Bank of England policymaker Martin Weale has suggested that the Bank should consider extending its £200 billion quantitative easing (QE) programme. QE, also known as printing money, is a process whereby the Treasury injects funds into the financial system to ease pressure on banks by giving them extra capital. The Bank embarked on its QE [...]
The Chancellor of the Exchequer has chosen not to extend the stamp duty holiday, which comes to an end on 31st December, despite hopes that the UK’s housing market would be buoyed by a further concession on the tax. From 1st January, the duty becomes payable at 1% on properties worth between £125,000 and £175,000, [...]
The National Association of Realtors has revealed a rise in sales of previously owned homes in the US for the month of October. The industry body said sales surged 10.1% to an annual rate of 6.1 million units in October, up from a revised 5.54 million the previous month. Not only was the rise in [...]
It has been reported that Business Secretary Lord Peter Mandelson will today announce that the car scrappage scheme, branded ‘Cash for Bangers’ will be extended. The scheme, which was launched on 18 May to boost the ailing car industry, pays consumers £2,000 to get rid of their old cars and replace it with a more [...]
The global economic downturn has resulted in a slump in demand for big-ticket items, such as cars. This has affected carmakers worldwide with many cutting back on production, slashing jobs and seeking funding to see them through the downturn. Jaguar Land Rover (JLR), the Midlands carmaker, is no exception and according to The Sunday Times, [...]
In its most recent attempt to revive the UK housing market, the Government has pledged an extra £100 million to help first-time buyers. Housing Minister, Margaret Beckett, is increasing the budget of the HomeBuy Direct scheme (which was set up in September) from £300 million to £400 million. To date, over 130 developers have signed [...]
The Bank of England has announced its decision to extend its special liquidity scheme until 30 January 2009. The scheme was launched in April and was to run for six months until 21 October. Initially, the Bank and Treasury said that they expected the scheme to involve at least £50 billion in funding. However, amid [...]
The Bank of England’s Special Liquidity Scheme (SLS), which has been providing funds for UK mortgage lenders, is due to end on 20th October. According to Swiss investment bank, UBS, British banks may have already borrowed as much as £200 billion from the scheme, well above the £50 billion mooted when it was launched in [...]
John Charcol has reported that increasing numbers of homeowners struggling with higher interest payments are opting to extend the terms of their mortgages to reduce monthly repayments. According to research by the mortgage broker, between 10% and 15% of borrowers who have remortgaged in the past two months extended the lifetime of their loans, or [...]
Homeowners sitting out the credit crisis rather than taking their chances with a “For Sale” board are turning to home improvements. Research from personal loan specialist, GE Money, has revealed that property owners across the UK are improving and extending their dwellings as an alternative to entering a stagnating property market where according to property [...]
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
