The International Air Transport Association (Iata) said major airlines continue to suffer amid higher fuel prices. According to the industry group, in the first six months of the year, airlines are likely to have lost £3.7 billion. Furthermore, the body said airlines made losses between April and June – the spring season when they would [...]
The world’s largest advertising group WPP has reported that pre-tax profits almost halved for the first half of 2009 but said the latter half of the year was “forecast to show a marked improvement in profitability”. Pre-tax profit for the six months to the end of June plunged 47% to £179 million, while like-for-like revenue [...]
Short-haul passengers are the latest victims in the British Airways’ attempt to steer clear of administration. Passengers on short-haul flights taking off from London after 10am will no longer receive a free meal, a bread roll, bottled water or sandwiches, as part of cost-cutting measures that could save the airline up to £22 million a [...]
The Council of Mortgage Lenders (CML) is keen to educate Britons about the underlying influences on UK mortgage costs. The body, which represents lenders funding 98% of the UK residential mortgage market, says it is concerned that some recent coverage of the fixed-rate mortgage market “fails to reflect the complex array of influences on lenders’ [...]
Budget airline Ryanair aims to slash costs and boost profits by asking passengers to stand during flights. Chief executive, Michael O’Leary, has already spoken with US plane manufacturer Boeing about the possibility of designing an aircraft with standing room. Should the proposal gain approval, Ryanair plans to order new jets or refurbish its existing fleet. [...]
The cost of running a home in the UK has plummeted to a three year low, according to new research from Halifax. A study by the bank found that the cost of owning and running a household has fallen by nearly a fifth during the past twelve months to the lowest level since 2006. Household [...]
Frugal householders that scrimp on home insurance to save money are playing a risky game, an industry expert warned this week. Graeme Trudgill, corporate affairs executive at the British Insurance Brokers Association (BIBA), said homeowners should not use the recession as an excuse to stop paying premiums on buildings and contents insurance cover. His comments [...]
Seven in ten UK drivers have changed their motoring habits in a bid to cut the cost of driving. Research by Saga Motor Insurance found that those who have taken steps to cut costs are saving an average of £17 per week. The most popular change is driving fewer miles, with 37% of motorists reducing [...]
This week’s announcement that Britain is staring into the abyss of deflation comes as no surprise to small businesses. A recent survey by the Bank of Scotland found that two thirds (66%) of small businesses expected inflation to ‘decrease’ or ‘flatten out’ over the course of 2009. However, the outlook of small businesses is not [...]
According to official figures, UK inflation hit 5.2% in September, the highest level since March 1992, and more than twice the Government’s target of 2%. Higher food and energy costs this year have been blamed for the surge in inflation this year. The Office for National Statistics said the annual rate of inflation for energy [...]
According to a study, the cost of food has risen 8.3% since the start of the year. Retail analysts, Verdict Research who carried out the study for the BBC, discovered that meat and fish are up 22.9% while fresh fruit and vegetables rose 14.7% since January. Store-cupboard items such as tinned foods increased by 15%, [...]
In a bid to boost its economy, Japan has revealed a stimulus package worth 11.7 trillion yen (£59 billion). It is hoped that the package will help citizens cope with rising fuel and food prices and help agricultural and fishing businesses affected by soaring costs. It also aims to reduce expressway tolls, increase medical services [...]
Homeowners choosing to sit out the credit crisis rather than move house, may be tempted to enhance their prospects of a future sale, or gain the space they need, by investing in some home improvements. A good rule of thumb for such projects is to expect a trade estimate to be around double what was [...]
Phone fraudsters stealing bank card pins
Fraudsters using a phone scam to trick bank card holders into revealing their pin numbers stole £750,000 in the first four months of this year. This is the same amount stolen through this scam in the whole of last year. The fraudster telephones a bank customer, often someone elderly or vulnerable, telling them that their [...]
FSA rules out ban on interest-only mortgages
Speculation that the Financial Services Authority would ban interest-only mortgages as part of its Mortgage Market Review has proved to be unfounded. However, lenders will be required to monitor the performance of the investment product taken out by the customer to repay the mortgage at the end of its term. Investments are performing poorly because [...]
Bank of England may end free in-credit banking
A director of the Bank of England has warned that official intervention could be considered to end the ‘dangerous myth of free in-credit banking’. Andrew Bailey has already spoken out against free banking in relation to the mis-selling of financial products. In a speech made available to media, he reiterated his concern, saying that it [...]
Bank of England votes against more economic stimulus
The Bank of England voted against a further round of quantitative easing, at its latest Monetary Policy Committee (MPC) meeting. Just one member, David Miles, voted for further asset purchase to encourage growth in the UK economy, while the other eight members voted to keep the Bank’s quantitative easing programme steady at £325bn. The minutes [...]
Catalogue debt growing says helpline
Calls from people concerned about their debts with mail order catalogues accounted for more than 12 per cent of all calls received by National Debtline last year, compared with just 8 per cent in 2007. More people were concerned about catalogue debt than about payday loans, mortgage or rent, according to the Money Advice Trust [...]
Homeserve faces mis-selling investigation
HomeServe, which provides emergency insurance cover and domestic repairs to households in the UK, is to be investigated by the Financial Services Authority (FSA). Issues over the possible mis-selling of household emergency policies were uncovered last October during an internal review at the Walsall-based company. Homeserve’s call centre staff were found to be selling ‘Complete [...]
OFT warns Wonga over debt collection methods
Payday loan company Wonga used aggressive and misleading methods to collect debts from customers, the Office of Fair Trading (OFT) has found. Wonga sent letter and emails to certain customers suggesting they had committed fraud and threatening to report them to the police if they did not act in the way Wonga suggested. The company [...]
NS&I re-launches investment account
National Savings & Investments (NS&I) has re-launched its Investment Account at a higher interest rate than it previously offered. The account now offers 0.75 per cent before tax, compared with between 0.2 and 0.3 per cent previously, depending on the account balance. Deposits and withdrawals on the account can no longer be made at Post [...]
Rightmove reports property downsizing trend
Two in five property owners planning to sell in the next year are planning to ‘trade down’, compared with one in four who plan to ‘trade up’. A survey by property website Rightmove found that moving to a smaller home is the main reason for moving in nine out of the ten regions in the [...]
More people failing to save for retirement
The proportion of people with no pension savings has grown from 20 per cent to 22 per cent over the past year, according to Scottish Widows’ latest survey. The pension provider surveyed 5,200 adults in the UK, aged 30 or over, and earning at least £10,000 a year, for its annual review of pensions. Ian [...]
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