Originally posted by ace00
View Post
-
Yeah, things are looking up.
http://www.guardian.co.uk/business/2.../budgetdeficit
The government's budget deficit lurched to a worse than expected £9.3bn last month, the worst ever June figure and one which shows how the public finances are worsening in the face of a slowing economy.
The figures go some way to explaining why the Treasury is said to be considering altering one of its fiscal rules which states that net debt remain below 40% of national income.
Today's figures from the Office for National Statistics showed that net debt at the end of June rose to 38.3% of gross domestic product, the highest since July 1999.
Leave a comment:
-
I just dropped the 7k for this years ISA.
Expect forthcoming horrible doom (especially in China).Leave a comment:
-
It's not all bad !! I read earlier this week that The Halifax have been cutting mortgage rates by .4% in stages in the past few weeks even though the Bank Rate has not moved. They are now offering 6.18%.
Things can only get better, can only get better, can only get better !!!
Leave a comment:
-
Originally posted by DimPrawn View Post
Lending is at 68% of the levels seen at the height of the boom.
It said annual average gas bills could rise from £600 to more than £1,000 early in the next decade. Said heating bills would fall by more than £500 if people wore jumpers
It warns that on average almost £40,000, or more than £100 a day, will be wiped off the value of these homes this year.
This would mean homes worth an average of £216,000 at the start of the year would drop to £176,500 by the end of the year. House prices will only have only tripled in the past 10 years.
Yet more good depressing news: The International Monetary Fund (IMF) has raised its global economic forecast after the impact of a credit crunch was not as severe as had been first feared. http://news.bbc.co.uk/1/hi/business/7511766.stmLeave a comment:
-
Daily Doom
http://news.bbc.co.uk/1/hi/business/7513318.stm
The mortgage squeeze continues to tighten with a further drop in lending, according to new figures.
The fall in gross mortgage lending is accelerating, with a 3% dip from May to June, according to the Council of Mortgage Lenders (CML).
The CML said gross lending declined to an estimated £23.8bn in June, some 32% lower than the same month a year ago.
Director general Michael Coogan said borrowers on tight budgets must plan ahead as the trend will continue.
http://news.bbc.co.uk/1/hi/business/7512971.stm
Energy bills could rise by more than 60% within the next few years, a report for the UK's biggest domestic energy supplier Centrica has said.
It said annual average gas bills could rise from £600 to more than £1,000 early in the next decade.
Continuing high oil prices could lead to rises in the cost of both gas and electricity, it added.
Centrica managing director Jake Ulrich warned that gas prices were likely to continue rising "for some time".
"I think it is going to hit people hard," he said.
http://news.bbc.co.uk/1/hi/business/7512460.stm
US bank Merrill Lynch has posted a $4.89bn (£2.49bn) loss in the three months to June due to heavy exposure to the sub-prime mortgage market.
It was the fourth quarterly loss in a row for Wall Street's third-largest investment bank and was far bigger than analysts had expected.
Merrill announced it would write-down $9.4bn because of US mortgage market and other high risk investments.
It must now sell billions of dollars of assets to shore up its finances.
The new charges come on top of nearly $29bn in write-downs that the brokerage had already taken because of tightening credit markets.
In April, Merrill announced it would cut about 4,000 jobs worldwide.
And finally:
http://www.dailymail.co.uk/news/arti...se-prices.html
Middle Britain will be hit harder by falling house prices than the rest of the country, research shows.
It warns that on average almost £40,000, or more than £100 a day, will be wiped off the value of these homes this year.
A typical Middle Britain property will fall 18 per cent between January and December, according to the insurance firm AXA and the Centre for Economics and Business Research (CEBR).
This would mean homes worth an average of £216,000 at the start of the year would drop to £176,500 by the end of the year.
Leave a comment: