Auto Windscreens, which is the UK’s second largest windscreen repair and replacement company, has been placed into administration, putting more than 1,000 jobs at risk. Deloitte, which has been appointed as administrator for the Chesterfield-based company, said there were no funds with which it could continue trading. According to Deloitte, the company has suffered trading [...]
A meeting between Business Secretary Vince Cable, Chancellor George Osborne and the bosses of the UK’s top five banks has been delayed after Mr Osborne is stranded in the US due to bad weather. The meeting, scheduled for this afternoon to discuss the controversial issue of bonuses, had to be cancelled due to transport problems. [...]
Struggling Japanese carmaker Toyota is to suspend production at plants in France and Britain for two weeks from Monday amid safety recall problems. The carmaker has been suffering amid major safety fears and has recalled almost 9 million vehicles over concerns about accelerator pedals and brake systems. The problems have been blamed for almost 60 [...]
Respected US billionaire investor Warren Buffett has said the problems in the US property market will be over within a year. In his annual letter to shareholders in Berkshire Hathaway, the investment group controlled by Mr Buffett, he said prices will remain ‘far below bubble levels’ for the medium term. He added: “People thought it [...]
The European Central Bank (ECB) today elected to keep interest rates on hold at the historic low of 1% for the ninth consecutive month, as widely expected. Interest rates are expected to remain on hold for the long-term as a result of uneven growth and low inflation. The euro zone as a whole emerged from [...]
Research has revealed that the number of people contacting the Citizens Advice Bureau (CAB) for help with debt problems has surged by 20% in the last 12 months. The independent charity, which was established 70 years ago to help people with war-related problems, provides information and advice to help people with their money, legal, consumer [...]
Wolseley, which is the world’s largest supplier of plumbing and heating equipment, has today posted an annual loss due to the ongoing problems in the housing market. The company, which owns Plumb Center and Build Center in the UK, slumped to a pre-tax loss of £766 million for the year to 31 July, compared with [...]
The number of people struggling with debt problems has been highlighted by the Citizens Advice Bureau (CAB) after it emerged that the independent charity is taking around 9,300 new debt cases each day. The figures have been released to celebrate 70 years of the charity, which was originally established to help people with war-related problems. [...]
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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