Bubble bubble housing trouble: London’s property market is scarily close to a crash October 30, 2015 London's housing market is teetering on the brink of a crash after two years of “explosive” growth that has turned it into one of the most overvalued cities in the world, economists at UBS have warned. The news comes as research released today from YourMove and Reeds Rains shows that record numbers of aspiring homeowners believe [...]
RBS is “cutting people off from their own money” and “starving businesses of both cash and credit,” says Move Your Money campaign October 30, 2015 Royal Bank of Scotland is the “worst” bank for branch closures, according to a new report out today. One in three British branch closures between 2014 and 2015 was at the hands of RBS or its sister brand, NatWest, according to the Move Your Money campaign. Accusing Britain’s biggest lender to small businesses of “abandoning [...]
Britain needs one million extra construction workers by 2020 to fulfil housebuilding needs October 30, 2015 The UK will need one million extra construction workers by 2020 to fulfil its growing housebuilding requirements, new research has revealed today. There are currently 980,000 people working in the UK’s house building industry, who are set to build 148,000 new homes this year. This will need to grow to 1.98m workers in order to [...]
Consumers growing more positive about personal finance but worried over UK economy October 30, 2015 People are feeling more positive about their personal finances, but more worried about the general UK economy, new research today reveals. The latest UK Consumer Confidence Barometer, conducted by market research giant GfK, surveyed 2,000 individuals on how the financial situation of their household had changed over the past 12 months. The index increased by [...]
Brexit referendum: S&P will downgrade the UK’s AAA credit rating if we leave the EU October 29, 2015 Britain's credit rating could be downgraded by as much as two notches if we leave the EU, Standard & Poor's told City A.M. yesterday. The UK has a AAA rating, but S&P's chief sovereign rating officer Moritz Kraemer said it could drop one notch, to AA with a vote to leave the EU, and drop two [...]
Brits plan on spending £700m on smart technology to protect their homes, finds Allianz Insurance October 29, 2015 Britons plan to splash out £700m on smart technology to protect their homes, with one in five people planning to invest, an Allianz Insurance study revealed today. According to Allianz Insurance’s Smart Tech Safer Homes study, forward-thinking Londoners are leading the way. Those living in the city having already spent £774 on average on smart home-protection [...]
Glencore, Anglo American and BHP Billiton share price: FTSE 100 miners are getting hammered October 29, 2015 London-listed miners took a beating today as traders digested the US Federal Reserve hints that a December rate hike could be on the card. Anglo American shed five per cent to 534.85p per share, while Glencore slid 4.9 per cent to 109.80p per share and BHP Billiton lost 4.6 per cent to 1,046.75p per share. "The Fed hint that it [...]
US economic growth slows in the third quarter October 29, 2015 US economic growth slowed sharply in the third quarter of this year as businesses scaled back investment, according to official data released today. Gross domestic product grew 1.5 per cent annually between July to September, significantly lower than 3.9 percent in the second quarter, the Commerce Department said. This was primarily due to businesses cutting back [...]
CBI’s monthly distributive trades survey: Retail sales growth slows after a strong September October 29, 2015 Shoppers stayed away from the high street this month in what could be a "little bit of a breather" before the festive period gets into full swing. The CBI’s monthly distributive trades survey showed 38 per cent reported sales volumes rose on a year ago, while 20 per cent said they were down. The gap of [...]
Citizens Advice: Debt among young adults is soaring October 29, 2015 Young adults are having more money problems than ever before, according to a new report out today from Citizens Advice. The charity says that the number of people between the ages of 17 and 24 asking for advice on debt issues has risen by more than 20 per cent in the last year – and their average [...]