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 [...]
The Lloyd’s of London insurance market today said natural disasters will cost it in the region of £2.4 billion ($3.8 billion). The recent catastrophes including the flooding in Australia, the New Zealand earthquake, the Japanese earthquake and tsunami, means insurance prices will soar as claims eat into the industry’s capital reserves. The company said the [...]
The French Government has today warned that strikes against pension cuts are costing the economy between €200 and €400 million per day. Ongoing protests and strikes against the Government’s changes to pensions have resulted in fuel shortages and travel chaos throughout the nation. France’s Finance Minister, Christine Lagarde, said: “Today, we shouldn’t be weighing down [...]
Ireland’s central bank has warned that a potential rescue for troubled lender, Anglo Irish Bank, will cost up to €34.3 billion (£29 billion). The figure is much higher than last month’s estimation of between €22-€25 billion and the revised figure is the equivalent of Ireland’s annual taxation revenues. The central bank said that the nationalisation [...]
British insurance giant Prudential has said the cost of its failed bid for AIA, the Asian arm of US company American International Group (AIG), is £377 million before tax relief. However, it is less than originally thought. Following the collapse of the deal, Pru said it faced costs of £450 million relating to the withdrawal [...]
The cost of owning and running a home in Scotland has declined by 4% over the past two years, according to research by Bank of Scotland. Between April 2008 and April 2010, average yearly expenses fell by £388, from £8,949 to £8,562. In real terms (after allowing for retail price inflation), the figure is down [...]
Prudential, which is Britain’s second largest insurer, is in fresh talks with AIA, the Asian arm of US company American International Group (AIG). Earlier this week, it was reported that as many as 20% of Pru’s UK investors will vote against the proposed takeover and, as a result, the insurance giant said it is in [...]
The Association of Home Information Pack Providers (AHIPP) is arguing that Home Information Packs (HIPs) have never deterred potential sellers from putting their properties on the market. Opponents of the packs, which were fully introduced in December 2007, maintain that they removed speculative vendors from the market on grounds of cost. However, research from AHIPP [...]
The National Fraud Authority (NFA) has revealed the extent to which fraud is having on the UK economy. According to the NFA’s figures, fraud (including scams, online theft, insurance cheats and tax fraud) is costing the economy £30 billion a year – the equivalent of £621 per adult in the UK. The figures have resulted [...]
The cost of putting their children through university is forcing some parents to remortgage their home, The Children’s Mutual revealed this week. Students starting university this year will spend an average of £42,000 during their three-year course, and many parents will be expected to fund the majority of this bill. “University can be as much [...]
The much forecast rise in fixed rates is well underway with Abbey announcing that it has put up the cost of its fixed-rate mortgages by between 0.25% and 0.5%. Lloyds banking group has also increased the cost of some fixed-rate deals via its Cheltenham & Gloucester and Halifax brands. The lenders are following a trend [...]
Homeowners who have chosen to improve, rather than move in the current market downturn, will be dismayed by new research from Abbey, which suggests that the cost of a home improvements is unlikely to be reflected in a sale price. Falling house prices mean that previously profitable projects can now cost homeowners serious amounts of [...]
Latest research from financial website Moneyfacts.co.uk shows that the cost of a fixed-rate mortgage is continuing to rise despite a fall in money market swap rates. Swap rates determine fixed mortgage interest rates and reflect traders’ views on the direction that interest rates will take during the period of the fix. While swap rates peaked [...]
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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