Financial Ombudsman explains frequent problems with debt management companies after it reveals that debt charities are receiving 4,000 new requests for help a day March 22, 2016 The Financial Ombudsman has today explained the most common problems it hears about regarding services offered by debt management companies. In its most recent newsletter, the Ombudsman reveals that debt charities are now receiving 4,000 new enquiries a day. Juliana Francis, senior ombudsman, explained that the complaints received regarding debt management companies, which she calls among the [...]
UK pensions freedoms: Number of defined benefit (DB) to defined contribution (DC) pension transfers lower than expected, finds Financial Reporting Council report March 21, 2016 We hope you didn't bet your pension pot on there being a big switchover from defined benefit (DB) to defined contribution (DC) schemes when the pension freedoms came into force last year – research published today by the Financial Reporting Council (FRC) discovered that there has been relatively low levels of scheme swapping. The study by [...]
Concerns for growth as Eurozone consumer confidence edges down to 13-month low March 21, 2016 Consumer confidence in the Eurozone has fallen to a 13-month low this month. Figures released today by the European Commission reveal the so-called flash consumer confidence index – an early estimate of data to be finalised at the beginning of next month – dropped to a score of minus 9.7. It marks the third consecutive month [...]
The UK’s giant current account deficit unlikely to create extra risk in the run up to EU referendum, says Bank of England’s Kristin Forbes. March 21, 2016 A top Bank of England official has said the UK's large current account deficit helps to share risk, as well as create it, in the face of domestic uncertainty. The current account deficit hit 5.1 per cent of GDP in 2014, the largest in 60 years of comparable records. It is the amount the UK [...]
CBI: UK factory output falls at fastest rate since 2009 March 21, 2016 Manufacturing output fell sharply over the past three months, but demand remains robust, according to a new survey data. Of the 471 manufacturers surveyed by the Confederation of British Industry (CBI), 18 per cent said output had gone up over the last three months compared with 33 per cent that reported a fall. The difference, [...]
Rightmove: Cheapest boroughs fuel 11 per cent rise in London house prices as one agent warns it now takes 46 years to save for a deposit March 21, 2016 London house prices have climbed 11 per cent over the last 12 months, with the cheapest boroughs rising at the most rapid rate. The fastest growth was in Barking and Dagenham, according to the data published today by property website Rightmove. Asking prices in the borough, the capital’s cheapest, are 23.5 per cent higher this [...]
PwC: Brexit would cost the UK one million jobs, but most are destined for immigrants March 21, 2016 A vote to leave the EU could cost the UK nearly a million jobs by 2020, a financial services giant has warned. However, the figure is mainly due to a fall in inward migration. In the report from PwC for the Confederation of British Industry (CBI), the number of people in work is expected to [...]
The so-called flat white economy has overtaken finance and retail March 21, 2016 The UK's digital economy, which has made a home for itself in East London is driving the country’s economic growth, according to new research published today by a think tank. The so-called flat white economy of media, internet and creative businesses is now the second largest business sector in the UK. It accounts for 8.7 per [...]
HMRC in £1.6bn cigarette and alcohol duty crackdown March 21, 2016 HMRC raked in £1.63bn over the past 12 months from investigations into underpaid cigarette and alcohol taxes, new data shows today. Revenues from investigations into so-called sin taxes are up six per cent on the year ending March 2015, according to figures retrieved by accountants UHY Hacker Young. The UK’s black market in cigarettes and alcohol [...]
Non-Opec member Oman yet to be invited to Doha meeting March 20, 2016 Oman has said it’s yet to receive an invite to a historic meeting of oil producers, where they’re expected to discuss freezing output to support prices. This is despite Oman being the largest non-opec oil producer in the Middle East, pumping out around 1m barrels per day. "We have been exchanging some views with other oil [...]