Welcome to this week’s financial news round up for the week ending the 16th September. It’s been a fairly slow week for financial news, with the FTSE100 and other global markets making a tentative recovery, rising and inflation and unemployment figures appeared in the headlines. So a mixed outlook for the UK.
• An end to free banking?
Banking reforms as outlined in the Independent Commission on Banking report could mean the end of free current account banking as it exists in the UK, industry experts and consumer groups have stated.
• Inflation creeps up to 4.5%
Latest UK inflation figures released by the Office of National Statistics show that inflation in August, as measured by the Consumer Prices Index rose to 4.5%. The Retail Prices Index measured inflation at 5.2%.
Source: Fund Web
• Unemployment rises above 2.5 million
In the three months to July 2011, unemployment figures in the UK rose to more than 2.5 million, putting the percentage of people out of work at 7.9%.
• Moody’s Credit Rating Agency will not downgrade UK banks
Credit Rating Agency Moody’s has announced that it will not be downgrading the credit rating of the UK banks despite the warning issued in April that the outcome of the Independent Banking Commission report could mean just that.
Source: Fund Web
• Next announces increase in profits
Fashion retailer Next has announced pre-tax profits for the last 6 months of £228 million, an increase of around £18 million, despite increasing the price of its goods.
Source: Economic Voice
• Record rise in UK rents
Levels of rent in the UK housing market rose by a record amount in August, with the average tenant now paying £713 a month.