Some relatively positive news has been released by the Bank of England. According to the bank, consumers repaid more of their debt during the month of August than they have since November 2009. Indeed, more repayments were made than were new loans – a significant fact during these rough economic times. Per the Bank, the total amount of unsecured debt – including personal loans, overdrafts and credit card borrowing – fell by £120m. This is a considerable drop and could mean that people are regaining their confidence about the economy. Of course, this information alone is not enough to guarantee that a major upswing is in the works; payday loans continue to be very popular, after all. Read More »
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People are Repaying Unsecured Debt, Per Bank of England
October 8th, 2010Small Firms Struggle to Get Bank Loans
September 22nd, 2010Although lending to all manufacturers in the UK continues to be very low, recent studies and reports have shown that small firms are struggling the most. Indeed, an EEF engineering group survey shows that bank lending to all manufacturers in the UK remains quite low. This fact was confirmed by a Bank of England report concerning bank lending in July. Overall, it is clear that businesses across the UK are continuing to have major problems procuring lines of credit. In turn, their difficulties could be exacerbating the existing problems with the economy. At any rate, the trouble that businesses are having in getting loans is certainly not helping matters. Unlike everyday people, a business can’t feasibly rely on cash advance services in order to stay afloat. Read More »
Mortgage Lending in UK Falls for Second Month in a Row
September 22nd, 2010According to the Council of Mortgage Lenders, or CML, total mortgage lending fell in August for the second month in a row. This information generally dovetails with other data that has been released in recent days, but it doesn’t mean that the country is heading into another recession. Several other points concerning issues like the number of home sales, estate agents’ asking prices and a dearth of buyers on the market are all converging to point to a rough time for the real estate market. Of course, one needs to keep the big picture in mind when considering these points – unemployment is still high and many people are relying on cash advance services in order to scrape by. Read More »
UK Interest Rates Stay Put for Eighteenth Consecutive Month
September 10th, 2010As expected, the Bank of England held interest rates at the all-time low of 0.5% for the eighteenth month in a row. While the Monetary Policy Commission’s decision hardly comes as a surprise, it still raises a few eyebrows. After all, an increasing number of people have been clamoring for an interest rate hike; most notably, Andrew Sentance voted for one for the third month in a row. However, the decision to keep the rate at the level it’s been at since March of 2009 was officially made. Although the decision will not directly affect the way in which people access quick cash, it could bring down whatever optimism was being developed by the slowly recovering economy. Read More »
UK Welfare Spending to be Cut
September 10th, 2010After being cut by £11bn in June, news that welfare spending will be slashed by an additional £4bn comes as something of a surprise. However, the government is working feverishly to make cuts wherever it can – and Chancellor George Osborne has expressed a belief that many people are simply sitting on out-of-work benefits, without actively looking for employment. Of course, out-of-work benefits are not designed to support a person or a family for indefinite periods of time; they are designed to tide people over while they look for new jobs. If people are out there scraping by with quick cash services and other deals, while collecting out-of-work benefits, it appears that the government would like to put an end to it. Read More »
Services and Construction Data in UK Weak, Per Reports
September 10th, 2010In news that is sure to make many people around the UK nervous, the Office of National Statistics recently reports a surprise decline in the number of new construction orders. At the same time, a dramatic slowdown in the services sector could spell additional woes for the already shaky economy. In the second quarter of 2010, the ONS reports that new construction orders fell by 14% – that was the first fall of any kind in more than a year. It would appear that people around the UK are still relying heavily on payday loans and that there just isn’t enough of a demand for new construction to help improve these numbers at this time. During the first quarter of 2010, new construction orders stood at £13.5bn; during the second quarter, they stood at £11.6bn. Read More »
House Prices Fall for Second Month in a Row
September 10th, 2010According to Nationwide building society, house prices in the UK fell for a second straight month in August. In July, house prices fell by 0.5%; in August, they fell by 0.9%. This two-month trend is the first time since February of 2009 that prices have dropped for two consecutive months. Although some would automatically assume that this bodes poorly for the state of the economy, financial analysts believe that it’s simply the housing market’s way of stabilising itself after all of the recent turmoil. Prospective home buyers, of course, are pleased with the development; however, lenders are being more wary than ever and have been imposing high security deposits in order to protect themselves. Read More »
Private Toll Roads Aren't the Answer, Per Report
September 1st, 2010According to a new report by the Campaign for Better Transport, hopes that toll roads will bring congestion relief – along with financial relief – should be shelved. The report cites major financial losses and negligible improvements in congestion as its primary reasons for not placing too much import into the concept of private toll roads. The report revolves around the success – or lack thereof – of the M6, which opened seven years ago. In those seven years, the M6 has cost its investors significant sums of money and has alienated many area drivers. It is especially problematic given the dire economic times, when most people are loathe to part with any extra money. Read More »
Scottish Economy Recovery to Slow Down
September 1st, 2010In news that is being echoed throughout the UK, the Bank of Scotland’s index of leading indicators has recently shown that economic recovery will slow during the final quarter of 2010. Despite several positive things that have been happening, pessimism among consumers – along with many other factors – is expected to put a damper on the recovery of the Scottish recovery. Although recovery will cool down quite a bit, it isn’t expected to come to a complete stop. For those who were hoping for a speedier recovery, though, this news is sure to be greeted with unhappiness. As a whole, the economy seems to be moving in the right direction – albeit slowly. Read More »
Online Sales in UK Soar in July
August 24th, 2010In news that is sure to please the anxious populace, online sales in the UK reached their highest increase since 2007 in July. According to IMRG, online sales increased by an incredible 18% on June. Approximately £5bn was spent online in July by people in the UK. This is a considerable amount of money; some are hoping that it signifies an improving economy. Of course, online sales are just one piece of the puzzle. In the meantime, people continue to flock to cash advance deals in order to get by. If they are spending more online, though, it could mean that they have more cash in their pockets than they’d expected – and the economy could be turning around, albeit slowly. Read More »
