The former “Celtic Tiger” economy is sending jitters throughout the euro zone today after borrowing costs surged to record highs. Rumours of financial aid for the economy increased and come just months after Greece’s debt crisis. However, claims that Ireland will have to turn to the EU rescue fund have been denied but developments are [...]
Greece’s woes intensified today after ratings agency Fitch downgraded the country’s credit rating amid fears over its rescue plan. Fitch downgraded Greece’s rating by two notches, from BBB+ to BBB-, as the cost of Greek borrowing continues to soar. The BBB- rating is significant since it is the lowest rating that qualifies as an investment [...]
There are renewed fears over the Greek debt crisis after a hammering of bond prices by investors took the yield on short-term Greek debt up to 8% yesterday – almost 3% higher than in October 2009. There is now speculation that Greece will be seeking a bailout sooner rather than later with one analyst suggesting [...]
The ongoing uncertainty in Greece has pushed the euro to a 10-month low against the dollar as European Union leaders prepare for a two-day summit in Brussels today. The currency fell to $1.333 – its lowest level since May last year, while it also lost 0.3% against the pound to 89.338 pence. As well as [...]
The euro continues to lose value as investors remain concerned about a solution for Greece’s fiscal problems. The currency fell to a record low of 1.4232 francs on trading platform EBS, while falling to an all-time low against the Australian dollar to $1.4654. Against the US dollar, it fell to $1.3459 – close to a [...]
Despite shares recovering in early trading today as investors absorbed the news of a half a point percentage cut in interest rates, stock markets this afternoon have fallen as investors fear a world recession. On Wall Street, shares dipped despite opening 1.63% higher and this resulted in its counterparts losing ground. In London, the FTSE [...]
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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