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U.S. markets recover from steep losses
LONDON, June 27 (UPI) -- The savings rate in Britain has declined to the lowest level since 1959, the government's Office for National Statistics said.
The savings ratio dropped to 1.1 percent, a figure last seen when Harold Macmillan was British Prime Minister, The Daily Telegraph reported.
Other measures show the standard of living is falling in Britain, notably disposable income, which dropped 1 percent in the first quarter, the government report said.
"The fall in the household saving ratio from 3 percent to just 1.1 percent emphases the threat to consumer spending as households tighten their belts in response to falling house prices," Jonathan Loynes of Capital Economics told the Telegraph.
Loynes said the Bank of England "is far too sanguine on this."
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CANBERRA, Australia, May 23 (UPI) --
Australia has passed legislation establishing the $10 billion Clean Energy Finance Corp. to provide grants and government investment to green projects.
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NEW DELHI, May 24 (UPI) --
India's state-run National Aerospace Laboratory will work with Kadet Defense Systems to develop NAL's Hansa trainer aircraft into an unmanned airial vehicle.
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The housing inventory rose slightly in April, which is unusual in the middle of the spring sales season. The uptick may be the result of rising seller confidence and it should ease concerns that the super tight inventory levels of the last six months...
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What if Europe turned out to be the new Japan?
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