Virgin Money reports dip in customer demand due to coronavirus July 28, 2020 Virgin Money has reported a dip in customer lending in the third quarter as demand for mortgages and personal loans fell due to the pandemic. However, the lender said it had not yet seen a spike in credit losses linked to coronavirus. The figures Virgin Money reported a 2.7 per cent drop in personal lending [...]
DEBATE: Should Rishi Sunak scrap the RPI inflation measure in today’s Spending Review? November 25, 2020 Should Rishi Sunak scrap the Retail Prices Index (RPI) inflation measure in today’s Spending Review? Angus Hanton, co-founder of the Intergenerational Foundation, says YES. We need to say RIP to RPI. Why? Because the use of the Retail Prices Index (RPI) is based on a flawed methodology — one which disproportionately impacts younger generations. From [...]
EU banks losing appetite for exposure to Brexit Britain December 12, 2020 Banks in the European Union may be losing their appetite for exposure to Britain, the EU’s banking watchdog said yesterday. There are concerns in the bloc that a no-deal Brexit, which is looking increasingly likely, could disrupt financial markets. Britain will stop having full access to the EU after 31 December, and many banks in [...]
FCA says 12 million people in UK will struggle to pay bills October 22, 2020 Some 12 million people in Britain are likely to struggle with bills or loan repayments amid the continued economic disruption triggered by the coronavirus pandemic, the Financial Conduct Authority (FCA) said. A survey by the watchdog found that 12 million people in the UK had low financial resilience, and that two million of those people [...]
Watchdog extends loan payment holidays ahead of second lockdown November 2, 2020 The UK’s financial watchdog will extend payment holidays on credit cards, car finance, personal loans and pawnbroking ahead of a second coronavirus lockdown in England. The Financial Conduct Authority (FCA) said that consumers who had not yet had a payment deferral under guidance issued in July would be able to request a payment holiday lasting [...]
Estate agent LSL Property Services reports ‘extremely encouraging’ July trading August 5, 2020 Estate agent LSL Property Services, the owner of Your Move and Reeds Rains, reported “extremely encouraging” trading in July after the housing market reopened. The figures In the six months to 30 June, group underlying operating profit was up £300,000 to £12.5m. The figure does not include coronavirus-related costs of £2.8m. It also does not [...]
DEBATE: Is the obsessive focus from politicians on increasing home ownership misguided? June 26, 2019 Is the obsessive focus from politicians on increasing home ownership misguided? Clive Docwra, managing director of McBains, says YES. Politicians are obsessed with home ownership, including both contenders for Prime Minister. Jeremy Hunt has put a new “right to own” policy at the heart of his bid, while Boris Johnson has backed replacing Help to [...]
Overnight stays restart this week, as PM sets out ‘traffic light’ plan for holidays abroad April 12, 2021 Overnight stays restart this week, as PM sets out 'traffic light' plan for holidays abroad
FCA outlines payment holiday proposals for struggling borrowers November 4, 2020 The Financial Conduct Authority (FCA) has outlined its proposals to bolster support for consumer credit borrowers struggling with the financial impact of the Covid-19 pandemic. Earlier this week, the watchdog announced plans to extend payment holidays credit cards, car finance, personal loans and pawnbroking as England prepares to enter a fresh national lockdown tomorrow. Under [...]
Budget 2021: Rishi Sunak hints at tax rises next week February 28, 2021 Rishi Sunak has hinted that he will raise taxes in the Budget on Wednesday, saying that he wanted to “level” with people about the fiscal challenges to come. He also suggested that he would extend Covid support schemes in his Budget, as expected, saying “we went big, we went early and there’s more to come”. [...]