Thousands of married women may not be receiving full state pension

Mortgage approvals and lending fall

Borrowers were more cautious in May according to figures from the British Bankers Association (BBA) which showed an increased focus on reducing debt. Mortgage repayments were higher than lending for the first time, according to the BBA’s figures. Net mortgage lending fell by £73 million in May, the first time it has gone into reverse [...]

99% of RBS and NatWest accounts now updated

Most RBS and NatWest customers should now find that their accounts are up to date, although Ulster Bank customers may still be experiencing difficulties following the computer problems which started more than a week ago. With 99% of RBS and NatWest accounts updated, the banking group will turn its attention to Ulster Bank, whose customers [...]

Economic recovery could take until 2017

Sir Mervyn King, the governor of the Bank of England, does not expect the UK economy to recover until 2017, three years later than his earlier estimate. The Governor made his gloomy prediction to MPs at a meeting of the Treasury Select Committee (TSC). “When this crisis began in 2007, most people did not believe [...]

Catalogue customers warned to avoid debt spiral

With household incomes stretched to breaking point many consumers are turning to catalogues to spread the cost of goods such as clothes and furniture, but this could lead to a spiral of debt, a debt charity warns. The Money Advice Trust is receiving around 100 calls a day about catalogue debts, more than it receives [...]

One in five people have no savings

New research by Santander has found that eleven million adults in the UK have no savings to fall back on in times of crisis. This equates to one in five adults, and those who are saving, are saving less than they used to, Santander found. Over the past year, the average amount saved each month [...]

Government proposes housing benefit cuts

Prime Minister David Cameron has suggested cutting housing benefit for people under the age of 25, in an interview with the Mail on Sunday. Housing benefit is paid to adults on a low income, to help them pay their rent, either to the local council, a private landlord or to a hostel. It is currently [...]

NatWest customers still facing problems

Last week’s computer error is expected to continue causing problems for customers of Royal Bank of Scotland, NatWest and Ulster Bank until Tuesday, the bank said yesterday. The problems started after a software update was carried out on Tuesday. The update stopped transactions going in and out of customers’ accounts during the night, leaving customers [...]

Mortgage lending 24% higher in May

Mortgage lending increased by 24 per cent to £12.2 billion in May, after a fall in April, according to the Council of Mortgage Lenders (CML). The figure was 13 per cent higher than a year ago. However, when the effect of the end of the stamp duty holiday on first-time buyer properties is excluded, the [...]

NatWest extends opening hours after computer glitch

Many NatWest branches will extend their opening hours today and over the weekend to help customers affected by this week’s computer failure. Although the underlying technical issue is believed to have been resolved, many customers are still having difficulty in accessing their accounts, and account balances are still not being updated properly overnight. Although Wednesday [...]

Severn Trent inflation-linked bond launched

Severn Trent has become the first utility company to issue a retail bond, in an effort to raise £2.5 billion. The 10-year, inflation-linked bond is being issued to the general public rather than professional investors. It is available in denominations of £100 and will pay interest twice a year at a rate of 1.3 per [...]