Two thirds of potential buyers giving up on homeownership dreams

It has been reported that around two thirds of would be buyers that were hoping to get their foot onto the first rung of the property ladder have now decided to give up on their dream for now because of the difficult financial climate and the lack of mortgage availability. Read more

UK doing better than other European economies

It has been claimed in a recent report that the economy in the UK is faring much better than other European economies, and that the UK government deserved credit for its economic policies. Read more

Unemployment rises at lower than expected rate

Recently released figures have shown that the level of unemployment rises have been lower than expected, adding to the variety of encouraging data that has been seen in a variety of recent report lately. Read more

90 percent mortgages fall by 97 percent over two and a half years

Most people are well aware that the mortgage market has been experiencing problems over the past couple of years, since the onset of the global credit crunch, and many mortgage products, particularly for groups such as first time buyers, have been disappearing from the shelves making it difficult for many people to get an affordable mortgage loan. Read more

G8 finance ministers discuss stabilising of economies

According to a recent report G8 finance ministers have stated that major economies around the world are starting to stabilise following the turbulence and chaos caused by the global financial crisis and the recession, the UK being one of these economies. Read more

Consumers should exercise common sense when using credit cards abroad

An industry expert has said that with the summer holidays coming up, and many Brits planning to head abroad and use their credit cards, consumers need to ensure that they use their common sense when it comes to using their credit cards whilst abroad. Read more

Overdraft interest rate increases from Barclays

Barclays Bank has recently hiked up the interest rates charged on its overdraft facilities on many of its accounts, including its packaged current accounts for which customers have to pay a monthly fee. Read more

PPI ban could mean higher fees and charges

It was announced recently that regulators are planning to stop the sale of the controversial single premium Payment Protection Insurance policies from lenders in 2010, and in fact in a bid to stop the sale of these policies regulators actually contacted lenders last month asking them to stop selling single premium PPI by the end of last month. Read more

No need to take complaints to FOS through claims handling firms

Officials from the Financial Ombudsman Service have recently reiterated that there is no need for consumers to enlist the help of claims handling firms in order to take a complaint to the FOS. Read more

Food price inflation highest in UK

According to recently released figures food price inflation in the UK is higher than any other destination in Europe. The figures show that in the UK food price inflation is around four times higher than in the rest of Europe, and at the same time supermarkets have been enjoying record profits. Read more

Iceland agrees to compensate UK

It has been revealed that the Icelandic government has finally agreed to repay the UK as well as the Dutch authorities following the collapse of the Icelandic banking system. Read more

Drivers making cutbacks to afford petrol

It has been reported that many drivers in the UK are being forced to make cutbacks in other areas in order to pay for petrol costs. Read more

Will recession be over by autumn?

It has been claimed in a recently released report that the UK industry could have pulled itself out of recession by as early as autumn of this year, after figures showed that there was an improvement in activity in May compared to April. Read more

Car scrapping scheme could run dry of funds early

It has been announced that the car scrapping scheme that the government put into place after the budget could run out of money six months earlier than anticipated. Read more

Bank employees confused about cheque clearance

Many consumers in the UK are confused over the issue of how long it takes for a cheque to clear, and a recent survey has shown that this comes as no surprise given that employees of banks themselves are also confused about cheque clearance times. Read more

Santander to take over High Street banking names

It has been revealed that a number of well known financial names will disappear from the High Streets in the UK from next year, when they are rebranded in the name of the Spanish financial institution that owns them. Read more

Decrease in online credit card payments

Recent figures have shown that there has been a decline in the level of online credit card payments, with officials from the Nationwide Building Society claiming that use of credit cards when making online transactions has been falling and demand for an alternative method of payment from consumers has been increasing. Read more

40 percent bonus increase for FSA staff

In the midst of the ongoing financial crisis the UK’s financial regulator, the Financial Services Authority, has hiked up staff bonuses by a whopping 40 percent, according to recently released reports. Read more

