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.
Is the UK Union safe?
The last few weeks have been nothing short of mind blowing with massive well known companies hitting the rocks, billion pound bailouts and probably more trouble further down the line. But what has this done to the Union? Has it strengthened the bond between England, Ireland, Scotland and Wales?
The truth is that aside from the SNP making noises in Scotland the Union was never reall...
Is the car industry back on its feet?
Today's news that General Motors is repaying £5.3 billion in emergency US government loans and Chrysler has moved back into operating profit is welcome good news for sector which has been on a downward spiral for some time. There is a growing belief that the financial position of the leading car manufacturers in the world has improved dramatically over the last few months although at the moment t...Read More
Crunch not curbing passion for clothes
The global credit crunch might be causing people to tighten their belts, but not when it comes to new clothes, a new study has found.Research carried out by Cahoot found that Britons tend to set aside ten per cent of their income to spend on new togs, 90 per cent of whom end up exceeding their budget.A quarter of people polled said they had a shopping 'habit', and 13 per cent are scrimping on mort...Read More
Will The Boom And Bust Cycle Ever Be Beaten?
We heard Gordon Brown famously suggest that he had cracked the boom and bust scenario in the UK economy, we heard the US authorities confirm they were more in control of the economy than ever before, and then our troubles began!
The truth is that the boom and bust scenario has been part of economic cycle around the world for hundreds of years. In the good times nobody can see any d...
High street shop closures reach 16 a day
09/10/2014 High streets are losing their number of shops dramatically, a study by PwC and the Local Data Company has shown. The study shows that 16 stores a day were closing in the first half on this year, and the rate of store openings fell to 15%. 400 stores have been left empty as Britain’s high street struggles to compete with online retailers. The stores hardest hit are women’s fa...Read More