Latest News and Stories

House prices fall at fastest rate for 19 months in May
House prices fell at their fastest annual rate for 19 months during May as buyers continued to stay away from the market, figures showed today. It was the biggest annual drop recorded since October 2009 and left the average home costing £160,519.

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London's rich sell up and move as oversease money pours in
Britain's rich and famous are moving out of central London's most up-market districts and being replaced by wealthy overseas buyers. The most prevalent overseas buyers in London have been from Western Europe, with 11pc of the market by value.

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Mother sues daughter for £3m house 'to protect her from husband'
A property millionairess is suing her daughter for her £3million home because she fears her new son-in-law will attempt to take control of the property. The property was registered solely in Beverley Lindsay’s name, but her mother claimed her payment, which represented 93% ...

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Further G20 meeting could be necessary to fix the problems
France and Germany have called for tougher regulation for the world's financial system at the G20 summit. Obama also stressed the need for leaders attending the G20 to "deliver a strong message of unity" for the sake of the world economy.

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FTSE 100 flirts with 13-year lows
The FTSE 100 continued its decline this morning – heading to lows last seen in 1996. Part-nationalised Lloyds Banking Group shed 8%, Royal Bank of Scotland fell 4% and Barclays lost 7%. It slid below the 3600 mark to close at 3512.1, a fall of 113.7 points (3.14%) on the d...

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Northern Rock mortgage deal may not help all buyers
Northern Rock - which expects losses of £1.4bn for 2008 - has been driving away customers to pay off £26.9bn in taxpayer loans racked up following its Bank of England rescue in 2007. The privatised lender will change its strategy to resume new mortgage lending.

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British Bailout reaches $147 Billion
In Brussels, the European Commission warned Monday that the 27-nation European Union faced a “deep and protracted recession” and predicted that the bloc’s economy would shrink 1.8 percent in 2009, accompanied by the loss of 3.5 million jobs.

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UK economic downturn deepens at alarming pace
The downturn is deepening at an alarming pace, according Business leaders have painted a bleak picture of the UK economy. The BCC's chief economist David Kern said that he now expected the UK economy to shrink by up to 2.4% in 2009, rather than the 2.2% he had earlier forecast.

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US government has said it will provide £11.6bn in loans to help troubled carmakers General Motors and Chrysler to survive.
“These are not ordinary circumstances,” Mr. Bush said. “In the midst of a financial crisis and a recession, allowing the U.S. auto industry to collapse is not a responsible course of action.” The government will use part of the $700bn originally pledged to rescue US banks. It has...

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Central Banks Across Europe Cut Key Rates
The European Central Bank, meeting in Brussels, cut its so-called rate by 75 basis points — to 2.50 percent from 3.25 percent — to help restart economic growth and to ease the financing problems of banks. England reduced the key rate by 1 percentage point — to 2 percent from 3 pe...

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Other News

London Transport and Virgin Media have named first 80 busiest and major underground stations in London which are all set to receive Wi-Fi services for the Olympics season. Destinations including London Bridge, Oxford Circus, Leicester Square, Mile End, Tower Hill, Tufnell Park, Goodge Street, King’s Cross, Oval, Borough and Victoria are on the list to turn into accessible Wi-Fi hotspots.

The UK economy shrank for the last three months of 2011 - BCC predicts that growth will be flat this year , with one quarter of contraction, but says a full-blown recession is not inevitable if the government acts. It showed that in October, the service sector contracted by (a revised) 0.6%, while in November it grew by 0.6%.

Peacocks chief executive expected to lodge rescue offer for stricken fashion chain, while Past Times is closing 46 stores with the loss of 574 jobs. Peacock employs more than 400 at its Cardiff HQ and nearly 10,000 more across the UK.

Halifax index also shows a 0.9% decline in December 2011 and predicts a broadly stable 2012 … providing the UK can avoid the recession. The price of the average house in the UK is now just over £160,000, said the bank, thanks to a 0.9% fall in prices in December 2011 and a 1.3% drop over the whole of the year.

Europe’s worst financial crisis in generations is forging a new European Union, pushing Britain to the sidelines and creating a more integrated, fiscally disciplined core of nations under the auspices of a resurgent Germany.

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