Within this feature we like to recap the previous month, looking at the top finance news and how it might affect you.
Consumers improving confidence has been reflected in claims made by the British Bankers Association (BBA) that consumer borrowing through mortgages, loans and credit cards have increased over the last month.
Borrowing on unsecured credit rose by £76 million in August, which incidentally is the first increase in four years, suggesting that the safety-first approach of consumers in the financial crisis may be coming to an end as consumer confidence grows.
The government has sold a 6% stake in the Lloyds banking group, raising £3.2 billion, in what George Osbourne, Chancellor of the Exchequer, acclaimed to be an “important step” in plans “to get their money back and fix the economy.”
A study by the Resolution Foundation has uncovered the fact that one in every five UK employees is being paid below the living wage.
A living wage is defined as one that is high enough to allow you to maintain the normal standard of living. Those paid below the living wage would struggle to do this and as such may find themselves living in poverty.
The latest figures from the Office for National Statistics (ONS) show that the UK economy experienced growth of 0.6pc in the three months leading up to June.
The previous quarter showed economic growth of 0.3pc, and the new figures are said to be in line with forecasts
Research from Halifax has highlighted the fact that children as young as eight have admitted that they share some of the concerns their parents have about their finances. However parents are failing to pick up on this, and only a third recognised that their children might share their worries if they were heard talking about it.
Employees working in the public sector in the UK are set to miss out on automatic pay rises, as part of a Government initiative which is set to save £11.5bn. This will come as a massive blow to those working in the public sector industries. The Chancellor, George Osborne, justified the cuts by proposing it was â??deeply unfairâ?? on those public sector workers who do not receive the pay rise, as well as private sector workers who effectively pay for it.
The UK economy avoided what would have been devastating news today, as first quarter growth of 0.3pc was reported, and a triple-dip recession avoided.
A recession is confirmed when the economy experiences two consecutive periods of decline, and after a final quarter of 2012 growth figure of -0.3pc, any further decline would have officially seen the economy back in recession.
The amount of people unemployed in the UK rose by 70,000 between December and February according to the Office for National Statistics (ONS).
The number of people employed in the UK also fell, meaning the unemployment rate currently stands at 7.9pc, raising further serious questions about the economic state of the UK. However the number of people claiming Jobseekers Allowance fell last month by 7,000, to 1.3m.
The Chancellor delivered his hotly anticipated Budget at 12.30GMT on 20th March, covering a variety issues related to the UK economy. We bring to you the main points from that were raised, and explain how these are likely to affect you.
