Author: Jimmy Aki

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works. jimmy@moneycheck.com

The Information Commissioner’s Office (ICO) has issued a £500,000 fine on Equifax after an investigation into the 2017 data breach was launched. The Breach The fine on the Credit reference agency was meted out for failing to protect 15m people whose personal details were stolen in a cyber-attack that hit Equifax in the US in May 2017. Sadly, the breach affected 146 million customers globally, with a majority living in the United States. Even though the security breach affected more U.S. citizens than those in the UK, the inclusion of 15 million UK citizens in the hack compelled the agency…

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U.K. retail sales have gained momentum as British shoppers increased summer spending spree, and recent increment in incomes have given Britain’s struggling economy a reprieve, after a gloomy start to the year, official data revealed on Thursday. This is a positive sign Brexit is not in any way affecting retail. Online Sales, Food & Clothing Win According to data from the Office for National Statistics in London, the boom was influenced by online sales, food, and clothing. It also stated that UK consumers bought 2 per cent more from June to August than in the previous three-month period, and 3.4…

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Young drivers are fast becoming victims of online fraudsters also known as “ghost brokers” selling fake car insurance, especially on social media. Recent data from Action Fraud, has it that, between November 2014 and July 2018, most of the drivers that were target of these fraudsters fell between the age bracket of 17 to 24. According to the reported figures, drivers who fall within this age group have reportedly lost a total estimate of £912, 993, with each person’s loss at £912. Rising Ghost Broking Ghost broking is a trick used by criminals to sell fake car insurance using various…

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The British Chambers of Commerce (BCC) has predicted a weaker outlook for UK GDP growth for 2018, referring to the uncertainty bordering around the country’s likely departure from the EU. According to the prediction by BCC economists, GDP growth will fall to 1.1% from a previous forecast of 1.3% while the following year, it will hit only 1.3%, down as against 1.4% − and that by 2020 the UK economy will have witnessed another low decade of average annual GDP growth on record. Nonetheless, the UK GDP forecast for 2020 remains unchanged at 1.6% growth. This, however, implies that the BCC…

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The cost of moving house has gone above £12,000, a four percent jump ahead of last year’s figure, according to a Lloyds Bank research. The rising cost is a major turn off for homeowners, discouraging home buyers who plan to purchase new properties. Other factors that have contributed to the rising costs of moving home includes estate agency fees, stamp duty, and home removal costs. Estate agency fees, being the most expensive fee has been rising by £158, contributing to the triple jump in home prices. However, that comes nowhere close to the costs from stamp duty increases which is…

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There has been an increase in the development of luxurious high rise buildings in Manchester for the last years, but the poorer families who can’t afford these buildings have been left to rue their luck, according to a report from Alliance Manchester Business School. Predictions were made that Manchester is dealing with an impending housing disaster because of a “flawed” developer-led regeneration procedure. Despite the planned 50,000 new and mostly private homes in central Manchester by 2040, over 80,000 people are still on Greater Manchester’s social housing waiting list. Regeneration Procedure Report from Alliance Manchester Business School revealed that regeneration…

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In the past decade, almost half the people who bought a leasehold house had no idea what they were getting into, according to a new survey from the National Association of Estate Agents (NAEA) Propertymark. Were Home-Buyers Misled? The controversy which led the government to crack down on “unjustified” leaseholds instigated the research. Homebuyers had many feel that they were mis-sold because of the insane fees involved. NAEA had warned about the trappings of a leasehold contract and that most buyers have no idea until it’s too late. NAEA Propertymark surveyed more than 1,000 people who had bought a leasehold house…

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British department store Debenhams is facing a period of unprecedented upheaval following news that KPMG has been engaged to help with emergency business restructuring efforts. According to reports, the struggling retailer is currently weighing up its options which include a company voluntary agreement (CVA). The controversial CVA instrument has been used by many retailers in the past including New Look, Mothercare, and Carpetright during their restructuring efforts, much to the chagrin of landlords and other creditors who say that it leaves them shortchanged. Under a CVA insolvency framework, debtors reach a voluntary agreement with business creditors to repay all or…

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Monday witnessed a surge by the British Pound against all rivals as the market picked up on economic data from the UK Office of National Statistics suggesting that the country’s economic growth increased noticeably in July 2018, which could signify the start of a Q3 growth surge. According to the figures released by the ONS, UK GDP went up 0.3 percent in July as against the market expectation of 0.2 percent. This made the period of May-July the strongest quarter of growth since August 2017. This growth was driven primarily by surges in services and construction industries, which were boosted…

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