France’s proposal of a series of mandatory caps on bank bonuses was rejected at this weekend‘s meeting of G20 finance ministers. While the proposals made by French President, Nicolas Sarkozy, received strong European support, UK Chancellor Alistair Darling dismissed them as “unenforceable”. Instead, the G20 group of leading economies have agreed on new regulatory measures [...]
The topic of bank bonuses continues to hit the headlines with Prime Minister Gordon Brown suggesting a possible cap on bonuses within the banking industry, and indicating that bonuses should be based on long-term success. The PM added that banks should be able to “claw back” bonuses if the bank later performed poorly. Mr Brown [...]
The Chancellor Alistair Darling has reiterated that Britain will join other leading economies and emerge from recession within the next few months. In an article in the Guardian, Mr Darling wrote: “I am determined the recovery will be sustainable and lasting, that no one should be consigned to the scrapheap, like so many were in [...]
The Chancellor of the Exchequer is set for a run-in with the UK’s bailed-out banks this week, over lending to small businesses. The BBC has reported that Alistair Darling is “extremely concerned” that banks are charging high rates to small and medium sized enterprises (SMEs), despite pledges made on commercial lending in return for taxpayer [...]
The Chancellor Alistair Darling has today announced key reforms of banking regulation in a bid to prevent future meltdowns. The worst financial crisis since the Great Depression of the 1930s has forced the Government to nationalise Northern Rock and Bradford & Bingley, as well as bailing out Lloyds TSB and Royal Bank of Scotland using [...]
In a bid to prevent future meltdowns of the banking system, Chancellor Alistair Darling is set to announce key reforms of banking regulation today. According to the Chancellor, the reforms will “toughen up of the regulatory system” in order to “learn the lesson of what went wrong… and make sure we reduce those risks”. Proposals [...]
Official figures have today revealed that the UK economy shrank by 2.4% in the first three months of 2009 – far worse than expected and the biggest quarterly decline in 51 years. The Office for National Statistics (ONS) said the fall was worse than the earlier estimate of a 1.9% fall – and was worse [...]
The Organisation for Economic Cooperation and Development (OECD) is forecasting that the UK’s recession will end in this year but said recovery is likely to be “weak and fragile” for some time. The OECD is forecasting that output will decline by 4.3% this year, revised upwards from its March forecast of a 3.7% fall. The [...]
Mervyn King, the Governor of the Bank of England, is calling for major regulatory reform, but Chancellor Alistair Darling said there are no plans to change the current financial regulatory system. The news comes as US President Barack Obama is proposing a major reform of banking regulation in order to prevent future meltdowns of the [...]
Figures released today by the Office for National Statistics (ONS) have triggered hopes of an economic recovery after UK industrial output showed a surprise increase in April – the first month-on-month rise for 14 months. According to the ONS, industrial output rose 0.3% from March – analysts had forecast a decline of 0.1%. Furthermore, the [...]
From April next year, savers will be able to earn tax-free interest on up to £10,200 of savings following an increase to the ISA allowance. Chancellor Alistair Darling announced the change this week in his Budget speech, increasing both the cash savings and the investments limit from £3,600 to £5,100. Financial experts and high street [...]
Pensioners have been the hardest hit by the interest rate on savings accounts entering ‘freefall’, Moneyfacts.co.uk said this week. The price comparison site said an average interest rate of just 0.64% on no notice savings accounts has left pensioners – many of whom rely on savings for a regular income – out of pocket. Darren [...]
In today’s Budget, Chancellor of the Exchequer Alistair Darling said the country is suffering as the economy is in the midst of its worst year since World War II. In an attempt to drive the UK to recovery, the Chancellor unveiled a series of measures including tax rises and spending cuts. Those earning in excess [...]
Nationwide Building Society has called on the government to review its approach to tax-free savings accounts in today’s Budget report. The UK’s biggest building society said Chancellor Alistair Darling should seek to foster a savings habit among Brits in his Budget proposals later today by making individual savings accounts (ISAs) more flexible and easier to [...]
With Alistair Darling’s April budget soon to be announced, the first thing that should be noted from next week’s budget is the announcement that public borrowing is set to reach £175 billion by 2011. Many analysts have indicated that this deficit will be the worst since the Second World War. The hole in public finances [...]
Alistair Darling, Chancellor of the Exchequer, has admitted that 2009 will be a difficult year for the economy, as taxes will have to rise again to plug the millions that have been blown away following the economic crisis. With public finances in such dire straits and with the budget to be announced on the 22nd [...]
A last minute U-turn has meant that the Chancellor, Alistair Darling, has not pressed ahead with the planned increase of business rates on 1.6 million properties, which were expected to increase by 5 percent today. The surprise announcement came after sustained lobbying from small businesses who revealed that such a hike would mean that many [...]
Following the Bank of England’s decision to cut interest rates today to a fresh low of 0.5%, it was also announced that the Bank is proceeding with quantitative easing (also known as printing money) – a process whereby the Treasury injects funds into the financial system to ease pressure on banks by giving them extra [...]
Figures released by the Office for National Statistics today have revealed that national debt could be pushed up by as much as £1.5 trillion, following the bailouts of Royal Bank of Scotland (RBS) and Lloyds TSB. Billions of pounds were injected into the two banks last autumn to prevent them from collapse. Furthermore, both Northern [...]
Chancellor of the Exchequer Alistair Darling has announced that the Government has limited the bonus pot for staff at the Royal Bank of Scotland (RBS). The bonus total for 2008 was £2.5 billion but this will be slashed to £340 million for 2009 – and is set to be paid in shares only, said Mr [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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