Oil jumped more than a dollar to above $60 on Thursday after an OPEC delegate said the producer group will cut output by 1 million barrels per day as soon as possible to prop up prices. Top world exporter Saudi Arabia will lower production by 300,000 barrels per day as part of the plan,...
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With the vision of the old cartoon character Mr Magoo the Bank of England played it cool and decided to hold rates in the UK at 4.75 percent. Although the reasons for the decision will be released later, it was considered the chances were 50/50 that rates would hold or rise this time.Whilst many...
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The UK’s Office of National Statistics alerted markets on Wednesday that it had got its sums wrong. And that worries about the growth of inflation in the economy may be somewhat exaggerated so the need to increase rates may be lessened. The ONS statement said that it had modified part of its software model...
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With debt reaching saturation point in the UK it comes as no surprise to hear that Datamonitor have published figures showing the population owes a full one third of all outstanding unsecured debt across Europe. According to figures from Datamonitor debt levels in the UK consumer credit market reached £214 billion, with the average...
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With oil prices falling below the psychological $60 mark and showing no signs of upward movement there are rumours that OPEC countries may be considering an across the board drop output ahead of Decembers meeting in Nigeria. Clearly this is a bluff. One of the problems facing the oil producing countries is that in...
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