shopping scene, as any member of the public will hasten to tell you, patrolling the city centre in search of the latest fashions and sale bargains is as much a part of the British culture as fish and chips.
Like swimming the English Channel – can you make it to the other side of the recession?
The current recession has been with us now more than a year and a half, and some say that it has reached its peak and is now in decline. Forecasts are that by spring of 2010, some levels of stability will have been reached,
UK pension still giving cause for concern
The aggregate deficit of corporate UK pension funds soared past £250bn in March, setting a record for a shortfall due mainly to the drop in gilt yields as the Bank of England's quantitative easing commenced.
Job losses in the UK not evenly shared
The figures make for some interesting reading, especially as estimates on future job losses were based on the general assumption that with the virtual collapse of the largely London based financial services industry, the city would be the hardest hot.
Sorry, the UK has just run out of money to produce oil and gas
In the erratic financial atmosphere that we are living through, nothing should surprise us anymore. However the news that the UK's oil and gas production from the North Sea is in jeopardy should be enough to wipe the file from the face of even the most diehard optimist.
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