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Lloyds TSB, which is partially owned by taxpayers, warned yesterday that massive losses are looming as Ireland’s banks continue to struggle and loans fold. British banks’ value dropped by billions of pounds Sunday as Lloyds reported that £2.7 billion was lost in loans as the UK struggles to help keep the Irish economy afloat. Shares [...]
(Read More)17th Nov 10
Royal wedding will boost tourism and the economy
by Katie Naylor
The announcement that Prince William will be marrying his university sweetheart Kate Middleton next year will provide a tourism boost, according to experts. It will also benefit broadcasters and merchandisers as the 2011 royal wedding is followed by the 2012 summer Olympic Games. In a normal year, VisitBritain claims the country’s royalty accounts for tourist [...]
(Read More)16th Nov 10
Economic troubles in Portugal and Ireland put stress on euro
by Katie Naylor
Portugal has just admitted that it may need a bail-out from the EU to shore up its economy. This announcement, coupled with concerns that Ireland will also need financial support, have shaken confidence in the euro and the abilities of the Euro-zone to hold itself together. In addition, Greece may need help after revealing that [...]
(Read More)27th Oct 10
Air freight figures suggest economic slow down
by Harry Oldfield
The International Air Transport Association (Iata) has warned that a dip in the amount of air cargo being flown around the world could be an indication of a slow down in economic recovery. Air freight activity has dropped by six per cent since hitting a post economic-crisis peak in May. In Europe, the freight market [...]
(Read More)8th Apr 10
Eurozone worries cause FTSE 100 to drop
by Natasha Redman
The FTSE 100 lost 18.3 points during the last session after recent data showed low economic growth in euro-based countries in the last quarter of 2009. The drop to 5762.1 was also influenced by low figures in the UK service sector, although the pound held strong against the dollar and euro at 1.52 and 1.14, [...]
(Read More)2nd Feb 10
Manufacturing hits record highs
by Adam Richards
The road to economic recovery in the UK has been given a kick start after data showed growth in the manufacturing industry hit a 15-year-high last month. The sector commenced 2010 in a strong fashion, with many new orders setting a multi-year high and employment growing for the first time in almost 2 years, according [...]
(Read More)27th Jan 10
Economy slowly heads for a recovery
by Paul Russell
Figures released on Tuesday showed that the UK economy, measured by gross domestic product (GDP), increased by 0.1 per cent in the last three months of 2009, meaning that the UK is now out of a recession, but the recovery process has only just begun. The figure released is only a preliminary number by the [...]
(Read More)31st Dec 09
Gordon Brown vows to get Britain moving
by Sally Davies
Prime Minister Gordon Brown will use his New Year’s message to vow to get Britain moving forward again and urge voters not to destroy the recover. He will promise to go for growth and deliver a decade of shared prosperity, while reducing the deficit in a fair and sensible way. Prior to the general election, [...]
(Read More)11th Nov 09
New hopes Christmas shopping sprees could bring the UK out of recession
by Katie Naylor
The price of goods sold on the high street have risen at a yearly rate of 3.8 percent in the last month, prompting hopes that a spending spree in the lead up to Christmas may help pull the economy out of recession. The rise in like-for-like sales is the largest in October in the past [...]
(Read More)19th Oct 09
Harrods to stock gold bars
by Katie Naylor
Exclusive London department store, Harrods, has put up for sale gold bars worth more than £250,000 off the shelf. As the recession has hit many hard, the luxury department store is hoping to cater for an increasing number of wealthy investors. The store, located in Knightsbridge, claims to be the first well recognised name to [...]
(Read More)