European equities markets saw gains Monday as the European Commission predicted that the worst of the economic crisis could be over in the region even though a separate report from the Commission warned that unemployment could remain high and could limit recovery. In London the FTSE 100 was 1.25 percent higher to 4,294.03 while the [...]
Transport group National Express has turned down a takeover bid from rail and bus operator FirstGroup. A successful partnership between the two rivals would create a public transport giant and would run large parts of the UK bus and rail network and a large piece of the yellow school bus services in the US. Furthermore, [...]
Today’s announcement by Gordon Brown of reforms to benefits for young people is old news and has already been tried by consecutive Conservative and Labour governments. As Project Work under the Conservatives, and New Deal under Labour, the entire process has been – and always has been – a complete sham designed to shunt people [...]
The tracker versus fixed-rate dilemma that currently faces homeowners has been investigated by moneysupermarket.com, with the odds laid out as follows: Mortgage borrowers on tracker rates saw their monthly repayments fall substantially, as the base rate plummeted to 0.5%. However, further falls in the base rate are unlikely whereas a rise is inevitable, probably by [...]
The Organisation for Economic Co-Operation and Development (OECD) is calling on the UK Government to take control of the UK’s spiralling debt. The OECD also said that restoring the flow of lending to the economy is an urgent priority – even if it meant nationalising more banks. The warning from the organisation comes as the [...]
The outlook for the UK property market remains positive with the Bank of England reporting a rise in new mortgage approvals during May. The number of loans approved for house purchases increased to 43,414, up from 43,191 in April and marking the fourth consecutive monthly rise. However, in value terms net lending for house purchases [...]
Pensioners are missing out on up to £5.4 billion per year in benefits they are entitled to, Age Concern said this week. The over-50s charity said thousands of pensioners are refusing to claim benefits because they are too proud to do so. Many pensioners would feel like they were taking handouts if they accepted benefits [...]
Near two million grandparents continue to save money for their grandchildren despite the recession, according to new research by Saga Savings. The over-50s financial provider found that 1.8 million (13%) grandparents are setting money aside for future generations. The main reason cited for saving was to help grandchildren in their adult lives, providing funding for [...]
The amount of money Brits are putting aside for a rainy day has reached a record high, according to research by National Savings & Investments (NS&I). The average UK consumer deposited £92.41 per month into their savings account this spring, the highest amount since NS&I records began in 2004. Regular savers, meanwhile, put aside an [...]
Internet bank Egg this week unveiled an instant access savings account and a fixed-rate bond. The Egg Bonus Savings Account pays 2.8% gross pa/AER, including a fixed-rate bonus of 1.55% for the first 12 months. The account can be opened with a minimum investment of £1, and offers the flexibility of unlimited penalty-free deposits and [...]
Vodafone, the mobile phone operator, is considering buying T-Mobile UK, which would create the UK’s largest mobile operator. Both companies have declined to comment but reports say Vodafone is interested in acquiring T-Mobile after it was placed on the market by its owner, Deutsche Telekom. However, The Financial Times has reported that the deal may [...]
The world’s second largest economy received some good news today with the Ministry of Economy, Trade and Industry announcing that industrial production was up 5.9% in May from a month earlier. The gain was the third consecutive monthly rise with manufacturers predicting that output will rise 3.1% in June and 0.9% in July. However, despite [...]
A quarterly survey from the CBI suggests that the UK’s beleaguered financial services sector is on a “gradual” road to recovery. While the organisation warned of considerable job losses and cuts to investment, there are indications that the sector is emerging from the worst of the downturn. The CBI also cautioned that the situation remains [...]
Gender directive could slash men’s annuity payouts
The EU Gender Directive, which came into force today, could see men losing up to £10,000 from their annuity payouts, according to research by PricewaterhouseCoopers. Under the new rules insurers are no longer allowed to take gender into account when setting annuity rates and premiums on insurance products. Men previously enjoyed higher annuity rates than [...]
Home rental costs down in November
The cost of renting a house in England and Wales fell by 0.4 per cent in November, its first dip since March, according to a survey by LSL Property Services. Average rent was £741m during the month, returning to the level seen in September. However, it was 3.4 per higher than in November last year. [...]
Lloyds TSB halts sale of packaged accounts in branches
Lloyds TSB will stop selling packaged account in its branches from 1 January 2013, until its sales procedures are brought into line with those operated by sister bank The Halifax. Lloyds TSB is one of the main providers of packaged accounts in Britain, with around one in three of its customers choosing to pay fees [...]
Housing market recovery to continue next year
Recent improvements in the housing market should continue into next year, according to the Council of Mortgage Lenders (CML) Gross lending is estimated to have increased to £12.9 billion in November, helped by the Funding for Lending scheme which provides banks and building societies with lower-cost funding, which they are then supposed to pass on [...]
Newcastle Building Society exits interest-only mortgages
Newcastle Building Society has stopped offering interest-only mortgages to new borrowers, following the lead of the Royal Bank of Scotland, Nationwide, Co-operative bank and Coventry Building Society. The decision will not affect existing Newcastle customers and applications for interest-only mortgages received before 14 December will still be processed. Prior to the credit crunch, interest-only mortgages [...]
Less than half of Brits considered creditworthy
Fifty-seven per cent of UK adults are at risk of having an application for credit turned down by a mainstream lender according to a new report. The ‘Mind the Credit Gap‘ report commissioned by aqua credit cards suggests that even people with a good credit rating and earning more than £50,000 could have a credit [...]
Monthly incomes £22 lower in 2012
The average monthly income of UK households fell by £22 in real terms compared with last year, according to a survey carried out for the Bank of England (BoE) by NMG Consulting. People on lower incomes have seen their income eroded more than higher earners and households still have high levels of debt the BoE [...]
Savers dig deep to fund Christmas
New research from the Halifax suggests that savers are funding their Christmas spending with money set aside for other purposes. Thirty-seven per cent of 2,138 savers surveyed by the bank at the end of November had withdrawn savings in the last three months. The average amount withdrawn was £1,186, more than double the average savings [...]
Financial data at risk from unsafe passwords
According to a survey by the Payments Council the problem of having to remember a different password for several accounts means that many internet users are compromising the security of their financial data. Internet users have 22 password-protected accounts on average and many use the same log-in details for more than one account, even though [...]
Wonga launches Paylater loans on retailer website
Payday loan company Wonga has launched a new Paylater service on furniture firm Cotswold Company’s website. The service, which allows customers to “buy now, pay later” will be introduced on other retailers’ sites in the near future. Although the Paylater branding is similar to Wonga’s, the Wonga name only appears in the small print. A [...]
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