Barclays president Bob Diamond has warned of the dangers that new taxes could have on British banks. The American multi-millionaire, who is set to take over the chief executive role from John Varley next year, made the remarks shortly before the Bank of England unveiled proposals to overhaul the banking system. In a speech at [...]
Credit rating agency, Moody’s, today warned it may downgrade Ireland’s credit rating again, due to its ailing banking system. In addition, the agency said weak economic growth and rising borrowing costs could lead to the further cut. In July, Moody’s cut Ireland’s sovereign bond rating to Aa2 from Aa1. Other agencies, Standard & Poor’s and [...]
Rating agency, Standard & Poor’s (S&P) has downgraded Ireland’s credit rating from AAA to AA+ and has put the Irish Republic on a “negative” outlook, meaning that further downgrades are possible. The downgrade could drive investors away since it will mean Irish businesses will have to pay more to borrow on the international markets. The [...]
One of Gordon Brown’s Ministers has revealed that the British banking system was just hours from collapse, just before the Government’s £500 billion bailout of the British bank system last October. In an interview with the Times, Lord Myners, who was appointed Financial Services Secretary to the Treasury in October to help rescue the banking [...]
The Bank of England’s twice-yearly Financial Stability Report has been published and has revealed that tougher regulation and constraints on lending are required in order to safeguard against future risk. Looking at the longer-term credit crunch issues, according to the Bank of England, banks would need to increase their deposit bases to make them less [...]
Iceland’s central bank, Sedlabanki, slashed interest rates today, earlier than scheduled, from 15.5% to 12% following a disastrous couple of weeks for the country. The country faced a near-collapse of its banking system after the country’s three largest banks, Glitnir, Kaupthing and Landsbanki, were nationalised recently. Meanwhile, the stock exchange was closed following a three-day [...]
The Bank of England has taken steps today in a bid to ease the worsening credit crisis after it injected an additional £55 billion into the banking system. The move follows the announcement that the $700 billion (£380 billion) US financial bailout plan has been blocked. As a result, central banks are taking action to [...]
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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