Recession in UK could almost be over

Officials from the National Institute of Economic and Social Research have recently stated that the recession in the UK has almost completed its course, and could soon be over despite concerns from other industry groups and officials that it could last for another one to two years. Read more

Lower income consumers can apply for many credit cards

It has recently been revealed that despite the tighter credit conditions that have come into play since the onset of the global credit crunch many consumers who are on relatively low wages are still eligible to apply for the majority of credit cards that are available on the market. Read more

No change in base rate for third month

For the past couple of months the base interest rate in the UK has been kept at its record low of 0.5 percent, and following this month’s Monetary Policy Committee meeting the Bank of England has announced that the rate will remain on hold for a third month. Read more

Consumers warned about getting foreign currency at the airport

For many people that lead busy lives organising foreign money in time for their holidays can be difficult, and many cannot find the time to get this done. Read more

Negative retails figures announced for May

Recent figures that were released with regards to retail spending have shown that whilst there were some encouraging signs of increased spending shown over the Easter period retail gains have slipped back down again for May. Read more

Claims figures show BMW drivers not worst on road

According to a recent report many motorists think that the worst drivers on the road are those that drive BMWs. However, recently released figures relating to insurance claims have suggested that this is not the case. Read more

Average family could lose hundreds in holiday spending money

It has recently been claimed that the average family in the UK could lose hundreds of pounds worth of holiday spending money when they go away because of a combination of the weak pound and the extortionate charges imposed by credit card companies when consumers use their credit cards abroad. Read more

Refuse jobs attracting applications in the hundreds

With unemployment levels rising in the UK, and many people finding themselves with a sudden loss of income in what has become a very difficult financial climate, it has been reported that even the most menial of positions are now attracting job applications in the hundreds from desperate people that will take any job in order to get an income. One job for a binman recently attracted nearly two hundred and forty applications from unemployed people desperate to start earning money again. Read more

Job loss misery for UK

According to recently released figures the UK has been hardest hit compared to other countries in Europe when it comes to the number of job losses during the first three months of the year. Read more

Many people putting their overdraft debt onto their credit cards

It has been claimed that many people are now turning to credit cards to get rid of their overdraft debt, with many putting their costly overdraft debt onto low interest or interest free credit cards in order to try and save some money on interest. Read more

Lack of confidence in banks spells success for building societies

Recently released figures have shown that whilst consumers have been losing confidence in banks, and banks have been losing customers hand over fist, the UK’s building societies have emerged as winners in the current financial climate. Read more

Over one and a half million live rent free with parents and friends

According to the results of recent research carried out by Abbey there are over one and a half million people aged between eighteen and thirty four that are still living rent free with the friends or parents in the UK. Read more

Job cuts will not necessarily mean recovery

It has recently been claimed that many of the financial companies, banks, and insurance firms that have been slashing jobs over recent months will not find that this necessarily puts them on course for a speedier recovery from the financial crisis. Read more

Interest rate could rise again quickly

The chief economist at the Bank of England has warned that whilst the base interest rate in the UK has plummeted to its lowest level in history over recent months, following a series of six interest rate cuts in as many months, there is a good chance that it could rocket back up again in the future if policymakers decide that the rate needs to go up in order to keep inflation in check. Read more

Online Banking fraud levels on the up

These days more and more people are using online banking facilities in order to carry out their banking transactions, and with an increasing number of banks offering these facilities online banking has become very popular amongst those with busy lifestyles and lots of commitments. Read more

Bailed out banks acting up

Earlier this month a number of MPs expressed their concern over how many of the leading UK banks that have been bailed out with the use of taxpayers’ money are acting terribly in the current recession. Read more

Advert with Iggy Pop gets the chop

A controversial advertisement that starred the rock icon Iggy Pop has been banned following complaints from those that wanted to sign up to the service. The advertisement was for Swiftcover insurance, and the rock star appeared on the advertisement stating that he had been swiftcovered and suggesting that others do the same thing to save themselves time and money on their insurance cover. Read more

