Research by comparison site Moneyfacts has found that there is not one single savings account currently available that will completely protect taxpayers’ savings from the effects of tax and inflation. The latest figures show that inflation fell slightly in November, from 5.0 per cent to 4.8 per cent, on the Consumer Prices Index. This means [...]
In order to avoid a bailout, the Italian senate is set to vote on austerity measures, which proposes cuts of €48 billion (£42 billion) over the next three years. The country’s Finance Minister, Giulio Tremonti, is aiming to cut the deficit to zero by 2014 from this year’s 3.9% of GDP. Mr Tremonti said the [...]
Rating agency Standard & Poor’s (S&P) has today downgraded Greece’s credit rating by two levels from BB- to B – the fourth cut by S&P since April 2010. The yield on Greek 10-year bonds surged to 15.7% – more than double the level of a year ago when the country was forced to accept an [...]
Portugal has today raised £1 billion via the sale of bonds, although analysts say this does not mark the end of the country’s problems. Portugal was successful in borrowing €1.25 billion via a bond auction but fears remain that the debt-ridden country may still require an emergency bailout from the EU – something which Prime [...]
Speculation has been mounting that Portugal is under pressure to seek a bailout from the EU rescue fund – however, the country continues to strongly deny the claims. European Commission President, Jose Manuel Barroso, has today also denied reports that the country is looking for a financial rescue package. Mr Barroso said the reports were [...]
Portugal came to a standstill today after its biggest strike in more than 20 years as workers protested against the Government’s austerity measures. The Government has introduced massive spending cuts and tax hikes, which are currently being pushed through parliament. They are aimed at bringing the budget deficit down to 4.6% next year, from the [...]
Ireland will become the latest euro zone nation to unveil unpopular austerity measures, in a move designed to bring down the country’s budget deficit. Many other nations have introduced similar measures but they are likely to cause protests and trade unions have already warned of “civil unrest”. Ireland is aiming to save €15 billion (£13 [...]
The former “Celtic Tiger” economy is sending jitters throughout the euro zone today after borrowing costs surged to record highs. Rumours of financial aid for the economy increased and come just months after Greece’s debt crisis. However, claims that Ireland will have to turn to the EU rescue fund have been denied but developments are [...]
Yorkshire Building Society has announced a new range of fixed-rate bonds paying interest at up to 4.6% gross/AER. Customers can choose between two year, three year and five year options. Interest is paid at 3.56% on the two year bond, 4.11% on the three year bond, and 4.6% on the five year bond. Savers can [...]
Savers are finding it increasingly difficult to get a good return on their money, and many are opting to pay off debt rather than keep their savings in a bank account, Moneynet.co.uk has claimed. Andrew Hagger, spokesperson for the price comparison site, said at least a dozen best-buy savings deals have disappeared from the market [...]
Michel Barnier, the European Internal Markets Commissioner, has pledged to investigate credit rating agencies after a series of downgrades to Greece’s debt. Mr Barnier told the European Parliament he had been surprised by the rapid deterioration of Greece’s rating. Last week, Greece became the first euro zone nation to have its debt downgraded to “junk” [...]
Investors continue to lose confidence in the euro after it fell further yesterday on fears over its rescue deal. The euro was down by more than a cent (1%) against the US dollar, at $1.3376, while it lost half a penny against the pound to 87.820p. The risk premium on Greek bonds also increased greatly. [...]
High inflation continues to diminish the value of money put aside into savings accounts, a financial expert has claimed. Michelle Slade of Moneyfacts.co.uk said that with the Consumer Price Index at 3%, basic rate taxpayers need to find a savings account paying 3.75% interest to ensure their savings pot retains its full value. However, only [...]
Santander’s high street banks have launched a range of new fixed-rate bonds paying interest at up to 4.1%. The bonds, available through Abbey, Bradford & Bingley, and Alliance & Leicester, can be opened by new and existing customers with a minimum deposit of £1. The one year bond pays interest at 2.5% gross per annum/AER [...]
The best fixed-rate bank accounts are fast disappearing from the shelves of high street banks and building societies, research by Moneynet has discovered. Keeping a watchful eye, Moneynet saw top deals from the Post Office, Melton Mowbray, Principality, Cahoot, Britannia, the Co-operative Bank, and Skipton Building Society disappear – some of them only days after [...]
Government-backed National Savings & Investments (NS&I), which runs Premium Bonds and a variety of savings products, has unveiled a rise in the interest rates on some of its policies. The news will be welcomed by savers who have been suffering amid the historically low interest rate environment. NS&I said rates on its guaranteed growth bonds [...]
Yorkshire Building Society has launched a new five-year fixed-rate savings bond paying interest at 5.3% gross/AER. The building society also launched a three-year bond paying a fixed-rate of 4.65% gross/AER. Both bonds require a minimum investment of £100 and can be opened in branch, over the telephone, or online. Financial advice site Moneyfacts.co.uk said the [...]
Nationwide has increased the interest rates on a range of its one-year savings bonds. The building society now pays interest at up to 4.25% on the bonds. Savers with a one year fixed-rate bond or e-Bond will now be paid 3.25% interest for balances above £10,000, and 3% for balances below £10,000. Meanwhile, customers with [...]
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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Greek yields up on Wolfgang Schaeuble comments
Germany’s Finance Minister, Wolfgang Schaeuble, has said Greece is at “risk” of default if funds are not provided soon. In a letter dated 6 June to the European Central Bank and the International Monetary Fund (IMF), the Minister said a new package was required as the current one is “insufficient”. “A return by Greece to [...]