UK Finance News

UK home repossessions have grown to 11,300 during the third quarter of 2008 says a report from the Council of Mortgage Lenders (CML).
The previous three months had recorded 10,000 families losing their homes because they were unable to meet mortgage repayments. There was a slight increase in the number of homeowners falling into arrears of [...]

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The drop in  oil prices has been the biggest contributor to the fall in consumer price inflation, October’s figures show a decrease for the first time in a year and are dropping at a record pace according to data released today.
The Office Of National Statistics say that consumer price inflation dropped from 5.2% in September [...]

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The Bank Of England has announced a half percent cut in interest rates as an emergency measure thrashed out with the World’s bankers throughout last night. The Federal Reserve, European Central Bank, Swiss, Canadian, Swedish and Chinese Central banks all announced similar cuts at the same time.
The cut was made only hours after the British [...]

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David Blanchflower, an external member of the MPC who are charged by the government to fix interest rates in the UK, has warned that if the Bank Of England does not respond to the growing economic crisis instead of worrying about inflation, the UK will face unemployment of 2 million by Christmas.
Blanchflower stands by his claim [...]

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The pound traded against the dollar today at its lowest in two years at $1.8514.
Sterling has also suffered further against the Euro which traded at 79.35 pence.
“Sterling is being hit on all sides at the moment with a broad-based dollar rebound and the realisation that the UK economy is facing a very difficult period,” said [...]

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