A Look At The Current Financial Status of UK

Dec. 24, 2009 - PRLog -- London (Shakespeare Finance) : UK is witnessing a severe financial crises and in the wake there has been many changes at societal level.

Mortgages

As per the latest data from the British Bankers' Association, mortgages in the month of November stood at the same level as it was at the time of peak in the house prices. It was two years ago. Total number of mortgages amounted 44,713, which was more than double compared to 2008. Interestingly, loans against the mortgages came down to 25%.

Final Results according to MPC

The Monetary Policy Committee foresee a robust economy as it takes into account the recent cash injection by the Bank of England. It has been further noted by the committee that the annual rate has considerably lowered down by 5.3 per cent. This has been after the 200 billion invested by the Bank in the process.

Services Output  

There has been a slight rise in the month of October in the services output according to the Office for National Statistics. If we take into account the index of services we find that the same stood at 104.6, and in the month of October, there was seen 0.1 per cent increase.

On Trade Duty

On the issue of Trade Duty, European Union was surprised when  the Chinese commerce ministry imposed a deposit to be paid against the importing of carbon-steel fasteners from December 28. It was in response to EU extending anti dumpureing meass pertaining to Chinese footwear by 15 months.

Economic Recovery

As stock markets constitute the best indicator for economic growth, there has been a marginal improvement in stock markets around the world. Considering all the major markets including FTSE World Index, which rose 0.7 per cent to 342.91, there has been a marginal improvement the world over.

VAT Rise

As VAT is set to increase it may pose some serious challenges in the way of economic recovery. It is possible that the VAT is going to rise to 22 per cent in total. However, the current decision has sent a signal raising eyebrows of many experts. In their opinion it may result in lessening of the purchasing power of Britons and leading to providing a jolt to the economic revival.

The Issue of Insolvency

One can very well understand as far as insolvency is concerned as 125 million pounds were paid by the credit insurers during the third quarter of 2009. The government offered up to five billion pounds only to make sure that suppliers do not collapse because of their customers.

Position of Sales

Amidst the Christmas celebrations, there has been an indication of growth as more and more people are witnessed shopping. This has lead to the boosting of confidence all across the country. There are many examples in UK suggesting that there has been an increase in sales in the wake of Christmas.

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