Credit Reports
FeedBank lending to SMEs falls yet again
Adrian Holliday
Aug 20th 2010
Filed under: Company, Debt, Economy, Banking , Credit Reports
The Bank of England says lending to business shrank - by up to £3.5bn - again in June. Additionally, net lending by major UK lenders remained weak in July. Naturally the banks will claim lower demand is driving the fall. But these results must drive further concern about how cash-strapped SMEs can cope.Pimco changes its mind on UK gilts
Adrian Holliday
Jul 14th 2010
Filed under: Debt, Economy, Banking , Credit Reports
What a u-turn. At the start of the year the world's biggest gilts investor Pimco, co-headed by Bill Gross, described the goverment's gilts as lying "on a bed of nitroglycerin" and the UK as a "must avoid" area. Now the Guardian claims Pimco has become much more "optimistic" about investing in the UK, despite Standard & Poor's warning that it could downgrade the UK's triple-A rating.
New Chinese credit ratings demote West
Adrian Holliday
Jul 13th 2010
Filed under: Debt, Economy, Banking , Credit Reports
The birth of a new credit era? The Chinese want us to think so. Beijing-based Dagong Global Credit Rating Co has stripped much of the West of its coveted sovereign debt triple-A status. The US and the UK have been demoted (AA and AA- respectively) while Belgium and Spain slip further to A-. No big surprise that China rises to AA along with Germany and Canada.
Supermarkets prepare to bite sales bullet
Adrian Holliday
Jun 14th 2010
Filed under: Company, Economy, Credit Reports, Retail
Expected grim trading updates from Tesco and J Sainsbury's this week could fuel a new appetitive for a price war between supermarkets. Bring it on, most consumers will say. The trading updates are significant not just for investors but also because supermarkets employ a lot of people. January's VAT hike will have damaged confidence and like-for-like sales could be flat - though this comes after several years of consistently strong growth. And that's a big worry for profits.
Obama's Wall St reform bill is passed
Adrian Holliday
May 21st 2010
Filed under: Debt, Economy, Financial Crisis, Banking , Credit Reports
With 60 votes for and 40 votes against, the US Senate has backed Obama's bill to comprehensively overhaul Wall Street. The changes are the biggest for 70 years and will make life a lot tougher on US banks in future.The reforms include tighter controls on borrowing, fewer risk taking by banks, and handing power to the Federal Reserve to take control of large companies that risk collapse - and break them up if needed.
Spanish PM takes the knife to spending
Adrian Holliday
May 12th 2010
Filed under: Economy, Financial Crisis, Banking , Credit Reports
Spain has upped its commitment to tackling its budget deficit by slashing public sector salaries and pensions. Spanish PM Jose Luis Rodriguez Zapatero (pictured with Brown) says the cuts should mean savings of up to €15bn in the next two years. Currently the Spanish deficit stands at 11% of GDP. Zapatero has also slashed his own salary and other cabinet members by 15%.
How at 44 I look like an 18-year old
Chris Wheal
May 11th 2010
Filed under: Credit Cards, Banking , Credit Reports
More than 20 years of an unblemished banking record with First Direct has resulted in me having no credit record, forcing Virgin Money to refuse me a charity credit card.The credit reference firm Experian, which Virgin checked, says I "look like an 18-year old who has never had a bank account." While, at 44, it is nice to look like an 18-year old, I need to sort this out. My best banking behaviour has had calamitous credit consequences.
Britons hide £55bn in debt from partners
Helen Fowler
Apr 24th 2010
Filed under: Debt, Economy, Personal Finance, Credit Reports
More than a fifth of us lie to our partners about the extent of our debt, so much so that as a nation we are hiding £55bn in secret bills, according to new research from the Post Office.The average Brit has nearly £10,000 in debt, but owns up to only half that much when talking to partners or family members. The consequences of this deceit, this new survey suggests, are dire.
IMF revises down UK growth hopes
Adrian Holliday
Apr 22nd 2010
Filed under: Economy, Financial Crisis, Credit Reports
The IMF is an unreliable friend for Gordon Brown. Yesterday it went far further than anyone thought likely on taxing the banks. Today it slashed its forecast for UK growth next year.Although the IMF is broadly positive on the global economy, the IMF has snipped UK growth for 2011 from 2.7% to 2.5%.
Retail sales up - but confidence still frail
Adrian Holliday
Apr 13th 2010
Filed under: Company, Debt, Economy, Credit Reports, Retail
Easter sales helped give UK high street retailers a much-needed lift. The British Retail Consortium (BRC) claims the total value of UK retail sales leapt 6.6% in March compared to a year ago. Like-for-like sales lifted by 4.4% - better than many analysts had expected. However - and it's a big qualifier - last year's comparable sales figures did not include the Easter run-up; this holiday arrived earlier this year, boosting sales figures, not to mention choc sales, dramatically. Remove this and the BRC's data looks distinctly less cheery.
Has Darling saved the UK's AAA rating?
Adrian Holliday
Mar 24th 2010
Filed under: Debt, Economy, Budget 2010, Banking , Credit Reports
Has Darling's budget speech done enough to save Britain's cherished 'AAA' credit rating? The City and credit rating agencies are divided on whether Darling's Budget today really managed to stopper the worries.But the credit rating agencies are also prepared to give the UK some slack – at least until after the election when long-term growth and deficit plans are clearer.
Bank lending to SMEs slumps yet again
Adrian Holliday
Mar 19th 2010
Filed under: Company, Economy, Banking , Credit Reports
Despite being thrown billions by the taxpayer, new stats from the Bank of England's latest Trends in Lending report reveals bank lending to UK businesses has seen its highest slump since monthly records began in 1999. Bank lending to UK businesses in January also slumped to its lowest level since last July – an annual 9.3% annual fall on 2008.
Iceland prepares for The Big "Nei"
Adrian Holliday
Mar 5th 2010
Filed under: Economy, Savings and Accounts, Banking , Credit Reports
Iceland's referendum about its repayment terms to Britain and the Netherlands will go ahead shortly. A "Nei" vote is widely predicted.Icelanders have plenty of good resasons to say 'Nei"– as well as plenty of good reasons to accept the crushing weight of its £3bn debts: the possibility of EU membership and international financial aid from the IMF.
11,000 cars cloned in new DVLA scam
Adrian Holliday
Feb 1st 2010
Filed under: Debt, Guides And Tools, Personal Finance, Insurance, Credit Reports
In the market for a second-hand car? Be careful. I it could have a fake log book – and you could end up driving off in a write-off or clone. A BBC investigation has revealed that vehicles worth £13m have so far been stolen thanks to a DVLA cock-up. Thousands of blank DVLA log books – known as the V5 – were nicked back in 2006 and have yet to be recovered.
Fairer credit cards coming?
Adrian Holliday
Jan 21st 2010
Filed under: Credit Cards, Debt, Guides And Tools, Economy, Banking , Credit Reports
The words 'fair' and 'credit card' aren't natural bed fellows but could that be about to change? However growing awareness of rip-off charges and consumer discontent has seen one financial player urge the Department for Business, Innovation and Skills' (BIS) for a fairer deal.
