PERSONAL FINANCE NEWS August 19, 2010 LOYALTY DOESN’T ALWAYS PAY Shopping around for a cheaper quote for your car insurance really does pay off, according to research from Which?, the independent product-testing and consumer campaigning champion. It surveyed nearly 2,500 consumers and found that more than a third accepted their original car insurers’ renewal quotes because they “couldn’t be bothered to [...]
FSA mortgage plans under fire for punishing borrowers July 13, 2010 MORTGAGE bodies criticised the FSA’s plans to crack down on risky lending yesterday, as the regulator released full details of its paper on overhauling lending rules. The Building Societies Association said planned curbs on interest-only mortgages risk punishing credit-worthy customers. “The FSA needs to proceed with caution so as not to restrict their use as [...]
Surge in food prices keeps inflation high September 14, 2010 HEADLINE annual inflation held steady at 3.1 per cent in August as sharp rises in the cost of air fares, clothing and food prices offset softer petrol prices, official figures revealed yesterday. The Office for National Statistics (ONS) said that inflation rose 0.5 per cent between July and August but that the annual rate remained [...]
Mortgage overhaul hurts entrepreneurs July 15, 2010 NEWS that the Financial Services Authority (FSA) plans to overhaul the mortgage market may have left some entrepreneurs a little uneasy. From now on, to get a mortgage you need to pass an “affordability” check and self-certified mortgages will be banned. Business groups were quick to state the drawbacks of these plans: “Business owners who [...]
Set your trades on firm foundations September 19, 2010 HOUSE asking prices fell again today, dropping by 1.1 per cent – that is £2,474 – over two points in the house price spread better’s mind. But those tempted by the news on page one should not rush into a trade before taking a moment to contemplate the make up of the index. Today’s figures [...]
NAB happy to maintain status quo in the UK August 10, 2010 National Australia Bank (NAB) yesterday said it was happy with the status quo in the UK and any acquisitions it made there would have to meet its financial criteria. NAB chief executive Cameron Clyne also told analysts there were no immediate plans to change the mortgage rate despite rising funding costs. NAB’s UK operations – [...]
Rock falls into the red but its bad arm heals August 3, 2010 NORTHERN ROCK’S boss insisted there was no timetable for returning the bailed-out bank to private ownership yesterday as it slumped to a £142.6m loss in the first half. Chief executive Gary Hoffman said there was no deadline for a sale of the “good” part of Northern Rock, which holds savings accounts and lends new mortgages, [...]
Surge in food prices keeps inflation high August 17, 2010 RISING food prices offset a drop in the cost of fuel in July but annual inflation remained stubbornly above 3 per cent in July. The strong inflation figures forced Bank of England governor Mervyn King to pen his second letter of explanation to chancellor George Osborne and to admit that the Monetary Policy Committee (MPC) [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 23, 2010 FINANCIAL TIMES HARMAN COOL ON PLAN TO HALVE DEFICIT Harriet Harman has suggested that Labour should scrap its pre-election plan to halve the deficit by the end of this parliament, becoming the latest senior figure to intervene in the debate over economic direction. Labour’s interim leader said the UK was now in a “new situation” [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 16, 2010 FINANCIAL TIMES TOUGH TARGETS FOR BENEFIT REFORMS The Treasury has required Iain Duncan Smith, work and pensions secretary, to find about £5 of savings for every £1 he spends to simplify the benefits system, setting tight financial conditions on dramatic reforms. The fiscal parameters mark an uneasy truce in a cabinet row that gives Mr [...]