Speaking to the Treasury Select Committee today, Business Secretary Vince Cable has warned banks over lending, threatening higher taxes. The business secretary told MPs that the amount of lending to small and medium-sized enterprises (SMEs) was a “serious problem” and has reminded banks of their targets, set out in the Project Merlin agreement. Under the [...]
A report by the BBC has established that bank’s lending targets have not been met and pressure is now mounting for bank bosses to reduce bonuses and increase lending to businesses and homeowners. After talks, the Treasury has made it clear that the Government will threaten to break up big banks unless they agree to [...]
Official data today revealed Japan’s economy grew strongly in the July to September period after the expiry of a Government incentive prompted a rush of car buyers and a sharp rise in cigarette sales before a new tobacco tax was levied. In addition, the hottest summer ever boosted sales of air conditioners and other related [...]
Despite speculation that banking giant HSBC would consider moving its UK headquarters, outgoing chairman, Stephen Green, has confirmed the bank will stay in London. The bank, which is Europe’s biggest, has a significant presence in Asia, which has led many to believe the bank would one day move its headquarters to Hong Kong. “Our policy [...]
In his first budget yesterday, Chancellor George Osborne defended his Government’s painful cuts and said if action is not taken, we will find our country on the “road to ruin,” According to figures from the Treasury, every household will be worse off as a result of tax rises and changes to the benefit system. The [...]
In order to tackle the UK’s deficit, tax hikes could well be on the agenda, according to reports today. Last week, Chief Secretary to the Treasury Liam Byrne suggested that no new tax rises will be required in order to cut the UK’s ballooning deficit. However, in a dramatic u-turn, asked by the BBC yesterday [...]
Forcing MPs and Lords to rent London accommodation rather than buy second homes would save the taxpayer over £1 million a year. Research by SmartLandlord.co.uk found that renting a studio flat in Westminster costs an average of £177 less per month compared to buying. With 1,372 tenants from the House of Parliament and the House [...]
Alistair Darling, Chancellor of the Exchequer, has admitted that 2009 will be a difficult year for the economy, as taxes will have to rise again to plug the millions that have been blown away following the economic crisis. With public finances in such dire straits and with the budget to be announced on the 22nd [...]
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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