Mervyn King, the Bank of England’s Governor, has confessed that the latest round of stimulus is not guaranteed to boost lending to SMEs. The ongoing lack of credit to SMEs has been a major concern for the Government as these companies are the key to job creation in the UK and are expected to be [...]
Bank of England Governor, Mervyn King, believes Britain is in the midst of the “most serious financial crisis ever”. The Governor was speaking after the central bank’s Monetary Policy Committee (MPC) elected to keep interest rates on hold at the historically low level of 0.5%. Interest rates have now been at this low level since [...]
According to Sir Mervyn King, the Governor of the Bank of England, a surge in home repossessions is unlikely as UK interest rates are set to remain low. Repossessions have fallen over recent times and many experts have previously argued that homeowners have been saved from repossession because of historically low interest rates, which has [...]
At last night’s annual Mansion House speech, Chancellor George Osborne received some support for his suggestion to ring-fence banks’ retail operations so they are protected from losses from investment banking. After the speech, Barclays Chief Executive Bob Diamond said: “Retail ring-fencing would not be our first option, but we can see ways it would work, [...]
Low interest rates look set to continue, with the Governor of the Bank of England having warned that “massive” economic challenges faced by high levels of debt would only be worsened by rate hikes. Addressing the European Parliament’s Systemic Risk Board yesterday, Mr King said: “The economic consequences of high-level indebtedness now would become more [...]
Bank of England Governor Mervyn King has today reiterated that inflation will return to its target of 2% but the timescale is uncertain. His comments come after the Office for National Statistics (ONS) last week announced Consumer Price Inflation (CPI) rose to an annual rate of 4% in January – the highest rate since November [...]
Presenting today’s Quarterly Inflation Report, the Bank of England’s Governor, Mervyn King, said inflation will continue to stay high in the first half of 2011. Mr King warned inflation might even reach 6% but it will fall back next year. The Bank’s report comes just a day after the Office for National Statistics (ONS) announced [...]
The Office for National Statistics (ONS) today announced Consumer Price Inflation (CPI) rose to an annual rate of 4% in January – the highest rate since November 2008. The latest figures takes inflation to double the target of 2% – where it has been for more than a year. The latest figure prompted Governor of [...]
Speaking in Newcastle last night, the Governor of the Bank of England, Mervyn King, said inflation could rise as high as 5% but will fall back to its target by 2012. Mr King previously dismissed fears that higher inflation would demand a significant rise in interest rates in the months ahead. The CPI inflation rate [...]
The Office for National Statistics (ONS) has today announced Consumer Price Inflation (CPI) rose to an annual rate of 3.2% in October, up from 3.1% in September. The latest figure represents the eleventh consecutive month that inflation has been above the target of 2% and will prompt the Governor of the Bank of England, Mervyn [...]
The Office for National Statistics (ONS) is scheduled to announce the UK inflation rate for October tomorrow morning, with analysts expecting the annual rate to hold steady at 3.1%. With inflation way above the 2% target, the Governor of the Bank of England, Mervyn King, will be forced to write a letter to Chancellor George [...]
The Bank of England Governor, Mervyn King, is urging the group of G20 nations to address the issue of trade imbalances. His comments echoed those of the US who said it wants the G20 group of nations to agree to curtail “excessive imbalances” in world trade. Mr King said: “We are very much in the [...]
Presenting today’s Quarterly Inflation Report, the Bank of England’s Governor, Mervyn King, said inflation will continue to stay high, while the economy will remain weak. The report stated that inflation will remain stubbornly high, as a result of the rising price of raw materials, higher energy bills and the decision to hike VAT to 20% [...]
Mervyn King, the Bank of England’s Governor, has expressed his support for breaking up banks – measures that would shake-up the UK’s banking industry. Mr King’s comments come shortly after the Independent Commission on Banking (ICB) said it was looking at ways to increase competition and choice among high street banks. One option could see [...]
Bank of England governor Mervyn King has today faced questions from union leaders over Government spending cuts. Mr King became only the second governor in history to address the Trades Union Congress (TUC). Earlier this week, it was revealed that the tough austerity measures introduced by the coalition Government are set to lead to industrial [...]
Bank of England governor Mervyn King will today prepare himself for questions from union leaders over Government spending cuts. Mr King becomes only the second governor in history to address the Trades Union Congress (TUC). Earlier this week, it was revealed that the tough austerity measures introduced by the coalition Government are set to lead [...]
Speaking to an invited audience at Bloomberg’s London offices, Chancellor George Osborne has today defended his massive spending cuts and insists there is light at the end of the tunnel. However, he agreed with Mervyn King’s prediction last week, who said the economic recovery will be “choppy”. He added that there is an improvement in [...]
The Office for National Statistics (ONS) has today announced Consumer Price Inflation (CPI) slipped to an annual rate of 3.1% in July – down from to 3.2% in June. The latest figure, which was widely expected by analysts, represents the eighth consecutive month that inflation has been above the Bank of England’s target of 2%. [...]
The Bank of England’s (BoE) Monetary Policy Committee (MPC) has today elected to keep UK interest rates on hold at the historically low level of 0.5% for the 18th consecutive month, as widely expected. Furthermore, the Bank opted not to inject any more funds into the economy via its quantitative easing (QE) scheme – introduced [...]
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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