This weekend’s G20 summit in Paris is likely to be dominated with the talk of rising inflation. The two-day meeting of finance ministers and central bankers from 20 of the world’s largest developed and developing nations, will discuss soaring inflation – which is causing severe problems for many economies throughout the world. In the UK, [...]
Dominique Strauss-Kahn, Managing Director of the International Monetary Fund (IMF), has said that China’s yuan was still too low, despite a pledge by the People’s Bank of China to make its exchange rate more flexible. The US has previously expressed dissatisfaction that China is keeping the value of the yuan low to help its exporters [...]
The People’s Bank of China has today set its currency at 6.7896 yuan to the US dollar – which is 0.3% stronger than Thursday’s level of 6.8100. The moves come as China pledged to “strengthen the flexibility” of the yuan exchange rate ahead of this weekend’s G20 summit in Canada. The level marks the strongest [...]
Chancellor George Osborne will proceed with a bank levy despite the failure to agree a universal tax at this weekend’s G20 summit. The summit, which was Mr Osborne’s first G20 meeting, saw no mention of a proposal for a bank levy. Speaking after the summit, the Chancellor said: “We’ll introduce a levy regardless of whether [...]
According to the Centre for Economics and Business Research (CEBR), City bankers will receive an estimated £6 billion in bonuses for this year, compared with £4 billion for 2008. The estimate comes despite public outrage against bonuses after a year of multi-billion pound bailouts within the banking sector. However, the CEBR did point out that [...]
It has emerged that Britain’s five largest banks have agreed to bonus terms set out by the world’s leading nations at last week’s G20 summit. The five UK banks that have accepted the curbs on bonuses are Barclays, HSBC, Lloyds, RBS and Standard Chartered. Under the new terms set out at last week’s summit, up [...]
Prior to his departure to the G20 summit in Pittsburgh, Chancellor Alistair Darling warned bankers that the ‘party is over’ and the controversial bonus culture is set to change. The G20 summit, which takes place today and tomorrow, is to focus on tightening global financial regulation. The subject of bankers’ pay and bonuses are expected [...]
The BBC has reported that French President, Nicolas Sarkozy, wants to introduce a levy called Tobin Tax, aimed at curbing the bonus culture in the City. Tobin tax is the suggested tax on all trade of currency across borders and was named after the economist James Tobin in the 1970s. The proposal was suggested by [...]
The Elysée Palace has today announced that French President, Nicolas Sarkozy, may walk out of the G20 summit in Pittsburgh next week unless an agreement is reached with regard to bank bonuses. France has long been arguing that excessive bankers’ bonuses reward the risk-taking that led to the financial crisis. At last week’s meeting 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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