Spain suffers cut from Standard and Poor's
Credit rating agency Standard and Poor's has today reduced the credit rating on Spanish national debt from AAA to AA. This is a major blow for the Spanish economy and the Spanish government and comes amid signs that the Greece debacle is now affecting other European economies. Yesterday we saw Portugal suffer the indignity of a credit rating downgrade and experts believe more downgrades are on the way.
The ongoing problems within the Eurozone have impacted upon the euro itself which has come under significant selling pressure over the last few days. Despite the fact that only a few days ago it looked highly unlikely that any European country would default on its national debt, the chances of this happening have increased dramatically over the last 48 hours. There is also concern that the global economy could be impacted by the debt problems within Europe and we could move back towards another worldwide economic downturn.
Even though the UK stock market was fairly steady today, compared to yesterday, we did see significant falls in France, Germany and Spain and there is growing concern amongst investors. Despite the fact that the German authorities appear to have been dragging their heels regarding a solution for the Greek debt problem, it was the German government who today called for a "speeding up" of negotiations between the Greek government, the IMF and the European Union.
Monthly News Roundup – September
Within this feature we like to recap the previous month, looking at the top personal finance news from around the UK and how it might affect you. This month we look back at September, and highlight the hot topics raised throughout the month.
Mortgage and Property news
Property prices and mortgages really were the hot topics throughout September. There has been no secret made of t...Read More
UK government set to release Lockerbie bomber correspondence
The UK government and its Scottish counterpart are set to release copies of correspondence between the two regarding al-Megrahi as pressure on the UK authorities continue to grow. There is a feeling, and Foreign Secretary Jack Straw did nothing to allay these fears, that the UK government was railroaded into discussing a possible transfer of the Lockerbie bomb from Scotland to Libya some months ag...Read More
Gordon Brown promises to maintain mainstream public service investment
A rather humiliating U-turn was performed by Gordon Brown today when he promised to cut costs, cut inefficiencies, cut unnecessary programs and cut low priority budgets with the UK budget deficit under serious pressure. Yet again as we approach a UK general election it seems it is now time to cut the fat from the UK public service sector but why does it take a general election to focus the minds?<...Read More
Confusion in Dubai
The Dubai authorities have injected a large amount of confusion into worldwide money markets after the government refused to guarantee the debts of Dubai World which many believed had a direct connection to the Dubai authorities. The company has built up a debt pile which is now standing at £36 billion and the Dubai government believes that lenders should feel part of the pain rather than the aut...Read More
Santander announces 1900 job losses in the UK
Spanish banking giant Santander has today announced 1900 job losses in the UK across its three main UK businesses which are Abbey, Alliance & Leicester and Bradford & Bingley. The move comes at a time when many had hoped the UK banking sector was over the worst only for rumours of further state aid to start circulating and the £8 billion HBOS write-off being announced today. So is the UK banking...Read More