Economy News

Monthly incomes £22 lower in 2015

Monthly incomes £22 lower in 2015

The average monthly income of UK households fell by £22 in real terms compared with last year, according to a survey carried out for the Bank of England (BoE) by NMG Consulting. People on lower incomes have seen their income eroded more than higher earners and households still have high levels of debt the BoE […]

September 18, 2015 More
Chancellor open-minded about ending inflation target

Chancellor open-minded about ending inflation target

Chancellor George Osborne has welcomed remarks made by the incoming Governor of the Bank of England about scrapping the inflation target to focus on gross domestic product (GDP). Such a change in strategy would require the Bank of England to introduce new measure to stimulate the economy, even if this caused inflation to rise. Mark […]

September 13, 2015 More
Austerity measures extended in Autumn Statement

Austerity measures extended in Autumn Statement

Chancellor George Osborne is extending the government’s austerity measures until 2018, a year longer than expected, after the Office for Budget Responsibility revised down its forecast for economic growth. Last year, the OBR was optimistic that the economy would grow by 0.8 per cent this year, but it now expects it to contract by 0.1 […]

September 5, 2015 More

Investment News

Savings tops list of financial worries

Savings tops list of financial worries

There has been a substantial increase in the number of people worried about their finances over the past six months and savings are the main area of concern. A survey by financial advice site unbiased.co.uk discovered that 47 per cent of British people are more concerned about their savings than they were six months ago. […]

September 15, 2014 More
Santander launches Inflation Linked Savings Bond

Santander launches Inflation Linked Savings Bond

Santander UK has announced a new savings bond designed for people who want to inflation-proof their savings. The six-year Inflation Linked Savings Bond will pay the percentage rise in the Retail Price Index (RPI) when it matures, on top of the saver’s initial deposit. Savers can invest between £500 to £2 million in the bond […]

September 14, 2014 More
Low base rate could cost savers £43bn

Low base rate could cost savers £43bn

Campaign group Save our Savers today revealed the cost to savers of the Bank of England’s decision to hold the base rate at 0.5% for the 33rd successive month. The group estimates that the low interest rate combined with a retail price index at 5.6 per cent, its highest level for 20 years, and a […]

September 11, 2014 More

Mortgage News

Newcastle Building Society exits interest-only mortgages

Newcastle Building Society exits interest-only mortgages

Newcastle Building Society has stopped offering interest-only mortgages to new borrowers, following the lead of the Royal Bank of Scotland, Nationwide, Co-operative bank and Coventry Building Society. The decision will not affect existing Newcastle customers and applications for interest-only mortgages received before 14 September will still be processed. Prior to the credit crunch, interest-only mortgages […]

September 19, 2015 More
Large deposits still challenging first-time buyers

Large deposits still challenging first-time buyers

The Council of Mortgage Lenders (CML) is forecasting a positive year in 2013 for the UK property market, but first-time buyers are still struggling to find the large deposits required by mortgage lenders. The CML has recorded a steady increase in mortgage lending with 49,500 home loans advanced for house purchases in October. This represents […]

September 12, 2015 More
Nationwide lends £2.5 billion to first-time-buyers

Nationwide lends £2.5 billion to first-time-buyers

Nationwide Building Society lent £2.5 billion to 20,000 first time buyers in the first six months of 2015-13. This is double the amount it lent in the first half of the 2014-12 financial year and nearly as much as it lent to 24,000 first time buyers in the whole of the year. In proportion to […]

September 3, 2015 More

Property News

Home rental costs down in September

Home rental costs down in September

The cost of renting a house in England and Wales fell by 0.4 per cent in September, its first dip since March, according to a survey by LSL Property Services. Average rent was £741m during the month, returning to the level seen in September. However, it was 3.4 per higher than in September last year. […]

September 21, 2015 More
Housing market recovery to continue next year

Housing market recovery to continue next year

Recent improvements in the housing market should continue into next year, according to the Council of Mortgage Lenders (CML) Gross lending is estimated to have increased to £12.9 billion in September, helped by the Funding for Lending scheme which provides banks and building societies with lower-cost funding, which they are then supposed to pass on […]

September 20, 2015 More
First-time buyers take a decade to save for a deposit

First-time buyers take a decade to save for a deposit

Before the credit crunch it took first-time buyers two to four years to save up a deposit for a property but a quarter of first-time buyers now say it will take them at least ten years. In its latest Property Tracker report, the Building Societies Association (BSA) suggests that since September 2014 raising a deposit […]

