The Office of Fair Trading is taking action against a number of payday loan companies after complaints about these short-term loans doubled in the space of a year. The OFT has not named the companies involved, but said it was concerned firms were not checking whether customers could afford to repay these debts or explaining [...]
The dire state of many Britons’ personal finances has been underlined by new research that shows 3.5m people are considering taking out payday loans over the next six months. Concern over personal debt has reached the highest level since insolvency body R3 began making records, it said yesterday as it warned of “zombie debtors” who [...]
The eurozone debt crisis has deepened with Germany, France and 13 other members of the single currency facing a credit rating downgrade. In a move that will pile pressure on eurozone leaders and is likely to hit markets, it emerged that ratings agency Standard & Poor’s had put all but two euro nations on credit [...]
People in Wales struggle with their fuel bills more than anyone else in the UK, with almost a third of households there suffering, new research suggests. A study for comparison website uSwitch.com found that 32% of households in Wales are “fuel poor” – defined as those spending 10% or more of their net monthly income [...]
The number of young people out of work has passed one million as total unemployment hit its highest level since 1996, according to Government figures. The number of unemployed 16 to 24-year-olds went up to 1.016 million, from 991,000 the previous month, according to the Office for National Statistics (ONS). Total unemployment increased by 129,000 [...]
China’s export growth slowed further in October as the eurozone debt crisis and fears of a slowdown in the US dented demand for its goods, figures show. Shipments from China rose 15.9% from a year earlier, down from a 17.9% growth in September and 24.5% in August. Meanwhile, imports grew 28.7%, resulting in a trade [...]
George Osborne has warned if countries start “falling out of the euro in a disorderly way”, the UK – although not a member – would be badly affected. The chancellor was speaking after the latest meeting of EU finance ministers in Brussels ended without a deal. Mr Osborne had hoped to see progress on implementing [...]
Britain is now officially stuck on a slower recovery path than after the Great Depression of the 1930s despite better growth in the three months to September than expected. GDP rose by 0.5pc in the third quarter, beating the 0.1pc in the previous three months and the 0.3pc widely predicted, according to the Office for [...]
China could come to the rescue of the eurozone by contributing around $100bn to its bailout fund, it has been suggested. Two senior advisers to the Chinese government told the Financial Times it was “very likely” to put money into the European Financial Stability Fund (EFSF). But they say any contribution would have to be [...]
Shares in London soared higher on hopes that politicians could hammer out a deal to ease the eurozone debt crisis by next week. A Sunday deadline for decisive action is now unlikely to be met, but traders gambled that a second meeting of European leaders next week will deliver radical measures to shore up the [...]
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