The European Central Bank (ECB) is feeling more optimistic about growth in the eurozone, having raised its forecast for GDP growth to between 1.4% and 1.8% for 2010, and between 0.5% and 2.3% in 2011. Explaining the revision, ECB president, Jean-Claude Trichet, said: “Euro area real GDP grew strongly...
Posted to
Finance
on 09-03-2010
Filed under: All Financial News, Economy News, European Central Bank, ECB, inflation, interest rates, exports, GDP, growth, recovery, eurozone
Influential think tank, the Policy Exchange, has warned interest rates may be hiked to 8% by 2012, in order to combat stubbornly high inflation. Interest rates remain at the 300-year record low of 0.5% – where they have been since March 2009 – in order to boost the economy and bring it out...
Posted to
Finance
on 08-23-2010
Filed under: All Financial News, Economy News, inflation, interest rates, Bank of England, rise, think tank, MPC, Monetary Policy Committee, Policy Exchange
Investment firm Schroders has revealed a third of Britons aged over 65 are raiding their savings in order to cover everyday living costs. According to the report, savers have taken out a total of £60 billion, with an average of £4,600 each. The main reason for the withdrawal of savings is the low interest...
Posted to
Finance
on 08-22-2010
Filed under: All Financial News, Economy News, interest rates, survey, savings, Banking News, Investment News, cover, living costs, Schroders, raid, elderley
Iceland’s Central Bank (Sedlabanki Islands) has slashed its key interest from 8% to 7%. While a cut was expected, it was not as much as economists had forecast after inflation eased and the country’s currency, the krona, strengthened. The central bank has aggressively cut interest rates after they...
Posted to
Finance
on 08-18-2010
Filed under: All Financial News, Economy News, inflation, interest rates, central bank, banks, International Monetary Fund, loan, Iceland, Krona, financial crisis, turmoil, nationalised, Sedlabanki Islands