Norwich & Peterborough Building Society (N&P) has today confirmed it has received an approach about a possible merger. The building society, which is Britain’s tenth largest, said it had received “a number of expressions of interest,” as well as the possibility for the injection of fresh capital. In a statement, the firm said: “Like other [...]
The recovery of Europe’s largest economy appears to be on track after Germany’s Statistics Office, Destatis, said growth in the July to September period was 0.7% – confirming an earlier estimate this month. A third and final estimate for the quarter will be available later this year. On an annual basis, the German economy grew [...]
The Government has today confirmed that the UK state pension age (SPA) will increase to 66 from 65 by 2020. The measures were first announced in the Government’s Spending Review last month and followed a proposal already outlined by the former Labour Government. The former Government had proposed to lift the SPA to 66 by [...]
Following an announcement by Chancellor George Osborne last month, the Government has today confirmed that the Financial Policy Committee (FPC) should be operational by autumn. In his Mansion House speech last month, Mr Osborne said the Government was launching the FPC in order to regulate financial services and markets. The proposals came after the coalition [...]
Budget airline Ryanair has confirmed it will go ahead with plans to charge passengers £1 or €1 to use the toilet. The no-frills airline said all onboard toilets will become coin-operated, while the airline is also slashing the number toilets, meaning there may be only one toilet on planes carrying almost 200 passengers. The airline [...]
Prime Minister Gordon Brown has today confirmed the general election will take place in exactly one month’s time – on 6 May. The move was widely expected and the PM made the announcement outside Downing Street, following a 20-minute meeting with the Queen at Buckingham Palace to seek the dissolution of Parliament. Mr Brown will [...]
The Times and Sunday Times newspapers will start charging to access their online news content in June, owner News International (NI) confirmed today. Rebekah Brooks, NI chief executive, said: “This is a crucial step towards making the business of news an economically exciting proposition. We are proud of our journalism and unashamed to say that [...]
Earlier this month, it was reported that Coventry Building Society was in merger talks with its smaller rival, the Stroud & Swindon. Today, however, the talks have been confirmed and the merger will bring together the country’s third and eleventh largest building societies. The merger, which is subject to approval by the members of Stroud [...]
Prime Minister Gordon Brown has confirmed the date of the Budget as March 24 with speculation mounting that the general election will be 6 weeks after – on May 6. The Treasury is set to confirm the Budget date later in a written statement to MPs. Meanwhile, in the build-up to the budget, Chancellor Alistair [...]
The European Commission has met today to discuss Greece’s tough austerity measures which will see the weakest economy of the euro zone tackle its spiralling debt. The Commission confirmed it will support the country’s plans which include a public sector pay freeze and a hike in fuel taxes. However, the European Commission will closely monitor [...]
Italian firm Ferrero, which makes Nutella chocolate spread and Ferrero Rocher chocolates, has declared itself out of the running for Cadbury. Late last year it was reported that US-based Hershey Co in partnership with Ferrero, were considering a bid for Cadbury. Hershey is the largest chocolate maker in the US and is controlled by the [...]
A major overhaul of the UK banking industry has been confirmed by the Treasury today with plans for Royal Bank of Scotland (RBS) and Lloyds Banking Group to sell off bank branches. The shake-up comes as the Government hopes to create more competition within the industry. The Government holds a 70% stake in RBS and [...]
Lloyds Banking Group has today confirmed it is considering a rights issue, in order to repair its balance sheet which was battered following the takeover of rival HBOS, as well as avoiding participating in the Government’s Asset Protection Scheme (APS). There has been speculation that the bank, which is 43% owned by the taxpayer, has [...]
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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