Unions have vented their anger at directors today after a report found that the average annual bonus for a director in a FTSE 100 company has soared by 187% in the last decade. The findings were in a report by the High Pay Commission and discovered that top executives received a bonus worth 90% last [...]
The Mortgage Rescue Scheme has been criticised by the National Audit Office (NAO) for missing targets. The Scheme was established by the Labour Government in late 2008 to help struggling homeowners in England facing repossession and allowed people to sell their property to a local authority or housing association but stay on as a tenant. [...]
Several topics are set to be high on the agenda at today’s G20 gathering in South Korea. The group of G20 nations, which accounts for about 85% of the global economy, comprise the world’s 19 leading national economies (Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, [...]
The Labor Department has revealed the world’s largest economy added 151,000 new jobs last month. The news was gratefully received after concerns of a sluggish recovery, which led the Federal Reserve to introduce a fresh round of stimulus this week. However, the latest figures means the unemployment rate continues to hold steady at 9.6% – [...]
City Watchdog, the Financial Services Authority (FSA), has criticised the UK’s largest High Street banks for the poor way they handled their customers’ complaints. Five of the banks, who have not been identified, have agreed to make “significant” changes to the way it handles complaints. However, two of the banks are being investigated further and [...]
A report from the Institute for Fiscal Studies (IFS) claims the UK will face deep public spending cuts in the years between 2011 and 2015. According to the Institute, if the three main political parties are to meet their budget commitments, then the UK will see the harshest spending cuts since years between 1976-1980. However, [...]
US food giant, Kraft, has been criticised by a group of MPs today after the company pledged to keep open Cadbury’s Somerdale factory in Keynsham, but later decided to close the site following its takeover of the British confectioner. Kraft, which made several hostile bids for Cadbury before shareholders finally agreed to a deal, initially [...]
The recent 2.5% cut in VAT has been criticised by Olivier Blanchard, an International Monetary Fund economist. VAT was cut from 17.5% to 15% from Monday, December 1 for 13 months in an attempt to boost spending. However, Mr Blanchard believes the temporary cut in VAT is not a good idea would not significantly change [...]
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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