The Bank of England has released its latest quarterly inflation report, which warned that the UK recession is worse than expected but economic recovery prospects are improving. In addition the Bank forecast that the consumer price index inflation benchmark is to stay well below its 2% target for the next two years – inflation is [...]
The Bank of England’s sixth consecutive interest rate cut is finally having an impact on the housing market as interest rates on the nation’s five most popular mortgage deals are at their lowest for the last year and a half. The Bank of England’s latest figures released yesterday shows that the average two-year fixed-rate deal [...]
The Bank of England (BoE) is attempting to thaw the frozen credit markets by introducing permanent liquidity schemes. Some aspects of the Special Liquidity Scheme (which allows banks to swap illiquid assets such as mortgage-backed securities for highly liquid assets such as Treasury bills) is to be a permanent fixture of the money markets. Furthermore, [...]
Mervyn King, the Bank of England’s Governor, is under severe pressure to slash interest rates this week to fight off a recession. The Monetary Policy Committee (MPC) is to meet on Wednesday with an announcement on Thursday lunchtime, and many economists believe that a quarter point reduction is inevitable. Rates have remained the same since [...]
The Bank of England’s quarterly credit conditions report, published today, has added to the doom and gloom surrounding the British economy, after it revealed that Britain’s banks and building societies are set to make even more cutbacks in their lending. The report, which surveys lenders about the previous quarter and their predictions for the next [...]
The Bank of England’s Governor, Mervyn King, has said today that banks should put billions of pounds into a fund over the next 10 years to compensate customers in the event of another Northern Rock collapse. Mr King was speaking members of the House of Commons Treasury Select Committee on the issue of banking reform, [...]
Official data has revealed that manufacturing production fell in May triggering fears that the UK economy is heading towards a recession. The figures were much worse than anticipated as output fell by 0.5% during the month, while the wider measure of industrial production, including energy and water output, dropped 0.8%. The latest fall in manufacturing [...]
Northern Rock chairman, Ron Sandler, has warned that sharp house price falls could delay its plans to repay the billions of pounds it owes the Bank of England. Mr Sandler said if house prices were to decline 5%, 10% or 15%, that would seriously impede fulfilling the plan and added I can’t give you a [...]
The British Chambers of Commerce (BCC) has warned that the UK economy set to be even weaker in 2009. The BCC said the current economic slowdown will be more prolonged than previously anticipated. It warned that businesses should prepare themselves for a long slog before the credit crunch is over. The organisation added that the [...]
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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