Record spending, Bank of England, spread betting and housing hotspots

As predicted, shoppers worked themselves into a frenzy during November’s Black Friday, new figures reveal. But this year it was internet sales that soared.

According to the British Retail Consortium, a record one in four pounds was spent online during Black Friday. The Telegraph reports that ‘online sales of non-food items, which includes homewares and clothing, represented 27.6 per cent of all total non-food sales in the UK during November, against 25.3 per cent the year before.’

All told, about £1.23 billion was spent online on Black Friday alone, according to retail analysts at IMRG, while 64 per cent of purchases were made on mobile devices, according to data from ChannelAdvisor.

Bank of England

The BBC reports that, at a speech in Liverpool yesterday, Mark Carney warned that ‘people will turn their backs on free and open markets unless something is done to help those left behind by the financial crisis’.

The Bank of England Governor said: ‘Globalisation is associated with low wages, insecure employment, stateless corporations and striking inequalities.’ He also said that Britain was enduring its ‘first lost decade since the 1860s, adding that free trade had hurt the poor and fostered “isolation and detachment”.’ Housing hotspots

It’s an overused word but, nevertheless, a new list of so-called ‘hipster’ housing hotspots in the UK’s cities has been revealed. Mail Online reports that ‘they exhibit some of the most dramatic house price leaps in the country over the last five years’.

The list, published by property website Zoopla, includes Bristol’s Montpelier, Manchester’s Chorlton and London’s Dalston.

Spread betting

The city watchdog has proposed new rules to help protect investors in the ‘contract for difference’ (CFD) market, which includes financial spread betting. The CFD market offers the opportunity to speculate on a shift in the market without owning the underlying asset.

Following the announcement, companies such as CMC Markets and IG Group were hit, down 23 per cent and 22 per cent respectively on the FTSE 250 in the first half hour.

According to the BBC, the Financial Conduct Authority (FCA) is concerned that retail customers are investing in products they do not fully understand. Its analysis found that 82 per cent of clients lost money on such products. Under the FCA’s plans, measures would be introduced to limit the risks of CFD products and ensure that customers are better informed. Economy The Guardian reports that the UK economy is on course for ‘a solid finish to the year after activity in the services sector picked up and consumer spending continued to rise last month’. The Markit/CIPS UK services PMI report chimed with other indicators suggesting businesses and consumers have shrugged off the referendum result for the time being. However, the weak pound has sparked a increase in the cost of fuel and other imports, raising concerns about inflation. Widows

Law firms are increasingly struggling to find financial solutions for widows facing money problems after a partner’s death, new research from equity release referral service Key Partnerships shows.

Its study shows nearly six out of 10 law firms regularly help widows facing financial problems with complications in probate, one of the main causes cited by 60 per cent of solicitors, second only to financial mismanagement by their late partner.

Nearly half of solicitors have seen an increase in demand for advice on how to tackle financial problems following the death of a spouse in the past year, Key’s research found. The increasing concern about general financial support is highlighting the need for more solutions as solicitors report that more than two out of three widows do not want to sell their home or downsize. Around two out of five are concerned about the stress of moving.

Tax Data from the City of London Corporation reveals that Britain’s financial services sector made its highest tax contribution on record during the last financial year. The BBC reports that ‘it paid £71 billion in tax – a 7.4 per cent increase on the previous year, and the highest in the nine years that the report has been produced. The research, which was prepared by PwC, said that was 11.5 per cent of all UK taxes.’