Banks shouldn’t be given such a hard time, says Mandelson

The Business Secretary, Lord Mandelson, has recently said to colleagues that the banking industry needs to be given a break, as banks are being given a hard time at the moment. He said that whilst banks had been given a ‘well deserved bloody nose’ but that people now needed to ease up on the banks because they needed them to succeed for the sake of the economy. Read more

Consumers advised to pay credit card debt and not save

In the current economic and financial climate, with the recession threatening the jobs of many people, it is not surprising that many people decide to put every spare penny into savings in the event that they should find themselves short of cash or experience a drop in income. Read more

Drivers warned against munching at the wheel

Although many drivers would not think twice about eating a snack whilst driving or taking a drink of water or pop, a recent report has revealed that actions such as these could be construed as driving without due care and attention by insurance firms, and as such drivers that are caught doing this could face insurance premium increases of up to 40 percent. Read more

Comparison sites could help find the best credit card deals

Industry experts have recently said that in the current financial climate, with many credit card companies cutting back on deals and enforcing more stringent regulations, many consumers could find that they are better off using a comparison site to find the most suitable credit card deals for their needs. Read more

Huge depreciation in new cars in three years

Industry officials have recently said that the depreciation seen in new cars in the space of just three years could mean that for many consumers the £2000 car scrappage scheme introduced by the government may actually leave them worse off. Read more

Some savings accounts increase interest rates

Some savers in the UK are set to benefit from increased interest rates on their savings, with a number of financial institutions increasing the rates that they will pay savers even though the base interest rate has remained static at 0.5 percent, which is its lowest level in the three hundred and fifteen year history of the Bank of England. Read more

Rising number of Brits could head to New Zealand

Whilst many Brits may have jetted off to New Zealand for a long vacation to enjoy the beauty, natural surroundings, and sights, it has been revealed that many have made their minds up to go there and not bother coming back. Read more

Interest rates remain on hold after May meeting

After the May Monetary Policy Committee meeting the Bank of England announced that the base interest rate was to be kept on hold at its all time low of 0.5 percent. Read more

Cash may run dry for those interested in scrapping their old cars

Following the budget last month, the Chancellor of the Exchequer, Alistair Darling, announced the launch of a car scrappage scheme. The scheme was designed to encourage motorists to get rid of older, environmentally unfriendly vehicles and buy new vehicles that were greener and more reliable. Read more

More help for elderly required in recession

It has been reported that more help is needed for elderly people in the UK during the recession, with charities for the elderly claiming that there are a number of measures that could help to make the lives of suffering pensioners easier. Read more

Worst of recession could be over according to economist

One economist, who has recently become a member of the powerful Monetary Policy Committee, stated that the worst of the recession for Britain could be over. Read more

Talent will be forced abroad due to 50p tax

Following the recent budget, where the Chancellor, Alistair Darling, announced that those on a certain level of income would be charged a new, higher tax rate, some industry officials have expressed concern that the new level of tax could end up forcing much of Britain’s talent abroad. Read more

Recession causes insurance fraud to soar

According to a recent report the level of insurance fraud has been rocketing as a result of the bleak financial climate and the recession. A report was recently released by the Association of British Insurers, and officials from the ABI have said that in 2008 the number of attempts to defraud insurance companies increased by 17 percent compared to 2007. Read more

Negative equity could hit many more

As a result of the house price crash that has seen a large percentage wiped off the value of UK properties over the past eighteen months it has been estimated that around one million homeowners have already been plunged into negative equity, which is where they owe more on their property than the actual value of the home. Read more

More breathing space over stamp duty

Following his recent budget, Alistair Darling, the Chancellor of the Exchequer, revealed that the break on stamp duty on properties up to a certain value was to be extended until the end of this year. Read more

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