Supermarket giant Morrisons has beat its rivals by announcing strong Christmas trading results. The Bradford-based retailer said like-for-like sales in the six weeks to January 3 rose by 6.5%. Meanwhile, total sales grew 11.2% as the supermarket attracted a record number of customers and the strong festive performance resulted in Morrisons increasing its market share [...]
Sir Richard Branson’s Virgin Money has announced it is to buy regional bank Church House Trust for £12.3 million and will invest £37.3 million into the business. Virgin Money, which was unsuccessful in acquiring crisis-torn Northern Rock two years ago, already offers savings, credit card and investment products to around 2.5 million customers. The purchase [...]
Following positive economic data from the US and China yesterday, US light crude rose $1.13 a barrel to end Monday trading at $78.13, while London Brent added $1.35 to $76.55. While prices are still way off the peak of $147 set in July 2008, they have been steadily rising due to strong economic data and [...]
Optimism surrounding the UK economy continued today after the pound continued its gain against the US dollar. Sterling briefly reached as high as $1.7005 today – the highest level since October – before falling back to $1.6930. While the pound still has a long way to go to reach the $2 mark seen a year [...]
The Which? Awards, which names ‘the best of the best’ in products and services, has named the Co-operative Bank as the Best Financial Services Provider. The bank has been performing well amid the recession and its customer numbers have increased significantly in recent years because of its ethical investment policy. Since 1992, the bank’s commercial [...]
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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