The Building Societies Association (BSA) is urging the Government to return Northern Rock to the mutual sector, arguing that mutuals take less risk than banks owned by shareholders. Mutual building societies are owned by their members, not by shareholders, and are run for the benefit of those members. The BSA said a new report points [...]
It has been reported that Business Secretary Lord Peter Mandelson will today announce that the car scrappage scheme, branded ‘Cash for Bangers’ will be extended. The scheme, which was launched on 18 May to boost the ailing car industry, pays consumers £2,000 to get rid of their old cars and replace it with a more [...]
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 yen hit 88.23 against the dollar today – the highest level since January when the currency hit a 13-year high of 87.10 per dollar. However, while a strong yen is good news for the economy, it makes Japanese exports less competitive – but means imports are more affordable to Japanese consumers. Earlier this month, [...]
At last week’s G20 summit, the world’s leading nations agreed to “tough new regulations”. Following the summit, which took place in Pittsburgh on Thursday and Friday, US President Barack Obama announced that in order to prevent another financial crisis: “We have agreed tough new financial regulations to ensure that the reckless few can no longer [...]
Abbey for Intermediaries has launched a broker-only mortgage range with no legal or valuation costs attached. According to the lender, the new deal is the first of its kind to be offered to brokers and could save customers up £1,650 in upfront costs. The Homebuyer Plus range includes a two-year tracker at 3.29% for a [...]
Leeds Building Society unveiled two new mortgage products this week. The new products include a two-year base rate tracker (BRT) mortgage, and a two-year fixed-rate mortgage. The BRT mortgage is available to homeowners borrowing up to 75% of the value of their property, with interest charged at 2.7% above the Bank of England’s base rate. [...]
Homeowners renting a room to a lodger should inform their home insurance provider, the Association of British Insurers (ABI) said this week. According to the ABI, homeowners who don’t inform their insurance provider about taking on a lodger risk invalidating their policy. “If you are applying for insurance and you are taking a lodger, or [...]
The financial crisis has made people aware of the need for businesses to take a stand on social issues and help combat inequality, an investment expert has claimed. Sir Ronald Cohen, founder of private equity firm Apex Partners, believes the credit crunch will help shine the spotlight on social investments, which use financial tools to [...]
The UK government is set to invest £5 million in socially responsible businesses. Angela Smith, charities minister, said the money would provide “the missing link between social enterprise and finance.” Smith announced the investment at this month’s Social Investment Conference, and said she fully supports plans for a Social Investment Wholesale Bank. “I am keen [...]
Carmarthenshire Council has been slammed for profiting from cancer, disease and death by investing £12 million in cigarette company British American Tobacco (BAT). The money is from Dyfed Pensions Fund, which pays for the pensions of council workers and councillors in the Welsh counties of Carmarthenshire, Ceredigion and Pembrokeshire. Church leaders in Carmarthen lambasted the [...]
Over one million pension savers can track the performance of their pension fund and plan for retirement using a new online tool. The Aviva Pension Tracker, available to Aviva’s pensions customers, was launched this week. The secure website features Lisa, a virtual online guide who shows users around the site and explains the importance of [...]
European equities markets were mostly lower Friday despite gains in the oil sector as banks declined on news of discussions at the G20 meeting in the United States concerning the possible introduction of stricter control of the banking sector. The FTSE 100 added 0.06 percent to 5,082.2 in London, but the FTSE 250 dropped 0.36 [...]
A High Court judge has today ruled that employers are still able to dismiss workers when they reach the age of 65. Currently, the law means that a British worker can have their employment terminated at the age of 65 without redundancy payments – even if they do not want to retire. Furthermore, an employer [...]
Sterling fell this morning to a near four-month low to $1.5917 against the US dollar before creeping back up to $1.5989. The level was the lowest seen since early June after G20 leaders said stimulus packages will remain until a recovery is sustainable. However, the pound is still currently higher than the low levels of [...]
The Society of Motor Manufacturers and Traders (SMMT) today announced an annual fall of 31.5% in the number of new cars made in the UK last month. The decline in production was worse than the 17.9% fall seen in July, but this was partly due to car plants having extended shutdowns in August. According to [...]
Northern Rock has introduced a new range of home loans with rates starting at 2.99%. The state-owned lender’s “Flexible” offering includes a two-year tracker at 2.99% (Bank of England base rate + 2.49%) with a £995 fee, or at 3.79% with no fee. Both options are offered at a maximum loan-to-value (LTV) ratio of 65% [...]
The National Association of Realtors announced today that sales of previously owned homes in the US dipped in August following four consecutive monthly gains. The industry body said sales fell 2.7% to an annual rate of 5.1 million in August, down from an annual rate of 5.24 million the previous month. The figures show that [...]
The amount donated to charities by UK consumers has dropped 11% in the last year, with fewer people giving smaller donations. Brits gave a total of £9.9 billion to charities in 2008/09, according to figures from the Charities Aid Foundation (CAF) and the National Council for Voluntary Organisations (NCVO). This is £1.3 billion less than [...]
The extra interest earned by savers who shop around for the best deal on a fixed-rate bond could pay for an all-inclusive Mediterranean Cruise for two, Yorkshire Building Society (YBS) said this week. “Just by spending a few minutes shopping around when buying a bond can make a big difference to savers’ returns,” said Sarah [...]
CBI: Decline in retail sales slows in October
According to the latest Confederation of British Industry (CBI) distributive trades survey, the fall in retail sales slowed in October, but only a modest rise in volumes is expected next month. Consumers continue to be cautious about the economic outlook and rein in their spending on the back of rising unemployment, higher inflation and slow [...]
Euro zone leaders agree to deal
Following a tense summit in Brussels last night, it has been announced that euro zone leaders have reached a deal which they say will help resolve the growing debt crisis in the 17-member nation. The deal will see the euro zone’s main bailout fund expanded to €1 trillion, while banks will accept a loss of [...]
Policymaker says another recession is likely
Bank of England policymaker Paul Fisher has today said Britain is likely to suffer another recession. His comments come just a few days after fellow Monetary Policy Committee (MPC) member, Martin Weale, warned that a contraction in the fourth quarter is possible. Returning to Mr Fisher, he was asked how likely a double dip recession [...]
US economic growth rises in Q3
The world’s largest economy expanded at its fastest pace in a year in the three months to the end of September, official figures revealed today. According to the Commerce Department, the US economy grew at an annualised rate of 2.5% in the third quarter of this year. The figure was in line with forecasts but [...]
CBI: Confidence among manufacturers slump
According to the Confederation of British Industry (CBI), confidence among UK manufacturing firms has slumped as a result of the debt crisis in the euro zone, as well as a fall in expectations for future growth. The latest industrial trends survey by the employers’ group established that 30% more businesses were pessimistic about the future [...]
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