Delivering his third Budget, Chancellor of the Exchequer George Osborne, said that it would help those who aspired to do better for themselves and for their families. ‘Britain is going to earn its way in the world’ he said. He promised far reaching tax reform, creating a system that was simple to understand for ordinary [...]
As the leaders of the European Union’s 27 member states prepare to meet over a possible new EU treaty, the UK’s chancellor George Osborne warned a House of Lords committee that a collapse of the euro would do ‘enormous damage’ to the UK economy. Mr Osborne also stressed that the damage would be long-term. Speaking [...]
Chancellor of the Exchequer Alistair Darling has admitted that 2009 will be a difficult year because the UK is far from through the recession. In an interview with the Financial Times, Mr Darling updated an earlier prediction that the downturn would run its course by the middle of the year. He said the forecast was [...]
Chancellor of the Exchequer, Alistair Darling, has been heavily criticised by opposition MPs, housebuilders, estate agents and others, for comments made earlier this week about stamp duty. Speaking on Radio 4’s Today programme on Tuesday, Mr Darling said a suspension of the tax would be included among a range of measures he is considering to [...]
A long-awaited and much petitioned for concession on stamp duty could be in the offing. Speaking on Radio 4′s Today programme, Chancellor of the Exchequer Alistair Darling has said that he will include a possible suspension of the tax among a range of measures he is considering to kick-start the UK’s housing market. However, firm [...]
Chancellor of the Exchequer, Alistair Darling, has warned the UK’s mortgage providers that they must put their house in order over arrangement fees. The average fee paid is now over £800, up from £441 in 2005. Charges of around £1,000 are commonplace for a fixed-rate loan and some products, which carry arrangement fees based on [...]
First-time buyer mortgages remain in short supply
The Funding for Lending scheme (FLS) is failing to boost the supply of mortgages for first-time buyers, according to financial information service Moneyfacts. FLS, which was launched by the Treasury and the Bank of England in August, is designed to reduce funding costs for lenders, allowing them to increase their lending to businesses and individuals, [...]
Basic bank account standards at risk
Consumer Focus, the statutory consumer champion, is calling for a minimum standard for basic bank accounts to be introduced, to ensure the survival of the product. Basic bank accounts are used by people who are unable to open a regular current account, perhaps because of a poor credit history. It is estimated that they are [...]
A year has passed since the government replaced Child Trust Funds with Junior ISAs (JISAs) but more than half of parents are unaware that they exist, according to research by friendly society Family Investments Children born between 1 September 2002 and 2 January 2011 were eligible to open a Child Trust Fund and to receive [...]
PPI costs increase for Lloyds and Barclays
Lloyds Banking Group has set aside a further £1 billion to cover compensation costs for customers who were mis-sold Payment Protection Insurance (PPI). Yesterday, Barclays revealed £700m of PPI costs in the 2012 third quarter increasing its total provision to £2bn. Lloyds Banking Group, which has made the largest PPI provision out of all the [...]
Bonfire Night worst day for burglaries warns Aviva
Insurance group Aviva is warning households to be vigilant over security at this time of the year, as burglaries tend to increase signficantly between Halloween and Bonfire Night. On Bonfire Night the number of burglaries increases by around 25 per cent compared with an average day, according to the company’s research. Aviva also reported a [...]
Consumer confidence hits six-month low
Although the UK has officially emerged from recession, consumer confidence fell to -30 in October from -28 in September, according to market researcher company GfK NOP. This is the lowest level of consumer confidence since April when the UK was in an economic slump. Analysts had expected the index to remain stable at -28. Respondents [...]
100,000 mortgage holders escape negative equity trap
New figures from the Council of Mortgage Lenders (CML) reveal that the number of borrowers in negative equity fell 13 per cent to 719,000 between the first quarter of 2011 and the first quarter of 2012. The number of borrowers paying a mortgage greater than the value of their property fell despite a further small [...]
Banking commission appoints counsel to cross-examine witnesses
The Parliamentary Commission on Banking Standards has appointed counsel to cross-examine witnesses during its inquiry into the collapse of Halifax Bank of Scotland. Barrister David Quest has been appointed to question witnesses in a public evidence session, as part of a sub-committee panel inquiry into the bank. Andrew Tyrie, chairman of the Commission said: “This [...]
Mortgage approvals increased in September
An increase in the number of mortgage approvals in September suggests that the ‘Funding for Lending’ scheme, launched by the Treasury and the Bank of England, may be starting to give the property market a boost. According to Bank of England figures, the number of loans approved for house purchase increased by 2,103 to 50,024 [...]
Five million paid less than living wage
Five million people in the UK are paid less than the ‘living wage’ of £7.20, or £8.30 in London, according to a new report by KPMG. In Northern Ireland, 24 per cent of workers receive less than they require in order to pay for essentials and the situation is little better in Wales where 23 [...]
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