US banking giant Citigroup has today reported a rise in its third quarter profit. Citigroup, which is the third largest bank in the US by assets, said third quarter profit came in at $3.77 billion, or $1.23 a share, compared with $2.17 billion, or 72 cents a share, in the same quarter a year earlier. [...]
Residents of Bexhill-on-Sea in East Sussex have the highest quality of life among Britain’s seaside towns, followed by Burnham-on-Crouch in Essex and Christchurch in Dorset. According to the latest Halifax survey of UK coastal towns, all three have higher than average weekly earnings, compared to other seaside towns, and an above average employment rate. With [...]
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 [...]
As the Labour Government’s general election campaign continues, its latest pledge is to increase the basic state pension in accordance with earnings from 2012 – provided the party is re-elected. The pensions-earnings link was scrapped by Margaret Thatcher thirty years ago and replaced with the retail price inflation index (RPI). However, with pensions being linked [...]
Halifax has been looking back over the past 50 years to find that the average cost of a UK home has increased by 237% (in real terms) since 1959. The typical yearly rate of return of 2.7% exceeded the average rise in real earnings over the period, although house prices recorded their biggest increase in [...]
The half of Brits who currently can’t afford to save would have to earn an extra £500 per month before they’d consider putting anything aside for the piggy bank, new research has discovered. The poll by moneysupermarket.com found that 52% of UK adults don’t have enough cash to save on a regular basis. On average, [...]
UK house prices are becoming increasingly affordable, especially for those who can stump up a substantial deposit. Research from Halifax shows an improving trend over the past 18 months, in terms of the proportion of earnings spent on mortgage payments. For new borrowers with 30% to put down, the proportion has fallen from a peak [...]
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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