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Economic News

40,000 finance jobs face chop
Friday 09 May 2008
Up to 40,000 jobs in the UK’s financial services sector could be lost over the next three years as the credit crunch forces banks and insurance companies to tighten their belts.
Repossessions approach early 90s high
Friday 09 May 2008
The number of home repossession claims in England and Wales soared by 16% in the first quarter of 2008 from the same time last year, near to levels last seen in the recession of the early nineties.
Mortgage recovery to take over 2 years
Thursday 08 May 2008
It will take at least two years for mortgage markets to recover from the credit crunch, the chairman of the Building Societies Association (BSA) warned today.
UK rates stay at 5%
Thursday 08 May 2008
The Bank of England has decided against back to back interest rate cuts, leaving borrowing costs at 5% and analysts confident a drop must come in June.
Consumers gloomiest since records began
Wednesday 07 May 2008
Consumers are less confident than at any time since the Nationwide began collecting data in May 2004, figures from the building society showed today.
Manufacturing output takes a dive
Wednesday 07 May 2008
Manufacturing output in the UK fell at its fastest pace in six months during March, surprising analysts who had expected no change from February’s read.
Food prices soar in April
Wednesday 07 May 2008
The rising cost of food kept annual shop price inflation steady in April, easily offsetting a drop in the price of non-food items, a new survey has shown.
Manufacturers set to axe 18,000
Tuesday 06 May 2008
Around 18,000 manufacturing jobs are likely to go in the second quarter as the credit crisis slams confidence across most of the UK, a new report predicts today.
Service sector growth slows sharply
Tuesday 06 May 2008
Britain’s services sector is on the cusp of recession following a slowdown in growth to its weakest in five years last month.
Brits set to slash spending, predicts think tank
Friday 02 May 2008
Consumer spending is set to dry up this year as tighter credit conditions and falling house prices force people to hang up their shopping bags, a leading research institute has warned.
Update: Halifax reveals annual house price drop
Friday 02 May 2008
The price of a house in the UK now costs 0.9% less than it did a year ago following a 1.3% tumble in April, according to the latest survey by the UK's largest mortgage lender.
Construction activity nears decade-low
Friday 02 May 2008
Activity and confidence levels in the UK construction sector crumbled to their lowest levels in almost a decade, according to the Chartered Institute of Purchasing and Supply Friday.
Halifax says house prices lower than last year
Friday 02 May 2008
House prices fell by 1.3% in April and are now 0.9% lower than this time last year according to the latest survey by Halifax, the UK's largest mortgage lender. It is the second report this week indicating a decline in prices over the past 12 months.
Manufacturing growth fades further
Thursday 01 May 2008
The UK’s manufacturing sector held up a little better than expected in April, although growth slowed from the previous month and prices soared at their fastest rate ever.
BoE sceptical over scale of sub-prime losses
Thursday 01 May 2008
Banks may be overestimating the scale of losses by more than half, the Bank of England suggested today, adding this could hurt any recovery from the current financial crisis.
House prices suffer 1st annual fall in 12 years
Wednesday 30 Apr 2008
House prices fell on an annual basis for the first time in 12 years in April as prospective buyers found it increasingly difficult to finance property purchases.
Retail sales suffering says CBI
Tuesday 29 Apr 2008
The weaker housing market is having a big impact on the retail sales according to the latest Distributive Trades survey from the CBI.
Mortgage approvals hit fresh low
Tuesday 29 Apr 2008
Consumers tightened their belts another notch last month as tough credit conditions caused a sharp fall in mortgage approvals, according to data from the Bank of England.
Mortgage lenders demand bigger deposits
Monday 28 Apr 2008
Hopes that the £50bn bail-out announced last Monday by the Bank of England would ease the impact of the credit crunch on the housing market received another blow today when two of the UK’s major mortgage providers all but eliminated 95% mortgages from their ranges.
House prices could fall 25%, warns Savills
Monday 28 Apr 2008
House prices could plunge by a quarter by the end of next year if the credit crunch continues to batter consumer confidence, a new survey claimed today.

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