Government fails to tackle loan sharks

Netmums says families in financial crisis

The economic downturn, the rising cost of living and the government’s austerity programme have pushed over 70 per cent of UK families to the brink of poverty, according to online parenting organisation Netmums. The organisation surveyed over 2,000 of its members this month to find out how they are coping in the economic downturn and [...]

More buy-to-let mortgages approved

The number of properties bought with buy-to-let mortgages increased by 84,000 in 2011 according to the Council of Mortgage Lenders’ latest figures. In the final quarter, 34,800 buy-to-let mortgages totalling £4 billion were approved, compared with 26,300 worth a total of £2.9 billion, in the 2010 final quarter. Demand for rented accommodation has increased significantly [...]

Barclays launches mobile banking app

Barclays’ free ‘Pingit’ app allows the bank’s UK current account holders to send money from their phone by simply entering the recipient’s mobile phone number. Up to £300 can be sent via the app and funds are sent using ‘Faster Payments’, which means the payment could be credited to the recipient’s account within a few [...]

OFT calls for step change in banking sector

In a speech to bankers, the head of the Office of Fair Trading (OFT) said that banks must improve their services or face being broken-up. The OFT’s chief executive, John Fingleton, said that despite investigations into the UK’s banking system by competition authorities, consumer bodies and the government, there is still too little competition. He [...]

16-year olds should manage own bank accounts

Parenting expert and author Andrew Watson has added his voice to those calling for young people to learn money management at an early age. Mr Watson, who wrote a book for dads-to-be when his wife was expecting their first baby, suggests that allowing young people to make financial mistakes will help prevent them making more [...]

Budget could end higher-rate pensions tax relief

Danny Alexander, chief secretary to the Treasury, has told The Telegraph that he wants to cut tax relief on pensions to 20 per cent across the board, eliminating the higher rate of tax relief currently enjoyed by high earners. The reform would help to pay for an increase in the tax allowance to £10,000. Under [...]

Inflation down to 3.6% in January

Inflation fell sharply in January to 3.6 per cent on the Consumer Prices Index (CPI), from 4.2 per cent in December, according to the latest official figures. Retail Prices Index (RPI) inflation, which includes housing costs such as mortgage interest and council tax, fell to 3.9 per cent from 4.8 per cent. Although CPI inflation [...]

Prime Minister promises action on car insurance

David Cameron is attending an insurance summit at Downing Street today in an effort to tackle Britain’s reputation as “the whiplash capital of Europe”. It is estimated that claims for whiplash injury following accidents are adding £90 a year on average, to car insurance premiums, which have risen by an average of 17% over the [...]

Offset mortgages recommended to first time buyers

Paula John, the editor-in-chief of Your Mortgage magazine, has advised first-time-buyers to consider paying for their home through an offset mortgage. Offset mortgages are “the way forward” she said, suggesting they are “the most tax-efficient way of using any excess income”. However offset mortgages are only suitable for potential house buyers who have a significant [...]

NBNK considering bid for Clydesdale Bank

New bank NBNK is believed to be considering a bid for Clydesdale and Yorkshire banks after it was announced that the two banks will undergo a strategic review. The review, by parent company National Australia Bank, could lead to Clydesdale and Yorkshire banks being sold or floated on the stock market. NBNK has not confirmed [...]