One in every 401 UK adults entered personal insolvency during 2018

In 2018, over 115,000 individuals were declared insolvent due to unmanageable debt, an increase of over 16% from the year before, and the highest figure for 7 years. Insolvency describes a situation when a company or individual can’t pay what they owe on time, or when the value of their assets is less than the money they owe. In such scenarios, formal legal proceedings begin if a viable solution...

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IT skills shortage after Brexit could affect UK security and economy

A massive shortage of Information and Communication Technology (ICT) skills and knowledge could be on the way post-Brexit putting the UK’s economy and security at risk. Research by academics at Northumbria University and UCL has identified a number of risks to the UK if the Government does not put measures in place to support the development of ICT infrastructure, education and policy. Without a...

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Which countries in Europe would benefit most from implementing the Paris Climate Agreement?

This graph shows the projected impact of fully implementing the Paris Climate Agreement on the GDP of different countries in the EU by 2030, compared to a ‘business as usual’ baseline forecast.  Latvia, Malta and Belgium will experience the largest boost to their GDP. At close to 6%, the projected growth in Latvia’s GDP is by far the most significant – this is largely due to the...

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Further decline in household spending at start of 2019

Visa’s UK Consumer Spending Index, compiled by IHS Markit, pointed to a weak start to 2019, with expenditure falling for the fourth month running. Moreover, household spending was down -1.3% year-on-year in January (-0.9% in December) to signal the most marked fall since April 2018. A further decline in spending on the high street drove the latest fall in overall...

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Truck crook stole £337k VAT while claiming benefits

A truck dealer from Liverpool who stole £337,000 in VAT while claiming benefits has been jailed. John Doyle, 37, of Albion Street, Everton, traded more than £3 million of vehicles and pocketed the VAT he charged on every sale, a HM Revenue and Customs (HMRC) investigation found. Doyle bought trucks and specialist plant machinery in the UK and Ireland through his business, Albion Trucks &...

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The truth about leaving debt behind in Dubai – Common questions answered by the debt team at Detained in Dubai

Loans are sold aggressively to expats, who accept credit to meet the high costs of living in the UAE.  Unlike Western countries, the UAE treats debt as a criminal matter rather than a civil one. The result being that if a borrower is late with payments, they can face fines and imprisonment. Even after they are released, the bank may open a civil case against them which can result in further...

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