Source: NIESR
The British economy is stuck in a re-run. The progress of our collective wealth is mirroring the turmoil of the early 1980s recession.
The graph below, from the National Insitute of Economic & Social Research (niesr.ac.uk), suggests how the Great Recession of recent years compares with the GDP slumps from downturns in history.
Early on, we were on a trajectory similar to the Great Depression of the 1930s. But last year’s recovery has helped.
At present, we’re transport backed to the spring of 1982, a little later than the setting for the BBC drama Ashes to Ashes (pictured right).
My memories of that year are a little hazy so you may need to help me out. It certainly didn’t feel like a recession to a boy aged nine. I
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Tags: Recession, Recession Vs
Midland Community Bank boasts that it’s “small enough to care,” and this bank shows how much it cares for customers by providing the best CD rates possible. You could be earning a two year CD rate of 1.66% APY by opening an account with this bank.
The minimum balance required in order to earn this CD rate is $1,000. CDs automatically renew at current rates and a substantial penalty will be imposed for early withdrawal. Rates are subject to change at any time.
Midland Community Bank was first chartered in 1968 by a group of local businessmen and residents. Its m
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Tags: Bank, Community Bank, Midland Community, Midland Community Bank
Capital One Direct has been offering some perks for members of Costco who open online bank accounts with them. These money in the bank deals offer attractive interest rates and does not require any monthly fee.
The high yield savings account for Costco members earn 1.30% APY with the InterestPlus Online Savings Account. This high interest savings account also gives a quaterly bonus of 10% for the earned interest if you can have a monthly balance average of $10,000 minimum.
Costco members can also get extra incentives when you open your first online deposit account with Capital One and deposit a minimum of $5,000 within 30 days upon account opening. Gold Star members can get $20 for this while Executive members may receive $60.
The 10% bonus will be credited to your savings account within a month or two after the end of every quarter. This will be reflected in your bank statement.
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Tags: Capital
Welcome to pay cut Britain. That is the harsh reality spelt out by the chart below which shows how even Consumer Prices Index inflation is now greatly outstripping the growth in our wages.
That red line shows why effectively Britain’s workers have been suffering a pay cut for more than two years.
What makes it all the more depressing is that the inflation line is one that depicts a measure widely seen as undercooking the actual effect of price rises on your pocket.
The chart, plucked from the latest Nationwide house price report, shows how the outlook for many workers’ pay has dramatically changed since the credit crunch hit.
Wage deals have traditionally been based on Retail Prices Index inflation (RPI), a measure which thanks to including housing costs and mortgage interest payments is typically higher than CPI.
But as the squeeze began this shifted.
Employers eager to cut costs offered lower wage increases, more in line with the lower CPI measure. Read more…
Tags: Cut Britain, Pay Cut, Pay Cut Britain, Wages
I have a question for John Owen, the chairman of Fidelity China Special Situations Investment Trust (FCSS), the popular £460 million fund currently seeking to raise a further £160 million.
Why is Owen requiring shareholders to pay millions of pounds every year for services that in many cases they do not want, and in most cases do not receive?
The matter centres on FCSS’s board’s decision to pay ongoing commission to brokers or intermediaries. In effect, shareholders lose half a per cent of their assets each year (around £3 million) in return for little – or zero – service or benefit.
Much of the money, annoyingly, goes straight to Fidelity, the manager contracted to run the portfolio. In return for – well, what?
Fidelity is paid an unusually steep annual management charge (AMC) of 1.5 per cent of the trust’s assets, plus an additional (and generous) performance-related fee. The commis
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Tags: Further, Investment Trust, Situations Investment, Situations Investment Trust