Tag: British Bankers’ Association

Consumers reduced debts in October

Consumers reduced debts in October

Consumers focused on repaying personal loans and overdrafts in October according to the British Bankers Association. Continuing concern about economic conditions prompted consumers to make a net repayment of £207 million of unsecured debt, while lending to companies increased slightly. The fall in consumer confidence was reflected in a fall in retail sales during the […]

November 23, 2012 More
Mortgage lending down 11% in June

Mortgage lending down 11% in June

Mortgage approvals fell to their lowest level for at least the last 15 years last month, according to the British Bankers’ Association (BBA). There were 51,610 mortgage approvals in June, representing a total value of £6.5 billion. The number of mortgages approved for house purchases fell to 26,269 during the month, 11% lower than in […]

July 24, 2012 More
Mortgage approvals and lending fall

Mortgage approvals and lending fall

Borrowers were more cautious in May according to figures from the British Bankers Association (BBA) which showed an increased focus on reducing debt. Mortgage repayments were higher than lending for the first time, according to the BBA’s figures. Net mortgage lending fell by £73 million in May, the first time it has gone into reverse […]

June 28, 2012 More
Consumers holding back on borrowing

Consumers holding back on borrowing

Personal loan, credit card and overdraft borrowing is being repaid at the highest rate since January 2011. The British Bankers’ Association (BBA) reported net consumer credit repayments of £305 million in February. Consumers borrowed £7 billion on credit cards but £7.3 billion was repaid. The ongoing squeeze on household incomes is making consumers more careful […]

March 23, 2012 More
Mortgage approvals nudge ahead

Mortgage approvals nudge ahead

The UK’s High Street banks approved 74,590 mortgages in July, with the figure up from 71,521 in June and ahead of the previous six-month average (69,803). According to the British Bankers’ Association (BBA) house purchase approvals came in at 33,417, activity having gathered pace since June (32,123) and exceeded the previous six-month average (30,695). At […]

August 23, 2011 More
Bank ring-fencing threatens UK economy

Bank ring-fencing threatens UK economy

Britain’s banks are warning that ring-fencing their retail activities, to protect against investment banking losses, could endanger the UK economy because of the cost involved. A ring-fencing proposal will form part of the Independent Commission on Banking’s (ICB’s) final report, due out in September. However, according to the British Bankers’ Association (BBA), the proposed reform […]

Weak mortgage lending continues

Weak mortgage lending continues

Annual growth in banks’ gross mortgage lending stood at £7.6 billion in June, with the figure 11% lower than a year earlier, according to the British Bankers’ Association (BBA). Early signs of growth in the buy-to-let market were evident but both house purchase and remortgaging approvals continued to be weak, and with repayments still at […]

July 27, 2011 More
Banks abandon PPI legal battle

Banks abandon PPI legal battle

The British Bankers’ Association (BBA) has today said it will not appeal after losing the court challenge over claims they mis-sold payment protection insurance (PPI). In a statement the BBA said: “In the interest of providing certainty for their customers, the banks and the British Bankers’ Association have decided that they do not intend to […]

May 9, 2011 More
Which? report concludes savers losing billions in interest

Which? report concludes savers losing billions in interest

Savers are missing out on billions of pounds in interest payments, according to a report by consumer group, Which? According to the report, by leaving money in low interest accounts, savers are missing out on a possible £12 billion. According to the consumer association, interest rates are not made clear to consumers on their bank […]

October 26, 2010 More
Think tank warns of fresh bank bailout

Think tank warns of fresh bank bailout

According to the New Economics Foundation (NEF), banks could be forced to seek more support from the taxpayer next year, due to a £25 billion funding gap. The NEF has published a report on Britain’s banks entitled “Where Did Our Money Go?” and the 88-page document suggests an urgent reform of the sector is required, […]

October 4, 2010 More
Nick Clegg warns banks of bonus crackdown

Nick Clegg warns banks of bonus crackdown

Deputy Prime Minister, Nick Clegg, has today warned banks over their excessive bonuses, suggesting the coalition Government will take very serious action if they “pay themselves unjustified bonuses”. Speaking to BBC Radio 4′s Today programme, Mr Clegg said: “Clearly, if the banks pay themselves unjustified bonuses, we reserve the right to take very serious action […]

September 21, 2010 More
Banking results season kicks off this week

Banking results season kicks off this week

British banks will unveil their first-half profits this week with the five biggest banks expected to reveal they are back in the black. Banking giant HSBC will kick off the reporting season tomorrow, with Lloyds Banking Group and Standard Chartered announcing their results on Wednesday, Barclays on Thursday and Royal Bank of Scotland (RBS) on […]

August 1, 2010 More
Banks hide rate cuts from savers

Banks hide rate cuts from savers

Banks are keeping their customers in the dark about interest rate changes on their accounts, new research has found. The study by Which? Money found most banks rely on newspaper adverts or customers popping into their local branch to keep savers informed of rate cuts Only four of the twelve banks investigated guaranteed to keep […]

July 29, 2010 More
Mortgage lending down as home owners focus on repayment

Mortgage lending down as home owners focus on repayment

The British Bankers’ Association (BBA) has reported that gross mortgage lending amounted to £8.7 billion in March, with the figure 0.4% down on a year earlier and below the average of the previous six months (£9.2 billion). According to the BBA, repayments were stronger than usual as lenders actively encouraged borrowers to use surplus cash […]

April 27, 2010 More
Budget 2010: Bank accounts for all

Budget 2010: Bank accounts for all

In yesterday’s Budget, Chancellor Alistair Darling said that every UK citizen will have the legal right to have a bank account. According to the Treasury’s Financial Inclusion taskforce, there are 1.75 million people in the UK that do not have a bank account. The taskforce said half of the 1.75 million come from the poorest […]

March 25, 2010 More
New mortgage lending up 16%

New mortgage lending up 16%

New figures from the British Bankers’ Association (BBA) show February’s gross mortgage lending at £8.6 billion, having staged a recovery from January’s low of £8 billion. The number of house purchase loans approved by the UK’s banks leapt 16% year-on-year, to 35,276, having managed a slight increase on January’s figure of 35,154. Furthermore, the value […]

New mortgage lending falls away

New mortgage lending falls away

The British Bankers’ Association (BBA) has reported that mortgage lending in January was “relatively weak”, as adverse weather conditions and an inflated December market impacted on house sales. Last month, BBA members approved 35,000 loans to home buyers, down from 46,000 in December but up 37.8% on a year earlier. Remortgaging approvals stood at 20,252, […]

February 23, 2010 More
Mortgage lending stronger in December

Mortgage lending stronger in December

Mortgage lending by Britain’s High Street banks strengthened slightly in December, although the end of the stamp duty holiday is likely to have prompted a surge in completions before the New Year. The British Bankers’ Association (BBA) reported net lending of £3.5 billion during the month, up from £3.4 billion in November and showing an […]

January 26, 2010 More