UK banks have 2m customers stuck in permanent overdraft

More than 2 million people in the UK are stuck with permanent overdrafts, with many trapped in a “vicious cycle” of borrowing, according to a debt charity. StepChange said it had also uncovered evidence of unaffordable lending in the overdraft market, and cases, where banks had failed to offer customers a, means to deal with […]

UK state pensions ranked the worst in the developed world

The British state pension is now worst in the developed world as it has fallen below Mexico and Chile, data shows. An average worker entering the UK workforce today can expect to receive less than a third (29 per cent) of their final working salary as a basic pension income after tax, according to a […]

U.K. predicts worse growth, earmarks cash for hard Brexit

Prime Minister Theresa May’s under-fire government acknowledged the U.K. economic outlook is deteriorating as it set aside an extra 3 billion pounds ($4 billion) to prepare for all possible Brexit outcomes. Opening his Budget speech in Parliament on Wednesday, Chancellor of the Exchequer Philip Hammond said the Office for Budget Responsibility now sees 2018 economic […]

Skills shortage tightens around UK construction sector

Britain’s shortage of surveyors, bricklayers and other construction workers is holding back building work just at the time when the country needs more houses and infrastructure. Almost two-thirds of surveyors said a lack of skilled workers is a key factor limiting building activity, according to the Royal Institute of Chartered Surveyors. The skills shortage has […]

U.K. inflation holds at 3% as cheaper fuel offsets food prices

U.K. inflation held at a 5 1/2-year high in October, as cheaper auto fuel offset the rising cost of food. Consumer prices rose 3 percent from a year earlier, the Office for National Statistics said Tuesday, though, economists had expected inflation to accelerate to 3.1 percent. According to Bloomberg’s report, it means Bank of England […]

UK shoppers cut spending by most in more than four years, survey shows

British shoppers reined in their spending by the most in more than four years in October, according to a survey by payments company Visa which added to other signs that the squeeze on incomes is hitting the high street. Consumer spending – adjusted for inflation and seasonal effects – fell by 2.0 percent in October […]

U.K. economy displays mixed fortunes at end of Q3

The U.K. economy ended the third quarter on a mixed note, figures Friday showed. Industrial production rose a larger-than-forecast 0.7 percent in September, with output increasing across most manufacturing sectors, the Office for National Statistics said. But construction fell the most in 18 months and a narrowing of the trade deficit was not enough to […]

Brexit effects may be catching up with U.K. homebuilders

This year’s rally in U.K. housebuilder shares is showing signs of fatigue. In the months following the U.K.’s vote to leave the European Union, strong home completions and rising profit at firms from Redrow Plc to Taylor Wimpey Plc helped the sector’s shares soar past their pre-referendum level, leading some investors to speculate that concerns of […]