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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Hikes in ISA limits result from budget

It was announced at the recent budget by Alistair Darling, the Chancellor, that ISA limits in the UK were being hikes, although savers will not see the benefits straight away. Read more

Whistleblower slates FSA over building societies

A whistleblower who has chosen to remain anonymous due to fears over legal action has slated the UK’s financial regulator, the Financial Service Authority, over its lack of action with regards to building societies venturing into risky areas during the credit boom. The FSA has been accused of ‘apathy and complacency’ by the whistleblower, who was a former supervisor with the authority. Read more

Pensioners losing most of their income from savings

For many pensioners having their life savings in a higher interest savings account has become an effective way to boost their pensions with additional income over recent years, with many enjoying a substantial boost to their pensions because of the monthly income they earned from the interest on their savings. Read more

Lib Dems want changes to benefits stopped

The Liberal Democrat Party has recently made its views known on changes that the Labour government plans to make to the way that benefits are made to certain claimants. Read more

At least a million have their bank charge claims frozen

According to recently released figures at least one million consumers have their bank charge claims frozen, as the appeals relating to the original High Court decision continue. Read more

Banks filing further appeal over bank charges

The battle between the UK’s High Street banks and the Office of Fair Trading over bank charges has been raging for some time, and has been longer than most people imagined. Read more

National Savings & Investments sees record deposit levels

According to a recent report the level of savings being deposited into National Savings & Investments by consumers in the UK has hit record levels, and more and more worried consumers look for a safe place in which to place their hard earned cash. Read more

Watchdog said regulators dithered over intervention

A consumer watchdog has recently claimed that regulators spent too much time dithering over intervention when it came to regulations, which resulted in failure to protect consumers when it came to sectors such as finance, food, energy, and water. Read more

Family values needed by banks says PM

In a speech that will be made at St Paul’s Cathedral in London, the Prime Minister, Gordon Brown, is to appeal to banks and the financial industry to instil more family type values. Read more

Interest rate cuts could mean free banking comes to an end

A recent report has suggested that the fact that the base interest rate in the UK is now at a record low, and could even fall further, means that the nation could see free banking services come to an end. Read more

Offspring claim financial independence whilst taking cash from parents

A recent study has found that there are many young adults in the UK who class themselves as being financially independent, yet they are still taking money from their parents to help fund a wide variety of things. Read more

Thousands of elderly being forced to sell their homes

A leading charity for the elderly has recently stated that thousands of elderly homeowners in the UK are being forced to sell their homes each year in order to cope with the cost of going into a care home. Read more

Recession results in increase in liquidations

Officials from the Insolvency Service have recently reported that there was a sharp increase in the number of companies that went bust in the last three months of last year, as the recession and the global financial crisis continued to take a grip in the UK. Read more

More being saved by younger Brits

Although the current financial and economic climate has made it increasingly difficult for many of us to put money aside into savings, a recent report has indicated that younger people in the UK appear to now be saving more. Read more

Consumers withdrawing billions due to poor returns on savings

A recently released report has claimed that consumers in the UK have been withdrawing billions of pounds worth of savings over the first couple of months of this year, and this is because of the paltry rates of interest now being paid on many instant access and notice accounts following the dramatic cut in interest rates over the past six months. It has been revealed that in many cases savers are receiving barely above zero in terms of interest on these accounts. Read more

Branson not happy about bailouts for other firms

Successful and world renowned businessman Sir Richard Branson has recently expressed his views on the topic of the government using taxpayer’s money to bail out other businesses in addition to the financial industry. Read more

Appeals Court throws out bank charges appeal

Since the start of 2008 the High Court has been dealing with a battle between the Office of Fair Trading and the UK’s banking industry over the controversial issue of bank charges for unauthorised overdraft use, returned direct debits, and bounced cheques. Read more

Banks leaving many high and dry by taking money from their accounts

A number of banks have been accused of taking money from consumers’ accounts by stealth, with officials stating that this practice is leaving many people high and dry, with no cash left with which to make essential payments such as pay bills, rent, and mortgage. Read more

UK base interest rate falls to a new low

The base interest rate in the UK has fallen to a new low following the Monetary Policy Committee meeting in March. Following the meeting it was announced that the base interest rate was being cut once again, which was the sixth month in a row. Read more

New Banking Act comes in

The Bank of England is to get new and improved powers under the new Banking Act, which is due to come into force soon, according to a recent report. Read more

No impact from VAT cut

Last year saw the government introduce a number of different measures to try and ease the effects of the financial and economic crisis on consumers, and one of the measures that was introduced was a cut in VAT, which was cut from 17.5 percent to 15 percent before Christmas. Read more

Savers disappointed by low returns

Since October of last year the base interest rate in the UK has plunged from 5 percent to just 1 percent, which has come as a blessing for many borrowers who were struggling to keep up with rising borrowing costs, such as mortgage repayments. Read more

Interest rate cuts do not impress all

Following the most recent Monetary Policy Committee meeting earlier this month the Bank of England announced that it was cutting the base interest rate for the fifth time in a row, taking it to a new historic low of just 1 percent, which is the lowest in the history of the Bank of England. Read more

Taxpayers pay bonus for Rock employees

Over recent months the government has been using taxpayers’ money for a variety of purposes, sparking concern amongst opposition parties and the public with regards to how the public purse is being used. Read more

Merger between Co-op and Britannia

According to recent reports there is to be a merger between the Britannia Building Society and Co-operative Financial Services. The merger will take place in the event that a new law that allows mutuals to merge is given the go ahead in March. Read more

More needs to be done to aid the financial sector

According to recent reports city analysts have said that despite the various measures and the billions of pounds that the government has invested in trying to assist the struggling financial sector in the UK the steps being taken do not go far enough and more needs to be done to aid the struggling sector. Read more

Merger between Co-op and Britannia

According to recent reports there is to be a merger between the Britannia Building Society and Co-operative Financial Services. The merger will take place in the event that a new law that allows mutuals to merge is given the go ahead in March. Read more

RBS unveils huge losses

Banking giant, Royal Bank of Scotland, which also owns NatWest, has recently revealed huge losses of around £28 billion, which reflects the biggest loss in British commercial history. Read more

Possible good news for NatWest customers

There could be some good news in the pipeline for customers of the bank, NatWest, if they have been trying to reclaim past overdraft charges that were applied to their accounts. Read more

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