US carmaker Ford has today reported its first annual profit since 2005 after a turbulent 12 months for the American car industry. The company reported an annual net profit for 2009 of $2.27 billion (£1.4 billion) compared with a loss of $15 billion in 2008. Meanwhile, for the fourth quarter of 2009, profit was $868 [...]
A survey by business group British Chambers of Commerce (BCC) has revealed that businesses are cautious about a recovery next year with figures showing that two thirds are planning wage freezes or pay cuts next year. The survey, which questioned 260 companies, also revealed that in a bid to reduce overheads, one in five is [...]
A report by the National Association of Pension Funds (NAPF) has found that just 23% of final salary pension schemes in the private sector are open to new members, compared with 28% a year earlier. As a result of the findings, the NAPF has issued a warning to the Government to introduce measures to help [...]
In an effort to tackle Britain’s spiralling public debt, the Government has today unveiled proposals that will see it raise £16 billion via asset sales. In order to reduce the budget deficit, which is set to hit a record £220 billion (the equivalent of 12% of GDP), the Government has taken action by ordering sale [...]
The International Monetary Fund’s (IMF) Global Financial Stability Report has provided a positive assessment of the global economy. It has cut its amount likely to be written off globally in bad loans and investments by $600 billion to $3.4 trillion (£2.1 trillion). According to the IMF, co-ordinated efforts by Governments and Central Banks have helped [...]
Royal Bank of Scotland (RBS), which is 70% owned by the Government, has slashed its overdraft charges – ahead of the decision by the Supreme Court over whether or not the Office of Fair Trading (OFT) can regulate these charges. The changes, which come into effect on October 1, will also affect NatWest customers and [...]
Yorkshire Building Society has reduced the costs of its fixed-rate mortgages with 60% and 75% loan-to-value (LTV) ratios. A two-year fixed-rate home loan at 60% LTV is now available from 3.69% with a fee of £495. The deal is being offered to house purchasers and remortgagers and includes a free standard valuation and a free [...]
The Council of Mortgage Lenders has responded to yesterday’s cut in the base rate to 1% by saying that “it is unlikely to have a material effect on the overall state of the mortgage market”. The Council’s director general, Michael Coogan, agrees that borrowers on tracker rates will welcome the reduction but says it is [...]
Lloyds TSB has confirmed that it will pass on today’s 1.5% cut in the base rate in full, to mortgage borrowers on its standard variable rate (SVR). The bank had previously pledged that its SVR will never be pitched more than 2% above the Bank of England’s base rate. Today’s reduction takes Lloyds TSB’s SVR [...]
The price of oil fell to $59.32 a barrel in early trading today, the lowest point since February 2007, amid growing concerns that a US recession will reduce demand. Oil prices reached a high of $147 a barrel in mid-July. Last week, Opec said it would cut its output by 1.5m barrels a day to [...]
Financial information provider, Moneyfacts, has reported that the 0.5% cut in the Bank of England’s base rate made earlier this month has not been passed on by three quarters of UK mortgage lenders. The emergency reduction, to 4.5%, was made on 8th October in a coordinated action with other central banks. However, only one quarter [...]
The Bank of England’s quarterly credit conditions report, published today, has added to the doom and gloom surrounding the British economy, after it revealed that Britain’s banks and building societies are set to make even more cutbacks in their lending. The report, which surveys lenders about the previous quarter and their predictions for the next [...]
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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