The quarterly Confederation of British Industry (CBI) report has revealed shoppers returned the High Street in their droves in February after UK retailers reported their strongest growth in sales volumes for two years in early February. The CBI also believes further growth will be experienced in March as consumers begin to loosen their purse strings. [...]
The Office for National Statistics (ONS) has today revealed that the UK economy grew by 0.3% in the October to December period – slightly higher than the 0.1% estimated last month. The figures will come as a relief to many who had feared the worst with growth being revised downwards. However, the revised figures still [...]
A survey conducted by the Recruitment and Employment Confederation (REC) has established that the labour market is on the road to recovery. The research, which questioned 400 recruitment and employment consultancies, showed permanent staff placements increased for the sixth consecutive month in January. The permanent placement index dipped to 60.5 from December’s 62.8, but remained [...]
Nationwide Building Society has increased the rates on a number of its Fixed Rate Bonds and e-Bonds. These include: Three year Fixed Rate Bond and e-Bond paying up to 4.70% gross p.a./AER for balances over £25,000. Two year Fixed Rate Bond and e-Bond paying up to 4.10% gross p.a./AER for balances over £25,000. 18 month [...]
The Government recently unveiled plans to crackdown on credit card and store companies, which will see a change in the order of priority for credit card repayments, so that the most expensive debts are paid off first. The proposals are being put out to consultation by the Department for Business Innovation and Skills (BIS). The [...]
Being near a top performing primary school in England can add as much as £19,500 to the value of a home, research by Nationwide Building Society has found. Houses near a school where every 11-year-old achieves at least a level four in their Sats exams are worth 11% more than average, Nationwide discovered. However, just [...]
Nationwide Building Society has welcomed Government proposals to crackdown on credit and store companies. Earlier this week, a set of proposals by the Government, which are being put out to consultation by the Department for Business Innovation and Skills (BIS), will see a change in the order of priority for credit card repayments, so that [...]
Nationwide has launched a number of initiatives aimed at helping first-time buyers and homemovers. For first-time buyers, the building society is discounting its reservation fee by up to £500 and offering a £250 reservation fee discount, plus free legals. The lender is also extending this offer to its four and five-year fixed rate deals. The [...]
The annual Top 50 World’s Safest Banks list for 2009 has been published with the HSBC and the Nationwide Building Society rated 18th and 46th respectively. The two banks are the only two UK financial institutions to make it into New York-based Global Finance Magazine’s annual Top 50 list, which is in its 18th year. [...]
The Nationwide Building Society has saved more than a dozen families in a block of condemned flats in Dodgeholme Court, Mixenden, Halifax. The families were forced out of their homes as the block was condemned after fire officers were called in to inspect the building and told tenants they had to leave. However, the Nationwide [...]
Nearly a quarter of Brits have no money set aside in a savings account, according to research by Nationwide building society. The study in savings trends found that 23% of respondents had nothing in a savings account, whilst the number of people who consider saving important has dropped 25% compared to a year ago. Repeated [...]
Nationwide has announced further cuts to interest rates on its savings accounts. The building society said rates will be reduced by an average of 0.37%, with some accounts seeing cuts as large as 0.5%. Forty percent of accounts will see no reduction in rates, the company assured savers, whilst one account will see rates increase. [...]
Nationwide Building Society has launched a new range of fixed-rate bonds, e-bonds, and ISA bonds paying annual interest of up to 3.75%. Nationwide’s new four-year fixed-rate bond pays interest at up to 3.75%, whilst its two year bond pays 3.50%. Its three year e-bond pays up to 3.60%, its two year e-bond pays up to [...]
Eight major lenders yesterday confirmed plans to pass on the full 0.5% base rate cut to mortgage holders. Abbey, Barclays, Cheltenham & Gloucester, Halifax, HSBC, Lloyds TSB, Nationwide Building Society and Skipton Building Society have all announced interest rate cuts. Abbey said the full rate cut will be passed on to tracker mortgage holders, whilst [...]
The UK services sector, which is the backbone of the economy, is declining at a record rate as the closely monitored Purchasing Managers’ Index (PMI) fell to 40.1 in November from 42.4 in October, the lowest level and fastest decline since the survey started in 1996. The index monitors everything from output to orders and [...]
Phone fraudsters stealing bank card pins
Fraudsters using a phone scam to trick bank card holders into revealing their pin numbers stole £750,000 in the first four months of this year. This is the same amount stolen through this scam in the whole of last year. The fraudster telephones a bank customer, often someone elderly or vulnerable, telling them that their [...]
FSA rules out ban on interest-only mortgages
Speculation that the Financial Services Authority would ban interest-only mortgages as part of its Mortgage Market Review has proved to be unfounded. However, lenders will be required to monitor the performance of the investment product taken out by the customer to repay the mortgage at the end of its term. Investments are performing poorly because [...]
Bank of England may end free in-credit banking
A director of the Bank of England has warned that official intervention could be considered to end the ‘dangerous myth of free in-credit banking’. Andrew Bailey has already spoken out against free banking in relation to the mis-selling of financial products. In a speech made available to media, he reiterated his concern, saying that it [...]
Bank of England votes against more economic stimulus
The Bank of England voted against a further round of quantitative easing, at its latest Monetary Policy Committee (MPC) meeting. Just one member, David Miles, voted for further asset purchase to encourage growth in the UK economy, while the other eight members voted to keep the Bank’s quantitative easing programme steady at £325bn. The minutes [...]
Catalogue debt growing says helpline
Calls from people concerned about their debts with mail order catalogues accounted for more than 12 per cent of all calls received by National Debtline last year, compared with just 8 per cent in 2007. More people were concerned about catalogue debt than about payday loans, mortgage or rent, according to the Money Advice Trust [...]
Homeserve faces mis-selling investigation
HomeServe, which provides emergency insurance cover and domestic repairs to households in the UK, is to be investigated by the Financial Services Authority (FSA). Issues over the possible mis-selling of household emergency policies were uncovered last October during an internal review at the Walsall-based company. Homeserve’s call centre staff were found to be selling ‘Complete [...]
OFT warns Wonga over debt collection methods
Payday loan company Wonga used aggressive and misleading methods to collect debts from customers, the Office of Fair Trading (OFT) has found. Wonga sent letter and emails to certain customers suggesting they had committed fraud and threatening to report them to the police if they did not act in the way Wonga suggested. The company [...]
NS&I re-launches investment account
National Savings & Investments (NS&I) has re-launched its Investment Account at a higher interest rate than it previously offered. The account now offers 0.75 per cent before tax, compared with between 0.2 and 0.3 per cent previously, depending on the account balance. Deposits and withdrawals on the account can no longer be made at Post [...]
Rightmove reports property downsizing trend
Two in five property owners planning to sell in the next year are planning to ‘trade down’, compared with one in four who plan to ‘trade up’. A survey by property website Rightmove found that moving to a smaller home is the main reason for moving in nine out of the ten regions in the [...]
More people failing to save for retirement
The proportion of people with no pension savings has grown from 20 per cent to 22 per cent over the past year, according to Scottish Widows’ latest survey. The pension provider surveyed 5,200 adults in the UK, aged 30 or over, and earning at least £10,000 a year, for its annual review of pensions. Ian [...]
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