Credit Crunch News

Bank of England reduces interest rates to one percent, the lowest rate in history
The Banks have shown that they can go no lower with rate cuts with the current reduction in interest rates being the fifth since October 2008.

Despite the downturn, Ford and Vauxhall decide that now is the time to increase their prices!
Ford and Vauxhall hastened to add that they have also been among those who considerably reduced their prices, and need this increase to earn some contribution to overheads,

Low consumer confidence seen to be affecting the FTSE
The group is reported to be in the final stages of an efficiency review some 2.5 per cent of its staff, although some new posts may be created.

Global markets shrinking as UK government and banks have problems from abroad
The European Union warned the US yesterday against plunging the world into depression by adopting a planned “Buy American” policy, intensifying fears of a trade war.

Snow paralysis could have cost the UK economy around one billion pounds in one day
The snow storms which paralysed Britain may have cost businesses already battling the credit crunch up to a billion pounds with more blizzards and attendant financial damage to be expected for the next few days.

Power companies cut back as the UK freezes
E.ON UK one of the UK's leading integrated power and gas companies to cut 450 jobs in retail business throughout the country,

Jobs and pensions cloud the financial skyline
Drugs giant GlaxoSmithKline is set to announce more than six thousand job cuts in the face of increasing competition from generic drug makers, according to recent reports.

Trading in government bonds: The solution for global financial isolationism?
A worrying side effect of nationalisation of banks, even if only partially, is the fear that UK banks will become introverted. In other words, they will only lend money within their own borders

Jessops holds talks with lenders as losses widen to £19m
Cash from last-minute Christmas shoppers is a lifeline many high street bosses are trying to grab to stay in business.

Twenty years needed to restore UK finances
A  report issued yesterday by the Institute for Fiscal Studies(IFS) suggested that it may take up to 20 years to restore UK finances  to  the levels they were before the current financial fiasco.

Another name to disappear from the High Street
A spokesman announced that said the new company will become second largest chain of opticians in the UK, knocking taking over the slot currently held by Vision Express.

FTSE begin to recover on Wednesday as bank shares climb
The hard-hit banking sector surged in London on Wednesday, with some traders returning to lenders on the belief the U.K. government won't fully nationalize them.

UK the worst of a bad lot as the International Monetary Fund (IMF) anticipates a Global downturn for 2009
A sign that the global economy has taken a very sharp turn for the worst is  that as recently as October 2008, the IMF were  still predicting that world output would increase by 2.2% in 2009.

UK stocks decline Tuesday as utility companies announce falls in revenue
The fall was hastened by the announcement that  the U.K.’s second later water utility company Severn Trent Plc announced that their income forecast for 2009 will be much lower than previously forecast.

Can our trusted post offices become the best bet for savers?
With all the talk of toxic banks, recessions, Bernard Madoff   and  negative inflation, it is no wonder that that intrepid sector of the UK population who actually have some savings are looking for a safe and steady haven to deposit their savings,

A glimpse of hope on the personal credit front?
If you can compare the current global financial crisis to a giant tidal wave carrying all before it, then it might be encouraging to take note that in the tail drift, tiny glimmers of hope are beginning to rise above the surface of the calmer waters while no one was looking.

Gordon Brown about to tell the banks that the era of "free lunches" is over
Gordon Brown and his loyal sidekick Alistair Darling is about to tell the banks, and in particular the RBOS that there is no such thing as a Scottish Mafia, The Royal Bank of Scotland, are among the first and most prominent banks are about to discover that the golden days of free spending are over

It's back to the seventies for the UK economy with the three day working week looking almost inevitable
As the UK wakes up this morning to the reality of being officially in recession, the three day working week is starting to look inevitable in certain sectors of industry.

A distinct lack of optimism for the UK economy
Data announced today will show the British economy shrank the most since 1990 in the fourth quarter with unemployment soaring and cash-strapped and shell shocked banks

Recession forces surround a battle- scarred UK economy
Don Gordon's greatest fears will be confirmed when the Office for National Statistics release the official figures at 9:30 a.m. today.

Britain's public finances reckoned to be worst state since records began
The continuing decline of Sterling on the World stage was never in more evidence than yesterday when the pound reached its lowest level since the dark days of the Second World War.

The credit crunch is affecting the UK Sports scene
First of all when the news, albeit expected, hit that the insurance giant American International Group (AIG) will be unable to renew its shirt sponsorship deal with Manchester United world club soccer champions.

Unemployment figures continue to rise with women in the retail sector work force being hardest hit
Figures to be announced later today are expected to show that UK unemployment figures are expected to rise by around 85,000 in December, 10,000 more than the previous month.

Personal guarantees come back to haunt cities businesses
A recent worrying trend that has begun to raise it head no doubt as result of the ongoing financial downturn is company directors pledging their share equity in companies as loan security, not necessarily for loans pertaining to their business.

A minor glimmer of light seen for UK economy as major drop in inflation for December announced
The briefest of respites from a continuous barrage of negative financial news was the announcement made early Tuesday that inflation figures in December fell sharply to an annual 3.1%, a sharp drop from the November rate of 4.1%.

One eye on America as UK bank shares continue on their freefall
It was difficult to dispel the feelings of despondency in UK financial circles yesterday as more and more eyes were being cast on America and today's inauguration ceremonies for new President Barack Obama.

