Base rate at lowest in over three centuries

Following the most recent cut to the UK base interest rate the base rate has now dropped to its lowest level in over three centuries. Read more

Tags: Late 2000s recession in Europe, rate movement, economy, interest rates, Central bank, meeting, series, base rate

Huge fine for energy firm

One of the UK’s big six energy firms received an unexpected Christmas present from the UK’s energy regulator, Ofgem…in the form of a fine for nearly £2 million for mis-selling its contracts to customers. The regulator announced just before Christmas that the energy giant, NPower, was to be fined £1.8 million for failing to take the necessary action in relation to stopping the mis-selling of its contracts to customers. Read more

Tags: ofgem, mystery, Complaint, licence standards, behaviour, energy giant, sale, energy firm fine

Insurance firms get tough on drinkers

According to recent reports some insurance companies are getting tough with consumers that drink more alcohol than the amount recommended, penalising them in terms of how much they have to pay for their cover. Read more

Tags: pressure, alcohol insurance, hiking, drink, alcohol, recent reports, life insurance

UK interest rates make history

Over the past week the interest rate in the UK has made history by falling to an all time low of just 1.5 percent, which is its lowest since the Bank of England was founded over three hundred years ago. Read more

Tags: interest rate, interest rates, level, aggressive cuts, rates, Monetary Policy Committee, percent mark, monetary

Potential perks for A&L new customers

New customers signing up for a current account with the Alliance and Leicester could be in for a number of perks, after the building society launched what has been described as a current account war amongst banks by offering a range of incentives to get new customers to sign on the dotted line and open an account. Read more

Tags: street banks, interest free overdraft, order, official, current accounts, investment, OFT court, alliance and leicester

January sales may not end this year

Officials have stated that the January sales this year are likely to extend far beyond the traditional month, and will most likely go on for the rest of the year, giving consumers the chance to pick up bargains all around the year. Read more

Tags: recession, janauary sales, key question, retail sales, poll, financial climate, retailers

Mortgage deals keep disappearing

Since the latter part of 2007 the world of mortgages has seen a lot of changes, and the sector has been in turmoil ever since this time. Read more

Tags: property, no-deposit mortgage loan, Mortgages, range, property's value, 100% mortgage, Northern Bank, low level

Progress with PPI not fast enough

Senior officials from the UK’s financial regulator, the Financial Services Authority, have said that progress is not being made quickly enough in the crackdown on the mis-selling of PPI. Payment Protection Insurance has been at the centre of investigations and controversy for some time after investigations revealed that it was commonly mis-sold by lenders and providers. Read more

Tags: relation, payment protection insurance, lenders, controversy, fsa, mystery

Improvement seen in consumer confidence levels

Over the past year consumer confidence in the UK has plummeted, with soaring inflation, rising living costs, rocketing petrol and food costs, and the effects of the global credit crunch on the housing and financial markets all impacting upon confidence levels and leading to the ongoing economic downturn. However, officials have suggested that there has been an increase in consumer confidence levels for the second month in a row. Read more

Tags: increase, consumer confidence, VAT reduction, confidence levels, money, improvement, drop

Mortgage rationing could get worse states CML

The Council of Mortgage Lenders has recently warned that mortgage rationing in the UK could continue to get worse, adding that mortgage lending has already been restricted for the past year due to the effects of the global credit crunch but that the restrictions on lending levels could get even worse over the coming year. A senior official from the CML, Michael Coogan, said that things could get increasingly difficult for many people as a result of the ongoing restrictions on mortgages. Read more

Tags: lending levels, mortgage rationing, whilst, loan, Banking, deposit requirements, first time buyers, mortgage

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