Credit rating agency Moody’s has once again cut Greece’s credit rating by three notches into junk territory. The measures come after Moody’s said the country has a 50:50 chance of defaulting on its debts in the next five years. Moody’s said: “The first trigger for today’s downgrade is Moody’s view that Greece is increasingly likely [...]
Details of the new flat-rate state pension will be unveiled next week by the Government. In last month’s Budget, it was announced that the new pensions system should make pension planning easier to understand – stripping out the current complex means-tested payments system and will move towards a flat-rate payment for men and women. The [...]
The Commerce Department has today revealed sales of new homes in the US dived to a record low last month. According to the Commerce Department, new single-family home sales plunged 16.9% to an annual rate of 250,000 units – the lowest since records began in 1963. Analysts had expected a rate of 290,000 units. However, [...]
The Society of Motor Manufacturers and Traders (SMMT) has revealed UK car sales fell by 7.7% in February compared with the same month in 2010. However, traditionally February is a quiet month for the car industry, with many waiting for the new number plate in March. The continuous fall in sales was expected due to [...]
Work and Pensions Secretary, Iain Duncan Smith, will unveil plans to simplify the pensions system so that it “pays to save” for retirement. According to Mr Duncan Smith, it should make pension planning easier to understand – stripping out the current complex means-tested payments system and will move towards a flat-rate payment for men and [...]
Crisis-torn lender, Northern Rock, is understood to be launching a series of mortgage products which require just a 10% deposit (90% loan-to-value). The announcement, revealed by the Financial Times, comes as mortgage lending continues to remain subdued as first-time buyers, in particular, struggle to obtain a mortgage unless they have a substantial deposit. Since the [...]
The Commerce Department has today revealed a sharp fall in sales of new homes in the US for the month of January. According to the Commerce Department, new single-family home sales fell 12.6% on a monthly basis to an annual rate of 248,000 units. On an annual basis, January sales were down 18.6%. However, the [...]
Deputy Prime Minister Nick Clegg will today outline proposals which will encourage fathers to take parental leave. Mr Clegg described the current system as “Edwardian” and, as a result, the coalition Government will consult on a “proper” system of shared parental leave to be introduced in 2015. Currently, men are entitled to take two weeks [...]
A new licensing scheme for estate agents is to be launched. aimed at protecting consumers from unqualified estate agents. According to the National Association of Estate Agents (NAEA), most estate agents are reputable but anyone can start up as an estate agent in the UK without qualifications or formal checks. The new scheme was described [...]
Housebuilder Taylor Wimpey today said it had experienced a homebuyer slowdown, as a result of the Government’s spending cuts, which has deterred potential buyers. Its comments echo those of Persimmon who yesterday said there was little evidence of the traditional autumn period which usually sees families flock to new housing developments as the school summer [...]
The Confederation of British Industry (CBI) has today confirmed John Cridland will take over the role as director general, when Richard Lambert steps down in January. Earlier this year, Mr Lambert said he would step down when his five-year term ends at the start of 2011. Mr Lambert has been with the lobby group since [...]
Bank of America Merrill Lynch and PNC Financial Services are to reduce their stakes in BlackRock – the world’s largest money manager. Bank of America will dispose of 42 million shares via a secondary offering worth more than $7 billion (£4.35 billion). Bank of America has been exploring ways to offload the stake as it [...]
A report has revealed around 100,000 finance jobs have been lost since the onset of the credit crisis three years ago. On the third anniversary of the run on Northern Rock, there have been significant job losses within the sector. The Unite union said that little had changed to improve the regulatory regime in order [...]
India’s inflation rate fell last month to its lowest level since January, Government data showed today. Headline inflation eased to 8.5% in August from a revised 9.8% in July – however, this partly due to a change in the way the index is calculated. The new index includes a wider range of consumer goods, such [...]
The London Stock Exchange (LSE) has launched a new website aimed at better addressing the needs of private investors and the retail community generally. The portal now includes: New data on International markets and share of trading. Daily news updates through live newsfeeds from Dow Jones and Digital Look. A personal finance news page that [...]
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 [...]
In a bid to boost circulation of the £5 note, ATMs which only dispense fivers have been installed across Britain, following a two-year trial in London. Almost two dozen machines, run by the ATM operator Bank Machine, have been installed in various locations, including Manchester, Stroud, Oxford, Cardiff and Portsmouth. The 21 new £5-only machines [...]
The Unite union last week announced plans to ballot its 12,000 cabin crew members on Tuesday, however, it will now be postponed following an offer from British Airways (BA). So far, cabin crews have held 22 days of strikes after being involved in a long-running dispute with the airline over cost-cutting measures, which include a [...]
From 2 December, Lloyds TSB will reduce the overdraft fees on its current accounts. The move comes just a month after the new coalition Government said it would introduce measures that will see an end to “unfair” bank charges, as well as excessive interest rates on credit cards. The banking industry was successful in a [...]
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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