A shake-up of the retirement system will see the default retirement age scrapped in the UK from October 2011. Under new Government proposals to be unveiled later today, employers will no longer have the legal right to terminate the employment of a 65-year-old. Charities such as Age UK and activists have welcomed the new proposals [...]
The union which represents BT workers has announced a strike ballot has been scrapped due to a legal issue. The vote for strike action came as senior executives were awarded huge bonuses which angered staff. The Communication Workers Union (CWU) said it was balloting members in support of a 5% pay rise after what it [...]
In yesterday’s Budget, Chancellor Alistair Darling said that every UK citizen will have the legal right to have a bank account. According to the Treasury’s Financial Inclusion taskforce, there are 1.75 million people in the UK that do not have a bank account. The taskforce said half of the 1.75 million come from the poorest [...]
In a bid to prevent the 12-day strike planned by cabin crew over Christmas, British Airways (BA) is to take legal action to prevent what could cause misery for millions of passengers this festive season. The Unite union has called a walkout from December 22 to January 2 in a dispute over working conditions, jobs [...]
The Chartered Institute of Personnel and Development (CIPD) has warned of significant job losses in the public sector over the next five years. According to the organisation, as many as 350,000 jobs could be lost within the sector between now and 2015 with chief economist, John Philpott, forecasting that the recession will bring “a bloodbath [...]
Steel producer Corus may cut 2,000 jobs at its Teesside Cast Products plant after four international slab buyers, Marcegaglia, Dongkuk Steel Mills, Duferco Participations Holding and Alvory, have terminated a 10-year supply contract. As their main customers, the consortium have failed to fulfil their part of the contract which has been signed for ten years [...]
New government legislation on Home Information Packs (HIPs) will cause home sellers ‘significant delays’ in getting their property to market, The Nottingham warned this week. The East Midlands-based building society warned that the new legal status of HIPs will make home-selling a ‘major logistical exercise’. From 6 April, all home sellers will be required to [...]
Recent changes in the Consumer Credit Act 1974 mean that holders of Shared Appreciation Mortgages (SAMS) sold by HBOS and Barclays may be able to obtain compensation. SAMS were a form of equity release sold during the 1990s. They provided a loan secured against the future equity growth of a property. Under the arrangement, the [...]
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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