New flat rate state pension scheme revealed

Pet Insurance Fraud Soars

Pet insurance fraud almost quadrupled last year according to the Association of British Insurers (ABI). In 2010 pet insurance fraud totalled £1.9 million, while in 2009 it was just £420,000 according to the ABI’s figures, although the true scale is believed to be even higher. Policy holders are trying to cheat the system in a [...]

Government working on low deposit mortgage scheme

The Chancellor George Osborne is expected to announce a scheme to help first-time buyers in his autumn statement on November 29, according to a report in The Telegraph. The statement, which will set out plans to encourage growth in the UK’s economy, could include a mortgage indemnity guarantee scheme, which would see the government underwriting [...]

Families owe half of annual income

Insurance company Aviva has revealed that over half of UK families have unsecured debts amounting to half their annual income. With food, transport and energy costs soaring, fifty-two per cent of UK families owe £10,604 on average, on loans, credit cards, overdrafts and other unsecured debts. This represents nearly half the annual household income of [...]

Government sells Northern Rock to Virgin Money

The government has announced the sale of Northern Rock to Virgin Money for £747m, representing a loss of £650m on the £1.4bn of public money it injected into the Newcastle-based bank. The chancellor, George Osborne said that the deal was “an important first step in getting the taxpayer out of the business of owning banks”. [...]

Bank of England expects economy to stagnate

In its latest quarterly inflation report the Bank of England warns that the UK’s economic outlook has worsened. It suggests that the economy could stagnate until the middle of next year, with growth predictions for 2011 and 2012 cut to around 1 per cent, compared with its August forecast of 1.7 per cent growth in [...]

Campaigns launched as energy debts soar

With an increasing number of people in debt to their electricity and gas providers, Consumer Focus and Citizens Advice have launched a ‘Plug the Debt’ campaign. A total of 1.5 million people are believed to be in debt in the UK and figures for spring this year show a 25 per cent increase in the [...]

MPs support cheque guarantee cards

The Treasury Committee, which includes MPs from all political parties, has called for the cheque guarantee scheme to be re-instated and government departments have been ordered to accept cheque payments from customers. The Payments Council, the body which sets the strategy for payments in the UK, ended the cheque guarantee card in June. However it [...]

UK savers gloomy about retirement prospects

New figures from financial research company Defaqto reveal that UK savers are pessimistic about their pensions and many are failing to make adequate provision for their retirement. Dafaqto reports that the proportion of savers who fear that their needs won’t be adequately met when they retire has grown 6 per cent to 44 per cent. [...]

Savings tops list of financial worries

There has been a substantial increase in the number of people worried about their finances over the past six months and savings are the main area of concern. A survey by financial advice site unbiased.co.uk discovered that 47 per cent of British people are more concerned about their savings than they were six months ago. [...]

Inflation falls to 5%

Inflation fell to 5 per cent in October helped by a price war between major supermarkets, with food and petrol prices being slashed as they competed with each other. The latest figures from the Office for National Statistics show a 5 per rise in the consumer-price index in the 12 months to October, compared with [...]