consumers Archives - Kelly Rahill Accountants

UK consumers banned from using credit cards to gamble

Gamblers in the UK will no longer be able to use their credit cards to place bets online after a major shake-up of rules announced by the industry regulator.

From 14 April, people wanting to place bets online will have to do so by using either a debit card or through cash deposited into an account.

The credit card ban affects all gambling, with the exception of the National Lottery, the Gambling Commission said.

It follows concerted efforts by the UK government to address the issue of problem gambling.

Neil McArthur, Gambling Commission chief executive, said: “Credit card gambling can lead to significant financial harm.

“The ban that we have announced today should minimise the risks of harm to consumers from gambling with money they do not have.”

Research by the commission classed 22% of online gamblers who use credit cards as “problem gamblers”.

There are an estimated 24 million adult gamblers in the UK.

Brigid Simmonds, chairwoman of the Betting and Gaming Council which represents the industry, said: “The Betting and Gaming Council is a body firmly committed to raising standards, safer gambling and change.

“We will implement a ban on credit cards and indeed our members will go further to study and improve the early identification of those at risk.

“The use of credit cards were previously used as a potential marker of harm which might lead to further intervention with customers.”

Additional reporting Reuters

Article Source: Click Here

Business sentiment rises on Brexit deal hopes but consumers remain wary

A new economic survey, which combines consumer and business sentiment, rose slightly in October as the risk of a Halloween Brexit crash out receded. 

A new economic survey, which combines consumer and business sentiment, rose slightly in October as the risk of a Halloween Brexit crash out receded. 

The Bank of Ireland Economic Pulse stood at 77 in October, up 0.8 on the previous month but 15.6 lower than a year ago.

Bank of Ireland said that Budget 2020 and Brexit formed the backdrop to the latest survey. It said that while political advances made towards striking a new deal helped the business mood, it was not enough to lift the mood of consumers.

The Consumer Pulse fell 4.5 points to a new low of 69.9 in October, the fourth consecutive month it has fallen. 

Today’s survey revealed that households were gloomier about the economy and their own finances.

Buying sentiment also took a knock as Brexit weighed on minds and Budget 2020 did little for consumers’ pockets. 

Just a quarter of those surveyed considered it a good time to purchase big ticket items such as furniture and electrical goods, while one in two said they are holding out on spending because they are not certain which way economic policy is going to go.

Meanwhile, the Business Pulse rose to 78.8 in October, 2.2 higher than in September but down 14.3 on a year ago.

Bank of Ireland noted that the picture was mixed across the sectors with the services and construction pulses gaining ground but the retail and industry pulses slipping back. 

“Looking further ahead, the October data indicates that growth ambitions are holding steady, with three in five firms planning on expanding in the next one to three years,” Bank of Ireland said.

“October’s Economic Pulse was a touch firmer as the risk of a no deal Brexit at the end of the month receded, and hopes of a last minute deal grew,” commented Bank of Ireland’s chief economist Dr Loretta O’Sullivan. 

She said that households are not overly convinced  by recent developments though, with consumer sentiment tracking lower again this month and one in two indicating they are holding out on spending. 

“However, there was a sense of relief among firms that a Halloween crash out was increasingly unlikely and business sentiment edged higher. That said, the mood remains relatively subdued overall reflecting the fact that there is no such thing as a good Brexit outcome,” she added.

Article Source: Click Here

Consumers spent €1.7 billion online in March

Consumers spent €1.7 billion online in March

New figures from the Central Bank show that there are more payment cards than people in this country, with just over six million active credit or debit cards in circulation.

In the first three months of the year, Irish people spent just over €1.7 billion using those cards – that is equivalent to the Government’s health budget for the whole year.

The Central Bank figures show that for every €10 we spent using a costly credit card, we spent €53 with a debit card.

In that three month period, Irish consumers conducted 244 million point of sale transactions using debit cards – that does not include taking cash out of ATMs .

The average spend using a debit card was just over €40.

Using credit cards, consumers here made 34 million transactions, with an average spend of €80 – suggesting that consumers use credit cards for more expensive things.

Debit card spending grew by 19% year on year in March, while credit card spending grew by 10%.

The Central Bank figures also reveal that Irish consumers are spending more on online shopping as well.

Consumers bought €1.7 billion worth of stuff on the internet in March alone – that is the cost of the National Children’s Hospital spent in just one month.

Online shopping now accounts for half of all credit card spending and a quarter of all debit card spending.

According to the Central Bank, we are also spending more on overseas trips.

On average €0.5 billion a month went through credit and debit cards physically used outside of Ireland, including ATM withdrawals.

That amounts to a total of €1.6 billion spent abroad in the first three months of the year, 7% more than the same time last year.

Article Source: Click Here