Debt
FeedUK plc edges further into red
Helen Fowler
Mar 18th 2010
Filed under: Debt, Economy, Financial Crisis, Budget 2010, News , Election 2010
We are in the red. We owe close to two thirds of what the entire country produces in a year. And the figure is rising. Collective government debt has risen a fifth since last year, according to official sources. It now stands at £857bn, or 60% of gross outputNo, UK plc is not about to go bust. In Greece, the same ratio is almost double ours (113%). In Italy, one of the eurozone's most indebted countries, it is even higher (119%). Even good old Uncle Sam is more indebted than us. The US ratio stands at 69%.
IMF funding is now an option - Greece
Adrian Holliday
Mar 18th 2010
Filed under: Debt, Economy, Financial Crisis
Greece is getting impatient. Premier George Papandreou (pictured) has told reporters that IMF help hasn't been ruled out in helping his country sort out its debt crisis.Last night there were rumours that interest on an IMF Greek loan could come in as low as 3.25% - a full1% point below a potential combined EU deal.
Japan opens credit taps against deflation
Adrian Holliday
Mar 17th 2010
Filed under: Debt, Economy, Markets, Banking
Japan is to double the amount of cheap short-term loans to banks in an effort to fight deflation and bolster an economy that's failing to grow quickly enough. The Bank of Japan move will raise around 20 trillion yen, or £146bn. The Japanese government is desperately trying to fight deflation with core consumer prices still falling. This makes investors wary of investing further; demand simply falls away.
Public could save billions for NHS
David Burrows
Mar 17th 2010
The 'worried well' are putting an enormous strain on the NHS by insisting on seeing a doctor for minor ailments such as coughs and colds, it has been claimed.In a letter to The Times, a number of leading health professionals this week warned of the 'catastrophic impact' of this dependency. The letter argues that a change in public behaviour could reduce NHS costs by £10bn in five years.
Time to deal with personal budget deficit
David Burrows
Mar 17th 2010
Filed under: Debt, Personal Finance
It's not just the Government that can't balance the books: five million Brits spend more than they earn.
As the EU piles pressure on the Government to cut the public deficit, a poll commissioned by comparison site uSwitch.com reveals that consumers too have adopted a 'buy now, pay later' strategy, with 1 in 10 living beyond their means.
Bernanke confirms US rates to stay low
Adrian Holliday
Mar 17th 2010
Filed under: Debt, Economy, Mortgages
US Federal Reserve boss Ben Bernanke (pictured) says he intends to keep interest rates at rock-bottom for as long as possible. Rates will remain at "exceptionally low levels" the rate-setting committee has confirmed. But it is something of a mixed picture.
FTSE-100 wobbles on China growth
Adrian Holliday
Mar 16th 2010
Filed under: Debt, Economy, Markets
Is China's economy slowing? The Telegraph reported today (see link at end of article) that the FTSE-100 benchmark index retreated yesterday, with mining stocks dragging confidence down. China is worried about its economy overheating. There are plenty of economists already warning that China's economy looks strikingly close to that of Japan's in the late 1980s.
Winter of discontent for SMEs
David Burrows
Mar 16th 2010
Filed under: Debt, Small Business
British smaller and medium sized businesses (SMEs) are facing losses of more than £7bn from the worst Winter in decades, according to new research by Lloyds TSB Commercial.As the impact of Britain's big freeze becomes clear, the research shows that 70% of small and medium sixed firms have been affected by the freezing conditions that have wreaked havoc across many parts of Britain.
Equifax goes online with credit check
David Burrows
Mar 16th 2010
Filed under: Credit Cards, Debt
Credit reference agency Equifax is making its £2 Statutory Credit Report available online – it has been trialling this service since August 2009 with around one in five of requests for the Statutory Credit Report now being delivered this way.The launch of the online facility comes hot on the heels of the Department for Business Innovation & Skills (BIS) introduction of new voluntary measures to improve people's access to credit files.
Big leap in new UK mortgage funding
Adrian Holliday
Mar 16th 2010
Filed under: Debt, Personal Finance, Mortgages, Banking
It's raining mortgages out there with a record 70% increase in mortgage products. Moneyfacts says that at the start of April 2009 there were just 1,209 UK products offered – that's now increased by 70% to a total of 2,053.
EU slams Brown and Darling on deficit
Adrian Holliday
Mar 16th 2010
Filed under: Debt, Economy, News
EU bureaucrats claim Gordon Brown and Alistair Darling are not trying hard enough to bring down the UK's deficit. The EU Commission warns that the UK won't slash its deficit in line with EU rules by 2015 - these rules state that deficits must be under 3% of GDP.
Football's money-go-round spins on
Martin Cloake
Mar 15th 2010
Filed under: Company, Debt, News
When Farsley Celtic went out of business just before the weekend they became the third club in the top three tiers of non-League football to go bust this season. Kings Lynn and Chester City had already suffered the same fate. Meanwhile, talk of multi-billion takeovers swirls around the Premiership clubs.
Debt statistics reveal the "new penury"
Chris Wheal
Mar 14th 2010
Filed under: Debt, Financial Crisis
Consumer Credit Counselling Service (CCCS) figures suggest people are seeking help earlier with lower levels of debts. Traditionally those seeking help owed more than 20 times net monthly income. In 2009, nearly three in four (56.9%) owed less than 20 times their take home pay.But there has been a steep rise in the numbers unable to start repaying their debts. Only one in four people coming for help had the means to go on a repayment plan (Debt Management Plan or Individual Voluntary Arrangement). More than ever were unable to meet basic living costs.
Scottish Widows bad debts rise
Chris Wheal
Mar 14th 2010
Filed under: Debt, Financial Crisis, Mortgages, Banking
Internet and telephone based mortgage and deposits bank Scottish Widows today announced pre-tax profits of £38.2m for the year, up 14% on last year. Total customer deposits were up £1.1bn at £3.8bn, up 40% on 2008. But its loan impairments soared 65%, or £2.4m to £6.2m. The company said this was low in industry terms and arrears figures were approximately one tenth of the industry average. But that rate of rising bad debt is scary.
EU-Greece debt deal ready for sign-off?
Adrian Holliday
Mar 13th 2010
Filed under: Debt, Economy, Financial Crisis
It's thought an EU-Greece deal is almost signed off – thanks to the generosity of the Germans. The Guardian newspaper reports a multi-billion deal is on the table. Berlin has apparently bowed to multiple pressures and its hugely resistant electorate, to a deal.
Time is running out for ISA investors
NY and the City clash: London falling
Economy doing worse than suspected?
