Credit Crunch News
Bankers to share £6.4 billion Christmas bonuses
Bankers at four leading City firms will share an estimated £6.4 billion Christmas bonus pool as thousands of workers lose their jobs or go on to short time.
Small firms boosted by new loan scheme
Leader of the House Harriet Harman revealed the move as she told MPs about a new small business loan guarantee scheme.
Laura Ashley sales tumble 10%
Fashion and home furnishings chain Laura Ashley says like-for-like sales for the past five months have fallen compared to the same period last year due to "tough trading conditions."
What does it mean when interest rates are at 0%?
The US Federal Reserve is writing a new economic chapter by following the theory of British economist John Maynard Keynes.
Christmas tills aren’t ringing on the high street
Retail sales have fallen for the ninth month in a row and half of retailers expect January to be even worse.
Jobless to top 3million in a year fears City
The number of jobless claiming the dole could hit three million in the next 12 months, fear City analysts as the latest job statistics are revealed.
Bank of England backed out of bigger rate cut
The Bank of England considered cutting rates to lower than 2%, minutes from the Monetary Policy Committee (MPC) show.
Profits collapse at two more high street giants
Profits have plunged at two more high street retailers - electrical outlet Comet and Carpetright, Britain's biggest carpet retailer.
Inflation still running at double the target
The Consumer Prices Index (CPI) – the official measure of inflation – slipped 0.4% to 4.1% last month as fuel and food costs cheapened.
Will politicians and businesses pass the recession test?
The recession is a huge learning curve and a big test for the government, economists and businessmen.
Bank shares hit as HBOS losses hit £1.7 billion
Bank shares on the slide after HBOS revealed bad debts on lending have risen to £1.7bn in the 11 months to the end of November.
Only customers can win in the store wars
Frugal shoppers tightening their purse strings in the recession are forcing big name store chains in to a price war.
Mortgage holiday plans sound good but fail to deliver
The new homeowner mortgage support scheme seems another example of the Chancellor Alastair Darling’s habit of announcing policy without thinking through the implications.
Holiday pound buys less for tourists
Britons will pay more for everything they buy on their Christmas and winter breaks as the pound slumped to a record low against the euro.
New banking giant may axe 40,000 jobs
The new banking goliath rising from the ashes of Lloyds TSB and HBoS is ready to axe up to 40,000 jobs and 600 branches in a cost cutting strategy.
Pound plummets to new low against the Euro
The pound plunged to a record low of 87.5 pence against the Euro following a think-tank report painting a gloomy picture of Britain in recession.
Banks pledge to help small businesses
Banks have promised to try and make life easier for small businesses by agreeing a ‘statement of principles’ brokered by Business Secretary Peter Mandelson.
Property sales plunge to lowest level in 30 years
Property sales are at their lowest level since 1978, according to the latest figures from the Royal Society of Chartered Surveyors.
Sean Connery backs bank merger challenge
Actor Sean Connery is backing a legal challenge to the Lloyds TSB and HBoS bank merger.
Ghost town fears as more retailers struggle
The recession is laying waste to Britain’s high streets amid fears that following Christmas and the January sales, more stores will go in to administration and thousands of workers will lose their jobs.
Economists bank on interest rates to tumble in 2009
The 58 economists, polled by news agency Reuters yesterday, feel the rate will fall to 1% by March, and will stay there until 2010 before rising again.
Mortgage safety net for struggling homeowners
Homeowners who fall behind with their mortgage repayments after losing their jobs or suffer a drop in income can take up to a two-year repayment holiday under a new Government backed scheme.
City giants axe more jobs
Back in London, Lloyds TSB is backing small businesses through the recession by promising passing on base rate cuts and agreeing any reasonable request for short-term finance
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