A hung parliament would not necessarily be bad news for the UK economy, a number of financial experts have claimed. Melanie Baker, economist at Morgan Stanley, said because all the parties have a similar approach to the economy, a coalition government is likely to quickly agree on reducing the deficit. “The ultimate policy outcomes may [...]
Only six families have been helped by the government’s Mortgage Rescue Scheme, housing minister John Healey admitted yesterday. Set up in January, the £200 million initiative aims to help vulnerable families at risk of having their home repossessed. Participants in the scheme can choose to have their home bought by the local authorities then rented [...]
Pensioners have been the hardest hit by the interest rate on savings accounts entering ‘freefall’, Moneyfacts.co.uk said this week. The price comparison site said an average interest rate of just 0.64% on no notice savings accounts has left pensioners – many of whom rely on savings for a regular income – out of pocket. Darren [...]
Nationwide Building Society has called on the government to review its approach to tax-free savings accounts in today’s Budget report. The UK’s biggest building society said Chancellor Alistair Darling should seek to foster a savings habit among Brits in his Budget proposals later today by making individual savings accounts (ISAs) more flexible and easier to [...]
The Financial Services Authority (FSA) must show banks that ‘it has real teeth’ if it is to protect consumers from banking blunders and greed, consumer advice group Which? said this week. Which? said banks must be hit with ‘bigger fines’ when they mess up if the FSA is to restore public confidence in the financial [...]
Lord Adair Turner this week unveiled his much anticipated review of the financial crisis, in which he explains the causes of the credit crunch and outlines proposals to prevent similar economic meltdowns in the future. Lord Turner, chairman of the Financial Services Authority (FSA), identified the three main causes of the credit crunch as macro-economic [...]
The government must start encouraging the UK to save money, the Association of Independent Financial Advisers (AIFA) said yesterday. Chris Cummings, AIFA director-general, said it is vital that the government’s upcoming budget provides incentives for saving. With personal debt now above £1.4 trillion, a sea-change in the UK’s approach to personal finance is ‘essential’, Cummings [...]
A government scheme designed to reduce the tax burden on British businesses has proved a success, helping over 60,000 firms deal with cash-flow problems. The Business Payment Support Service (BPSS), announced last November in the Chancellor’s Pre-Budget Report, provides a fast-track service for businesses who need more time to pay their tax bills. These businesses [...]
The government has pledged its support for rural businesses during the recession. Environment secretary Hilary Benn said he is determined to make sure rural businesses fully benefit from government support through the economic downturn. “I will do everything in my power to ensure that the rural economy is at the heart of the decisions we [...]
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, [...]
About | Privacy | Disclaimer | Resources | XML Feeds | Press Releases | Directory | Contact us