UK waits in trepidation for the coming of the "toxic bank"
A plan that has been hovering in the breeze for the last few days to establish a bank to handle the billions of pounds of worth "toxic debts" is expected to be announced today. 

UK "off the high street" superstore owners hanging in there despite downturns in trading.
It seems that in UK retailing these days nowhere is safe. The demise of some of Britain's high street giants, with Woolworths being the key figure, certainly shows that this form of traditional retailing must be on its last legs.

Banks still being pounded
Any of the more optimistic investors around who stayed with their HSBC  shares for another day  thinking that things couldn't get any worse, discovered that they could with their groups shares toppling another seven per cent

Jaguar Land Rover announces it is to cut 450 jobs 
The Bulk of the jobs to be cut are in the group's management sector, with 300 managers to be laid off. The remaining 150 will come from the factory floor.

FTSE loses footing and falls again!
The FTSE took a bit of a beating yesterday closing with around 5% losses. The main area of doubt amongst investors appeared to be small to medium sized public companies.

Weaker pound showing to cause little positive effect on UK exports.
If the hope that a weaker pound would provide a boost to UK exports, to date there are very few signs around that this will be the case for the near future.

UK taxpayers set to become part owners of new Lloyds TSB ‘ superbank’
It was difficult to detect signs of happiness on the faces of the average UK taxpayer yesterday when the news rapidly spread through sub zero temperature Britain that the government was about to become proud owners of 43%

The UK public realize that time is running out
There is a cold hard fact staring the UK public right in the face, and it refuses to go away. The fact is that is that our economy is well on the way to be the worst in all of Europe if not the developed World.

Viyella join the ever growing list of failed UK companies
Viyella, a company who has been at the forefront of the fashion industry for more than a century has announced that they are calling in the administrators.

Brown to do summit about UK jobs
Prime Minister Gordon Brown, looking into a very bleak 2009 has come up with a very original plan to create jobs.

Small businesses feel the bite of recession
Spare a thought for the little businesses standing in the shadows while the spotlight shines on how big firms are performing in the recession.

Five years before UK economy recovers from recession
The Chancellor Alistair Darling and leading experts say the UK economy may take almost five years to recover from recession and even then, business will only even out at 2008 levels.

Interest rates don’t matter any more
Everyone seems excited about the expected Bank of England interest rate announcement, but in reality it doesn't really matter what the bank says.

More jobs go as recession casualties increase
Out-of-fashion clothing maker Viyella is in administration and 450 jobs are at risk. Administrators are letting the firm continue to trade in the hope that another fashion company will buy the 225-year-old brand.

M&S cuts spark job fears
Fears that unemployment will soar in coming months intensified as Marks & Spencer laid plans to shed 1,000 staff and other big companies prepared to cut their staffs and close stores as well.

Debtline callers rise to more than 750 a day
Calls for advice to the National Debtline have increased by more than 40% - from about 16,000 a month in November 2007 to 23,000 in November 2008.

YO-YO Sales Perplex High Street Stores
High street generals who planned holiday sales tactics for their stores are perplexed with their mixed sales results from similar strategies.

Here’s a way to fix broken Britain
The Nationwide Building Society says house prices fell 2.5% in December to make 2008 the worst year on record.

Interest for savers slashed to just 0.1%
Banks and buildings societies have silently slashed savings rates over the holidays, with many accounts returning a penny in the pound or 0.1% interest.

Mortgage gloom for homeowners
Finding mortgages is tough for homebuyers despite homes falling to their most affordable since April 2003, according to the UK's leading mortgage lender.

Price wars triggered as the big guns target your spending cash
Despite slamming Tesco and other supermarkets for heavy discounting before Christmas, ASDA has joined the war by cutting prices at 350 stores on 1000 lines to a pound each.

How pre-pack administrations damage your wealth
Business crashes and insolvencies are set to break all records in 2009, but as usual some fat cats are sitting behind the scenes getting richer and creaming off fees.

How safe is your pension?
If you are in a pension scheme run by one of the top blue-chip 100 FTSE companies, experts have huge doubts whether the schemes can pay retiring employees.

Debenhams faces cash woes
The firm is seeking to raise more money from investors to aid cash flow, reported the Financial Times. Trading problems are on the agenda for the next Debenhams board meeting on January 6.

Businessmen fiddle on while the high street burns
In the past few days, retail businesses have gone down in flames and seemingly arisen unscathed from their own ashes within days to carry on trading.

No more ‘boom, boom’ for Basil Brush owners
The group has £125 million debts and has nosedived from a market value of £267 million in March 2007 to £3 million on Christmas Eve. HBOS has agreed a £13 million cash flow lifeline until the end of February.

Financial trouble brewing for teashops
Trouble's brewing for tea and coffee specialist Whittard of Chelsea, which is about to call in the administrators after months of poor sales.

Why stores are slashing prices
Cash from last-minute Christmas shoppers is a lifeline many high street bosses are trying to grab to stay in business.

Bank of England ‘ambushed’ by recession, says deputy chief
The Bank of England was ambushed by the severity of the recession and failed to realise what was happening to the economy, according to Deputy Governor Sir John Gieve

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