The Government’s massive spending cuts, which were introduced to trim the spiralling budget deficit, is to lead to a cut in funding for debt advisers. The news comes as debt advice charities are at their busiest as households are squeezed by unemployment, tax hikes and rising inflation. As a result, many debt advisers believe that [...]
A survey by Aldermore, the banking group, has revealed the recent VAT hike will hurt small and medium sized enterprises (SMEs). According to the survey, around 35% of Britain’s SMEs said the new rate, from 17.5% to 20%, will put a strain on their cash flow and they will need extra funding to cope with [...]
Ratings agency Moody’s today announced it has put Spanish bonds on watch for a possible downgrade due to its high funding requirements. However, the agency said it does not expect Spain to turn to the EU fund for a bailout. In a statement, Moody’s lead analyst on Spain Kathrin Muehlbronner, said: “Moody’s does not believe [...]
There is speculation that Ireland is looking to its banks for emergency funding – the Irish Independent reported on Monday. The report comes as Ireland’s Government continues to reject claims that it is seeking emergency financial support via the EU rescue fund – established by European Governments and the International Monetary Fund after the Greek [...]
Business Secretary Vince Cable has warned that the UK’s car industry will not receive any further funding from the Government. Mr Cable was speaking at a conference in London organised by trade body, the Society of Motor Manufacturers and Traders (SMMT). However, he said the industry is “incredibly important to the UK economy” and insisted [...]
There are fresh concerns over the European banking sector after banks are scheduled to repay €442 billion (£362 billion) worth of loans to the European Central Bank (ECB) later this week. Shares in Europe hit a three-week closing low today as a result. Furthermore, shares were hit by a sharp fall in US consumer confidence [...]
The British Bankers’ Association (BBA) has today revealed a marginal rise in the number of new mortgages approved by the major banks in April. According to the BBA, mortgage approvals for the month stood at 35,729 – up by just 685 on March. The BBA said there is little evidence of the traditional “spring bounce” [...]
Call Britannia has secured £500,000 of investment to help it create 10,000 new jobs for long-term unemployed people across Britain. The funding was secured from specialist investment firm Bridges Ventures, which uses its funds to meet social and environmental goals. The new jobs will be created in ten new outsourced customer call centres in economically [...]
Social enterprises are underfunded because they lack access to capital, according to a new report launched this week in Australia. The Financing Social Enterprise report, researched by Foresters Community Finance, said social enterprises are often unable to access finance from mainstream lending institutions. “The greatest challenge for emerging social businesses is their lack of access [...]
Gross mortgage lending leapt to £11.5 billion in March, a 24% rise on February and up 3% on a year earlier, according to the Council of Mortgage Lenders (CML). However, the figure is in line with the usual seasonal trend and gross lending for the first three months of the year stood at £29.5 billion, [...]
Mobile phone operator O2 this week announced a £5 million project offering cash-in-hand grants to young people who plan to make a difference in their local communities. The three year programme, Think Big, will allow 13-25 year olds to apply for a £300 grant to fund projects designed to address local problems as identified by [...]
Shares in Watford Football Club have been suspended after its parent company, Watford Leisure, warned it may enter administration. The Club, nicknamed The Hornets, is currently 10th with 30 points in the 24-team Coca-Cola Championship. Watford Leisure recently announced it would run out of cash before Christmas if it did not secure further funding and [...]
Struggling Japan Airlines (JAL) saw it shares soar 7% to 107 yen today after speculation that the Japanese Government is looking to guarantee about 700 billion yen ($7.8 billion; £4.7 billion) in loans to the debt-laden airline. Since 2001, JAL, which is Asia’s largest carrier, has been bailed out four times by the Government. The [...]
The Commerce Department today revealed a fall in US retail sales for the month of September as the US Government’s Car Allowance Rebate System (CARS), branded the “cash for clunkers” scheme ended. According to the organisation, retail sales in the world’s largest economy fell 1.5% on the month – the largest amount in 2009 to [...]
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 [...]
Struggling Japan Airlines (JAL) has confirmed it has asked the Government for public funds to strengthen its capital base and save it from collapse. The news comes just a week after the loss-making carrier announced plans to cut its operating schedule and reduce headcount by almost 7,000. JAL president, Haruka Nishimatsu, said he is also [...]
The Society of Motor Manufacturers and Traders (SMMT) has today revealed a further rise in car sales as a result of the Government’s car scrappage scheme. 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 [...]
Official figures released today show that orders for the scrappage scheme have reached 154,927. £300 million was put aside from the Government, along with the matched funding from manufacturers – enough to fund 300,000 transactions. Consequently, over half of the money within the scheme has been spent. The Government’s car scrappage scheme, branded ‘bangers for [...]
The US Government’s Car Allowance Rebate System (CARS), branded the “cash for clunkers” scheme has received an additional $2 billion (£1.19 billion) – approved by the US Senate, after an initial $1 billion ran out in just 10 days. The “cash for clunkers” scheme has been designed to help bring the US economy out of [...]
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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