I cannot help but wonder whether or not the present recession is the result of sub-prime lending, as we are led to believe, or whether it is the result of irresponsible media coverage. Let’s face it, the falls on the Stock Exchange are the result of a lack of confidence. We all thought something was [...]
October, 2008
The Shrinking Economy
According to the ONS, the Office for National Statistics, output has fallen by 0.5% between July and September. This is the first time that the economy has shrunk, during this period, since 1992. The news had a dramatic effect in the city with big drops in the value of Sterling and on the UK stock [...]
Property rentals up 50 per cent
In the last year, property rentals in the UK have increased by almost 50 per cent according to the second largest lettings agent Your Move. Their figures show that the number of leases commencing in September rose 4.34% from the previous month, and rose 45% in the nine months previous compared with the same period [...]
Northern Rock
Following problems in the credit markets Northern Rock sought and received a liquidity support facility from the Bank of England during September 2007. This led to a run on the bank with many customers queuing outside branches to withdraw their savings. On 22 February 2008 the bank was taken into state ownership. The nationalisation was [...]
Debt Ridden Small Firms Unhappy With Banks
A plan to bring together bank bosses and representatives of small business in order to deal with the differences between them has been hatched by the government. The Chancellor, Alistair Darling and Lord Mandelson, the new Business Secretary agreed the plan after meetings with CEO’s of the main high street banks. HBOS, Lloyds TSB and [...]
Wall Street Crash 1929 — Could it be now ?
The Wall Street Crash of 1929 was the most devastating stock market crash in the history of the United States, taking into consideration the full extent and longevity of its fallout causing major debt hangovers and severe cash shortages. To describe this collapse three phrases – Black Thursday, Black Monday, and Black Tuesday – are [...]
Sterling Falls to Five-year Low
The pound has fallen, against the United States dollar, to its lowest level in five years. Fears of recession resulted in a reduction of almost 3% against the dollar. Mervyn King, governor of the Bank of England, warned that Britain was entering recession for the first time in 16 years. Sterling’s fall came shortly after [...]
What is a debt management plan?
What is a debt management plan? A Debt Management Plan (DMP) enables individuals to pay personal unsecured debts which are not being managed as they are late and taking too large a portion of income or even exceeding it. Debt management involves recording all the debts, assessing monthly income and expenditure and re-negotiating interest rates [...]
IPODs
OK, so I may be a bit of a dinosaur when it comes to computers and the like and I have no love of acronyms, but I always thought an IPOD was some sort of a music player. Imagine my surprise then when I saw the term used to describe young adults with debt problems [...]
Britain already in recession
The Ernst and Young Item Club have predicted a further decline in the UK economy, according to Hetal Mehta. The club has predicted that the economy will shrink, over the next 12 months, by 1% and is unlikely to show signs of growth until at least a year after that. Experts have stated that the [...]