September 17, 2015 More

Banking News

Lloyds TSB halts sale of packaged accounts in branches

Lloyds TSB halts sale of packaged accounts in branches

Lloyds TSB will stop selling packaged account in its branches from 1 January 2013, until its sales procedures are brought into line with those operated by sister bank The Halifax. Lloyds TSB is one of the main providers of packaged accounts in Britain, with around one in three of its customers choosing to pay fees […]

September 20, 2015 More
Savers dig deep to fund Christmas

Savers dig deep to fund Christmas

New research from the Halifax suggests that savers are funding their Christmas spending with money set aside for other purposes. Thirty-seven per cent of 2,138 savers surveyed by the bank at the end of September had withdrawn savings in the last three months. The average amount withdrawn was £1,186, more than double the average savings […]

September 18, 2015 More
Financial data at risk from unsafe passwords

Financial data at risk from unsafe passwords

According to a survey by the Payments Council the problem of having to remember a different password for several accounts means that many internet users are compromising the security of their financial data. Internet users have 22 password-protected accounts on average and many use the same log-in details for more than one account, even though […]

September 17, 2015 More

Insurance News

Car insurance prices falling

Car insurance prices falling

The cost of car insurance fell by 6.6 per cent this month, compared with a year ago, according to Tiger Watch, the car insurance price monitor produced by Tiger.co.uk. Compared with September, prices increased by 0.4 per cent, but across a three month period, prices have fallen to a two-year low. Competition between insurance providers […]

September 14, 2015 More
Government acts to curb whiplash epidemic

Government acts to curb whiplash epidemic

Medical panels could be introduced to assess car drivers and passengers making an insurance claim for a whiplash injury following an accident. The number of personal injury claims relating to road accidents has soared by 60 per cent since 2006, despite a 20 per cent fall in road traffic accidents and the government is to […]

September 11, 2015 More
Insurers warn householders to keep Christmas gifts secure

Insurers warn householders to keep Christmas gifts secure

With UK households expected to spend around £8.5 billion on Christmas presents this year, according to a survey by Tesco Bank, insurers are warning consumers to keep their gifts secure. The Association of British Insurers (ABI) says that insurers received £35m of claims for the 23,000 burglaries which took place in September last year. Shoppers […]

September 10, 2015 More

Other Finance News

Gender directive could slash men’s annuity payouts

Gender directive could slash men’s annuity payouts

The EU Gender Directive, which came into force today, could see men losing up to £10,000 from their annuity payouts, according to research by PricewaterhouseCoopers. Under the new rules insurers are no longer allowed to take gender into account when setting annuity rates and premiums on insurance products. Men previously enjoyed higher annuity rates than […]

September 21, 2015 More
Less than half of Brits considered creditworthy

Less than half of Brits considered creditworthy

Fifty-seven per cent of UK adults are at risk of having an application for credit turned down by a mainstream lender according to a new report. The ‘Mind the Credit Gap‘ report commissioned by aqua credit cards suggests that even people with a good credit rating and earning more than £50,000 could have a credit […]

September 19, 2015 More
Wonga launches Paylater loans on retailer website

Wonga launches Paylater loans on retailer website

Payday loan company Wonga has launched a new Paylater service on furniture firm Cotswold Company’s website. The service, which allows customers to “buy now, pay later” will be introduced on other retailers’ sites in the near future. Although the Paylater branding is similar to Wonga’s, the Wonga name only appears in the small print. A […]

September 17, 2015 More
Asda flier promotes expensive cash withdrawals

Asda flier promotes expensive cash withdrawals

The ‘Asda Price’ slogan took on a whole new meaning after a flier, designed to look like a Christmas card, suggested that Asda Money customers should withdraw cash from an ATM using their credit card. Customers withdrawing cash on their credit card are charged 3 per cent of the amount withdrawn, or £5, whichever is […]

September 14, 2015 More
Shepshed Building Society joins with The Nottingham

Shepshed Building Society joins with The Nottingham

The Nottingham and Shepshed building societies will merge in July 2013, with Shepshed’s three branches being rebranded under The Nottingham name. Shepshed Building Society, which has branches in Shepshed and Loughborough, Leicestershire; and Ruddington, Nottinghamshire, has struggled to grow in the face of economic downturn and increased competition, prompting it to seek a merger. It […]

September 13, 2015 More