Figures published today by the Society of Motor Manufacturers and Traders (SMMT) revealed a strong rise in UK car production for the month of January. Car production surged 64.8% against the same month a year ago – this represents the biggest year-on-year increase in monthly production since May 1976, according to the SMMT. The SMMT [...]
The Society of Motor Manufacturers and Traders (SMMT) has today revealed sales of new cars grew by 29.8% in January compared with the same month in 2009, boosted by the Government’s scrappage scheme. The £400 million initiative, which was launched last May to boost the ailing car industry, pays drivers of cars at least 10 [...]
The UK car scrappage scheme has been extended for one month – until the end of March. The scheme, dubbed cash for bangers, was due to expire at the end of this month (or until funds ran out). However no extra funds will be provided for the scheme but the Government said the extension would [...]
The Daily Mail has reported that the Bank of England is set to extend its quantitative easing (QE) scheme by as much as £25 billion next year. 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. [...]
In yesterday’s pre-Budget report, Chancellor of the Exchequer Alistair Darling confirmed that the Government’s Support for Mortgage Interest scheme will be extended for another six months. The scheme was introduced earlier this year, with the intention of helping mortgage borrowers remain in their homes if they suffer a temporary fall in income, but are expected [...]
Business Secretary Lord Peter Mandelson has confirmed this afternoon that the scrappage scheme will be extended to cover an additional 100,000 cars and vans. The scheme branded ‘cash for bangers’, which was launched on 18 May, was originally intended to allow 300,000 cars to be traded in. The £300 million initiative was expected to run [...]
Latest figures from HM Revenue and Customs show completed housing transactions rising to 60,000 in March, up from 43,000 in February. News of the 40% increase adds to other recent evidence that the UK housing market is on the road to recovery and while house sales traditionally rise in March, when the figures are seasonally [...]
Research from Halifax Home Insurance shows how Britons are increasingly warming up to the idea of recreating the extended family, and living with relatives, rather than immediate next of kin. Currently just over two-thirds of households contain immediate family, such as spouses or partners and children, but Halifax found that 26% of the 2,000 people [...]
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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