Banking crisis easing according to central bank

It has been reported that the Bank of England in the UK has claimed that the crisis that has hit the banking industry has started to ease off, although it does not deny that the system remains highly vulnerable and could be easily hit by disruption again. Read more

Shake up of employment laws needed

It has recently been claimed that some employers in the UK are abusing employment legislation by ignoring regulations in order to get rid of employees without going through the property procedures. Read more

Economic growth will be slow according to CBI

According to the Confederation of British Industry the growth of the UK economy still has a long way to go, and progress is likely to be slow. The comments from the CBI came amidst a variety of other industry reports that showed encouraging figures with regards to output and growth over April and May, and showed a rise in consumer confidence, as well as increased interest in the housing market from first time buyers. Read more

UK doing better than other European economies

It has been claimed in a recent report that the economy in the UK is faring much better than other European economies, and that the UK government deserved credit for its economic policies. Read more

Worst of recession could be over according to economist

One economist, who has recently become a member of the powerful Monetary Policy Committee, stated that the worst of the recession for Britain could be over. Read more

Credit crunch leaves High Streets more deserted

It has been claimed that the ongoing global financial crisis and the recession have resulted in the High Streets of Britain being left more and more deserted, as a rising number of shoppers decide to cut back on their spending. A recent report showed that an increasing number of people deserted in the High Street in March, as the effects of the difficult financial climate continued to take their toll. Read more

Air travel plummets in popularity due to credit crunch

According to a recent report the popularity of air travel amongst UK consumers has taken a real hit as a result of the global credit crunch, with fewer and fewer people able to manage holidays abroad. Read more

Credit crunch results in loss of sleep for many

A recent report has suggested that the effects of the ongoing global credit crunch is resulting in many of us losing sleep through worries over our finances and our futures. Read more

Credit crunch alters eating habits of Brits

A major credit card provider has recently carried out a study, and claims that the results of the research show that the global credit crunch, which continues to take a hold in the UK, has had a dramatic effect on the eating habits of Brits. Read more

Recession results in increase in liquidations

Officials from the Insolvency Service have recently reported that there was a sharp increase in the number of companies that went bust in the last three months of last year, as the recession and the global financial crisis continued to take a grip in the UK. Read more

The day Britain nearly went bust

For most of us Friday 10th October 2008 was just like any other day, and we all went about our business as usual, with no idea that government officials were working frantically behind the scenes to try and save the nation from a disaster. However, it has now been revealed that on that same date the nation was on the brink of financial collapse. Read more

Is chancellor too optimistic about recovery of the nation?

Most people in the UK are now well aware that the UK is going through a very rocky period, with the global financial crisis still taking effect and the recession further impacting on the economy. Read more

Many jobs to be affected by credit crunch

Most people are sick of hearing the term ‘global credit crunch’, but sadly this is s term that many of us have had to get used to over the past year. Read more

2008 saw 30 percent drop in mortgages

Over the past twelve months mortgage lending has fallen by around 30 percent according to officials from the Council of Mortgage Lenders. This drop in mortgage lending has apparently resulted in lending falling to its lowest levels since 2002. Total mortgage lending last year fell to £256.4 billion, whereas the previous year mortgage lending levels came to £363.7 billion. Read more

How much will taxpayers end up paying to bail out banks?

We all know that over the past year the UK’s banks have got themselves into a right financial pickle, and many have had to scale back on their lending operations enormously because they didn’t have the finances to continue as they had been before the global credit crunch swept across the nation. Read more

Global financial job losses to be huge

According to recently released figures the number of jobs that are set to go within the global financial sector will be far greater than originally anticipated, and it is thought that around 350,000 jobs could be lost as a result of the turmoil that has wreaked havoc in the financial sector since the onset of the global credit crunch. Read more

Were we already spending less on luxuries before the credit crunch?

Every week there seems to be some report or another stating how spending levels on luxuries such as holidays has plummeted since the onset of the global credit crunch, and indeed the financial situation and turmoil over the past year has made things very difficult for many households and has severely restricted spending levels, leading to a downturn in the economy. However, one recent report has suggested that families in the UK had already started spending less on things like holidays and clothes before the effects of the global credit crunch took full effect. Read more

Credit crunch really affecting 18-34s

According to a recent report one of the groups that is most suffering as a result of the ongoing global credit crunch is the 18034s age group, which some industry officials have referred to as the Ipod Generation. Over half of this group is thought to have debts of over £10,000, not including mortgages, and nearly a third have no form of savings whatsoever, putting them at increased risk of really feeling the pinch. Read more

Credit crunch affect charities

According to recent reports around 25% of charities in the UK have seen the level of money coming in from consumers drop over the past twelve months, as cash strapped households rein in their spending in a bid to try and weather the effects of the global credit crunch. Many people are apparently unable to give to charities in the same way as before because money is so tight due to higher living costs, tighter credit conditions, and soaring inflation. Read more

Financial downturn could last another eighteen months

According to an industry official the financial downturn that the nation is experiencing at the moment could last for another eighteen months until the property slump in the United States sorts itself out. Andrew Hornby, the chief executive of HBOS, said that it could take until 2010 for house prices in the United States to start rising again, and this could mean that the financial problems in the UK will persist for some time to come. Read more

UK economy in worse shape than imagined

According to the largest manufacturer’s association in the UK, the CBI, the state of the economy in the UK is in worse shape than most actually thought. The CBI has said that the economy is deteriorating far faster than was originally thought, with the association’s director stating that there was “no doubt that the mood has darkened in the last two or three months.” He gave the stark warning to members in a letter. Read more

Supermarket giants try to entice customers back

With food prices having soared out of control, in addition to the range of other hikes in bills and living costs, many people have been struggling to make ends meet when it comes to the household budget. Consumers have tried to make a range of cutbacks in order to try and make their money stretch further, and for many this has meant switching from the more expensive supermarket giants such as Tesco, Sainsbury’s, Asda, and Morrison’s, and turning to discount grocery stores such as Aldi, Netto, and Lidl. Read more