British consumers becoming more upbeat on their finances July 26, 2015 UK shoppers felt more confident about their finances in June, according to a survey by a major British bank. Lloyds Bank’s spending power index climbed to a record high of 164 points from 160 in May, it said this morning. The survey has been running since 2011. People were more confident about their personal financial [...]
Greek stock market could re-open on Tuesday after being shut for a month July 26, 2015 The Athens Stock Exchange will remain closed tomorrow but might re-open on Tuesday, an anonymous spokesperson told Reuters. Read more: Greek banks and Athens stock market closed as Alexis Tsipras plans to stage referendum vote on bailout deal and euro value dives "It's certain that it will not open on Monday, maybe on Tuesday," they said. [...]
London house prices are being driven up by foreign criminals laundering money July 25, 2015 Foreign criminals who launder money through the purchase of high-end London properties are pushing up house prices, according to the National Crime Agency. "I believe the London property market has been skewed by laundered money," Donald Toon, the agency's director of economic crime command, told the Times. "Prices are being artificially driven up by overseas [...]
GDP data to show economy picked up in second quarter July 25, 2015 A preliminary estimate of gross domestic product released by the Office for National Statistics this week will likely show that second quarter economic growth picked up to 0.7 per cent, from 0.4 per cent at the start of this year. "We expect improved second quarter gross domestic product growth to have been primarily the consequence [...]
Housing market starting to “hot up” as mortgage approvals soar to a 15-month high July 24, 2015 The housing market is beginning to heat up again as mortgage approvals rose for the sixth consecutive month in June, taking them to a 15-month high. Figures released today by the British Bankers Association showed the number of mortgage approvals rose to 44,488 last month, from 42,876 in May. Remortgaging rose 20 per cent in the [...]
Interest rate rise by the Bank of England is the “greatest risk” to house prices July 24, 2015 House price growth for this year is on track to hit double-digit figures in a number of cities across Britain – providing the Bank of England doesn't hike interest rates anytime soon. House prices in the 20 cities monitored by Hometrack's cities house price index rose 6.3 per cent in the first half of 2015, and look set [...]
Rescued banks are not out of the woods yet: New FCA rules to improve account transparency for customers July 23, 2015 The City watchdog put more pressure on the financial sector yesterday with new rules that could see banks and building societies named and shamed for paying poor interest rates to longstanding customers. The Financial Conduct Authority (FCA) said that from next year, firms will have to provide clear information on how much interest savers are paid [...]
UK tills emptier despite purchases rising in June as shoppers enjoy falling prices July 23, 2015 Brits spent less money in shops in June as retail sales struggle to gain momentum, a new set of data shows. The amount of money spent dropped 0.1 per cent from May to June, according to figures released by the Office for National Statistics yesterday. In the three months to the end of June, the [...]
US unemployment claims just hit their lowest point since 1973 July 23, 2015 The number of Americans filing for unemployment benefits just dropped to its lowest level since the seventies, suggesting the economy is continuing to warm up. Jobless claims fell by 26,000 last week, down to 255,000, and this bullish picture comes on the tails of a report showing that the number of US jobs posted in [...]
The Financial Conduct Authority is going to help savers by making it easier for them to switch accounts July 23, 2015 The Financial Conduct Authority (FCA), Britain’s financial regulator, has announced plans to introduce new measures to help customers switch cash savings accounts, following a review of competition in the industry. Read more: This chart shows how many current account switchers Barclays, HSBC, Lloyds and NatWest have lost The regulator is proposing new rules which will make [...]