Business News of the UK : Business News of the UK

Britain set for drastic economy moves
LONDON, Nov. 22 (UPI) -- British Prime Minister Gordon Brown is about to implement drastic moves aimed at stemming the soaring number of home foreclosures, sources say.

Study: U.S. Web users tops in online use
LONDON, Nov. 20 (UPI) -- U.S. Internet users spend the most time online among people in developed countries, while Spaniards spend the least, a study by British regulators found.

Lloyds TSB shareholders approve merger
GLASGOW, Scotland, Nov. 19 (UPI) -- Lloyds TSB shareholders gave their approval Wednesday for the purchase of HBOS with 96 percent voting yes at a shareholder meeting in Glasgow, Scotland.

Britain prodded reluctant banks on rates
LONDON, Nov. 9 (UPI) -- British bankers had to be strong-armed by Chancellor Alistair Darling into passing along a Bank of England interest rate cut to consumers, sources say.

British banks to lower interest rates
LONDON, Nov. 7 (UPI) -- British banks began falling in line Friday to pass on a portion of the Bank of England's interest rate cut to their customers.

British home price down 15 percent on year
LONDON, Nov. 6 (UPI) -- The value of the average home in Britain has fallen $47,000 from January to October, the country's largest lender, Halifax, said Thursday.

Britain guarantees Icesave accounts
LONDON, Nov. 6 (UPI) -- The British Treasury will cover $1.57 billion in losses suffered by British citizens with accounts at a failed Icelandic bank, Alistair Darling said Thursday.

Lloyds to pass rate cut on to customers
LONDON, Nov. 6 (UPI) -- A major British bank said it would pass on the full lending rate cut announced by the Bank of England Thursday to its customers.

Two key banks cut lending rates in Europe
LONDON, Nov. 6 (UPI) -- Two central banks in Europe cut their lending rates Thursday -- the Bank of England by 1.5 points and the European Central Bank by 0.5 point.

PMI in Britain gains slightly in month
LONDON, Nov. 3 (UPI) -- The Purchasing Managers' Index in Britain rose slightly in October, but remained below the break-even point, a trade group said.

Union calls for merger details on jobs
LONDON, Nov. 3 (UPI) -- Union leaders in Britain asked Lloyds TSB to clarify its stance on jobs after the bank said it could save an additional $791.4 million merging with HBOS.

Iceland slams Britain's use of terror law
REYKJAVIK, Iceland, Nov. 2 (UPI) -- Icelandic officials say Britain has made their dire financial situation even worse by using antiterrorism laws to freeze British assets in its banks.

Report: Brown to back Heathrow expansion
LONDON, Nov. 1 (UPI) -- British Prime Minister Gordon Brown and Cabinet allies are poised to approve a controversial new runway for Heathrow Airport in London, sources say.

Banks in Britain fail to lower rates
LONDON, Oct. 31 (UPI) -- Half of Britain's banks failed to lower interest rates on adjustable rate mortgages after the Bank of England cut its rate Oct. 8, a research group said.

BP profits jumped 148 percent in quarter
LONDON, Oct. 28 (UPI) -- British oil giant BP said its third quarter profits jumped 148 percent to $10 billion with gains largely based on record oil prices.

Banks seize homes over credit card debt
LONDON, Oct. 26 (UPI) -- Banks and credit card companies in England are exploiting a legal loophole to seize homes of customers who cannot pay their credit card bills, experts say.

Automakers to cut production in Britain
LONDON, Oct. 21 (UPI) -- Nissan and Honda said they would cut back auto production in Britain in response to the downturn in the economy.

British Prudential keeping its eye on AIG
LONDON, Oct. 21 (UPI) -- British insurer Prudential said Tuesday it was keeping a close watch on American International Group Inc., with an eye toward buying its Asian assets.

Thousands fall into negative equity
LONDON, Oct. 19 (UPI) -- More than 60,000 British home owners a month are falling into negative equity amid a collapsing housing market, officials in England say.

Prices at pump catch prime minister's ire
LONDON, Oct. 17 (UPI) -- British Prime Minister Gordon Brown has called for gasoline retailers and oil producers to make consumer-oriented decisions.

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