The Government has announced further plans to crackdown on incapacity benefit – a move designed at helping people get back to work but, at the same time, end the situation where some risk losing out financially if they take a job. The measures were announced last October when the Government said those on incapacity benefit [...]
As part of the coalition Government’s welfare crackdown, Work and Pensions Secretary, Iain Duncan Smith, has today unveiled radical welfare reforms designed to make a life on benefits “no longer an option”. Mr Duncan Smith’s comments follow the Government’s announcement in its emergency budget in June, when it was revealed that the benefits system would [...]
Banking giant HSBC is proposing to raise the basic salaries of its senior investment bankers, in an attempt to beat the crackdown on bonus payouts. However, the move is likely to trigger unrest among the public sector, which is faced with savage cuts, as the Government attempts to bring down the budget deficit. Furthermore, the [...]
As part of the coalition Government’s welfare crackdown, announced in June, it has been revealed that winter fuel payments and child benefit, face severe overhauls. The massive overhaul of the system comes as part of the Government’s plans to reduce public spending. There is speculation that ministers are reviewing the provision of child benefit for [...]
As it continues with its priority of cutting Britain’s budget deficit, the coalition Government has indicated that incapacity benefits will be targeted in a welfare crackdown. Chancellor George Osborne has already announced tough austerity measures to cut the £155 billion deficit but has now made it clear that sickness benefits will be targeted, as they [...]
The Government-led crackdown on credit card companies is expected to save consumers around £300 million a year. The crackdown comes after the Government warned credit and store card firms to “clean up their act” after it launched a review of the industry in a consumer White Paper in July 2009. According to Prime Minister, Gordon [...]
Dr Ros Altmann, a former Downing Street pensions adviser, believes there should be an inquiry into the profit margins of credit card companies. Dr Altmann, who is a former academic and independent expert on pensions policy and retirement, believes there might be a case for a regulator to oversee the rates they charge. Last week, [...]
US President Barack Obama is proposing a severe crackdown on financial institutions in the US which has sent stock markets around the globe into decline. Yesterday, the Dow Jones closed down 2% – its worst decline since October, while Japan’s Nikkei lost 3.6% – the biggest weekly loss in three months and closing a three-week [...]
The UK credit card industry has agreed to Government proposals to help credit card holders manage their debt. As part of a crackdown on credit card companies, the Government recently warned credit and store card firms to “clean up their act.” One of the main issues was for credit card companies to stop increasing interest [...]
The Government recently unveiled plans to crackdown on credit card and store companies, which will see a change in the order of priority for credit card repayments, so that the most expensive debts are paid off first. The proposals are being put out to consultation by the Department for Business Innovation and Skills (BIS). The [...]
Nationwide Building Society has welcomed Government proposals to crackdown on credit and store companies. Earlier this week, a set of proposals by the Government, which are being put out to consultation by the Department for Business Innovation and Skills (BIS), will see a change in the order of priority for credit card repayments, so that [...]
As part of a crackdown on credit card companies, the Government is warning credit and store card firms to “clean up their act.” The latest proposals follow other restrictions on credit card practices introduced earlier this year after a credit card summit organised by the Government last November saw card companies agree to a set [...]
HM Revenue & Customs (HMRC) has embarked on a new campaign in order to get millions of pounds of unpaid tax from offshore bank accounts and has used the 2009 Budget to introduce the new “offshore disclosure opportunity” which will run until March 2010. It is an invitation to people with offshore accounts to disclose [...]
According to the Association of British Insurers (ABI), the recession has sparked an increase in the number of fraudulent insurance claims. The ABI found that around 107,000 claims totalling £730 million were false last year – this value was up 30% on 2007, with the figure rising since 2004. Figures show that the most common [...]
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, [...]
About | Privacy | Disclaimer | Resources | XML Feeds | Press Releases | Directory | Contact us
