The Nationwide said that house prices remain unchanged this month, 1.2% lower than a year ago as ultra-low interest rates and little or no wage increases joined to prevent forced sales. The average house price in the UK is currently £163,853, 12% below the October 2007 high of £186,044.
Official figures released by the EU’s statistics office, Eurostat reported that the number of people out of work in the euro zone hit almost 19 million in October, an increase of 173,000 which is the highest level since the euro was introduced in 1999.
The GfK NOP headline index rose to -22 in October, the strongest growth since May 2011, a better result that economists predicted. There is hope in the financial market that this rise in confidence could be the start to a positive trend.
Chancellor George Osborne announced today that Mark Carney will be the new governor of the Bank of England for a fixed eight year term. Carney is currently the governor of the Bank of Canada and chairman of the Financial Stability Board. He replaces current governor Mervyn King.
Banking giants UBS have been fined £29.7m by the Financial Services Authority (FSA) due to ‘serious weaknesses in the firm’s procedures, management system and internal controls’ that ultimately allowed trader Kweku Adoboli to create losses of £1.4 billion.