Archive for July, 2009
Marriages and Bankruptcies
The over-45s are experiencing the biggest rise in bankruptcies as multiple marriages and falling house prices take their toll on people’s finances, it was claimed today. The number of individuals in that age group going bankrupt increased by 124% between 2004 and 2008, rising from 10,600 to 23,800, according to research by accountancy firm Wilkins [...]
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Quantitative Easing
The sensation in the Bank of England at the moment is rather similar. Billions of pounds (almost £125bn to be precise) have been poured into the economy through quantitative easing (QE). The experts have a pretty good idea of what that money ought to do in the long run to bring the economy back to [...]
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Thousands of families hit by £1billion credit card crisis
A tidal wave of credit card defaults is driving tens of thousands of families to financial ruin and worsening the recession. A decade of profligate lending has driven British families’ debt to the highest level of any leading economy, according to the Organisation for Economic Co-operation and Development (OECD). Bank of England figures due within [...]
Credit card crisis to grip Britain
IMF expects £1.5bn of consumer debt across Europe will not be repaid, much of it in Britain which has the highest number of credit card borrowers on the continent. Analysts say failure to pay credit card bills is likely to increase as unemployment rises and the number of personal insolvencies, which reached 29,774 in the [...]
Swine Flu and the Economy
The group said a pandemic reaching 100,00 cases a day by August, and lasting six months, would lead to a 7.5pc fall in GDP this year. The lingering damage would cause a further fall of 1.2pc next year. “With the western world still teetering on the brink of deflation it is not an exaggeration to [...]
Celebrities, sports stars and high profile businessmen are among those duped into an alleged £80 million Ponzi scheme
City of London Police suspect at least 600 people around the world have lost huge sums invested in an allegedly bogus high-yield fund. They said it is one of the biggest Ponzi frauds, a crime made famous again in recent months by disgraced Wall Street broker Bernard Madoff, ever detected in Britain. But investigators fear [...]
UK Unemployment
Unemployment in Britain rose by a record in the last quarter to 2.38 million, underlining that a recovery from the worst recession in decades is likely to be long and hard The number of Britons out of work increased by 281,000 in the three months to the end of May, the most for a quarter [...]
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