Today is the first day of the year 4076 in the Chinese calendar and this year is Ji Chou, the Year of the Ox. Curiously enough the Year of the Ox represents calm, fortitude and success through hard work … quite fitting really. We need calm to weather the storm, take stock of the situation [...]
January, 2009
It’s official – we’re in a recession
According to government figures, the UK is now officially in recession for the first time since 1991. Official government figures have confirmed that gross domestic product (GDP) fell by 1.5% in the final quarter of 2008 following a 0.6% drop in the previous three months. Two consecutive quarters of falling economic growth is the generally [...]
Car production down in the UK
According to figures released by SMMT (the Society of Motor Manufacturers and Traders) the number of new cars built in the UK, last month, has fallen dramatically. New car production was down by nearly 50% from the same period in December 2007, as factories were closed over the Christmas period. Average car production over 2008 [...]
Possession orders virtually doubled
The number of people losing their homes after failing to keep up with mortgage payments has nearly doubled, according to the Financial Services Authority. In the third quarter of 2008, the number of possession orders that were granted by courts stood at 13,161 – up 92% from the same period in 2007. The FSA also [...]
A Strong, Independent Bank (2)
When, in my article of 31st October 2008, I spoke about Barclays Bank’s move to raise capital of £7.3 billion from the Middle East rather than follow the debt ridden crowd seeking government handouts, I don’t think many people (me included!) realised that, by taking that Middle Eastern capital, it would effectively prevent them from [...]
The Morning After
I have to say I am very impressed by President Obama’s inaugural speech – it seemed amazingly honest. He didn’t flinch from the fact that the good old US of A is in a bit of a sorry state at the moment, floundering on an ocean of self-induced debt, nor did he hide the fact [...]
Debt contributes to Blue Monday
According to statisticians and pessimists alike, today is allegedly to be the most depressing day of the year – Blue Monday. Based on a complex calculation combining the weather, the Christmas financial hangover, broken resolutions and job related issues amongst other factors, the third Monday of the year is when people are more unhappy than [...]
Debt is forcing shoppers to cut spending after Christmas blast
Shoppers are having to reduce their spending because of huge debts, according to retail experts. There is growing evidence that pre-Christmas spending was the final blast for many consumers as the credit card bills with December’s spending arrive and force consumers to face up to their finances against a backdrop of rising unemployment. Home-shopping group [...]
Credit unions see rise in debt consolidation enquiries
As banks have tightened lending policies amid the credit crunch and refused people help, credit unions have seen a surge in demand for loans. Community-based organisations offering savings, loans and other financial help to members have reported an increase in the number of people requiring their assistance, as credit has increasingly become more difficult to [...]
Pay-day loans ‘extortionate’
Pay-day loan companies charge as much as 10,000% annual interest on their loans, according to a report issued by Shadow Housing Minister, Grant Shapps. The report found that it was commonplace for pay-day loan companies to charge £50 for the one month loan of £200, but that some operators were charging the equivalent of up [...]
