News and comment
Welcome to your on-line financial newsletter. This service is regularly updated to bring you news of important developments in financial matters.
General Finance News
- Credit crunch could get worse, Bank of England warns
1st May 2008
The Bank of England (BoE) has warned the reluctance of banks to take on risk by refusing to extend credit could fuel the credit crisis.
- Couples keep cash separate
30th Apr 2008
Some 71 per cent of couples keep separate accounts from their partners, according to research by PayPal.
- Building societies resist credit crunch effects
29th Apr 2008
UK building societies enjoyed record cash inflows during March, research has claimed, demonstrating the sector's resilience to the credit crunch.
- Secret savers on the rise, report finds
25th Apr 2008
A quarter of people are expected to keep part of their savings secret from their partner by 2050, according to a study.
- UK economy slows in first quarter
25th Apr 2008
The UK's GDP slowed to 0.4 per cent in the first quarter of 2008, compared with 0.6 per cent in the previous quarter.
Insurance and Protection
- Insurers 'need to change global warming thinking'
3rd Apr 2008
Insurance providers and other organisations need to do more to consider the effects of climate change on their businesses, according to one expert.
- Demand for Islamic insurance 'on the rise'
25th Jan 2008
The demand for Islamic insurance, which is compliant with sharia law, is "constantly growing", HSBC has said.
- Life insurance 'encourages healthy lifestyles'
18th Dec 2007
Life insurance policies can have an effect on people's lifestyles, according to the Association of British Insurers (ABI).
- Life insurance sector 'does not see much fraud'
11th Dec 2007
The life insurance industry experiences relatively few instances of fraud, an expert has said.
- Increasing life expectancy 'to impact on life insurance industry'
27th Nov 2007
The government's key forecast for longevity, which is used in the life insurance and pensions industry, may have significantly miscalculated how long men will live in the future, new research indicates.
Investments
- Lloyds TSB seen surviving credit crunch
6th May 2008
High street bank Lloyds TSB has announced substantially smaller damage from the credit crunch than its rivals, suffering a £387 million writedown.
- Shell 'to sell stake' in London Array scheme
2nd May 2008
Shell has decided to sell its stake in the London Array offshore windfarm scheme, leading some industry experts to question the future of the renewable energy project, the Guardian has reported.
- FTSE 100 falls on housing market firms
1st May 2008
The FTSE lost 0.31 per cent at 09:45 BST in London led by home improvement firms on concerns a slowing housing market will impact sales.
- Yahoo first quarter profits up, beats forecasts
23rd Apr 2008
Yahoo said a nine per cent increase in revenues to $1.8 billion (£0.9 billion) for the first quarter was "solid" and claimed the firm had performed well under challenging circumstances.
- FTSE 100 falls on fears of further US write downs
15th Apr 2008
The FTSE 100 fell one per cent, or 63.9 points, to close the day at 5831.60 after lower-than-expected results from US bank Wachovia and General Electric dented investor confidence.
Pensions
- Pensions Regulator urged to investigate risks
24th Apr 2008
An influential committee of MPs has urged the Pensions Regulator to look at risky money purchase schemes.
- Retirees face four times more debt than ten years ago
26th Mar 2008
Borrowers approaching retirement owe four times more in debts than ten years ago, according to a report.
- 9m Brits have no pension
22nd Jan 2008
Over nine million Britons have no pension provision but somehow expect to retire at the age of 62.
- MoD clerical error on pensions
21st Jan 2008
The Ministry of Defence (MoD) will ask the Treasury to write off amounts it mistakenly paid to veterans in pensions.
- 'Spread investments, spread the risk'
2nd Jan 2008
Savers should spread their investments into several asset classes to avoid financial risk, according to Prudential.
Borrowing
- Interest rate freeze from Bank of England
8th May 2008
Interest rates are to be held at five per cent, the Bank of England has announced.
- Bank puts mortgage approvals at 15-year low
29th Apr 2008
The Bank of England has admitted that UK mortgage lending has fallen to a 15-year low.
- Chancellor set for crisis talks with mortgage lenders
22nd Apr 2008
Alistair Darling is set to meet some of Britain's biggest mortgage lenders today in a bid to the ease the burden on homeowners caused by the credit crunch.
- Bank of England announces £50 billion bailout for banks
21st Apr 2008
The Bank of England (BoE) has outlined a plan to allow banks to swap mortgage debts for £50 billion of government bonds.
- Mortgage lending 'increases slightly' in March
18th Apr 2008
Gross mortgage lending increased to an estimated £26.3 billion in March - up five per cent from the figure of £25 billion recorded in February.
Property
- House prices slump to 6.7% in February
15th Apr 2008
Government figures show house prices slipped 1.6 per cent during February, confirming reports of a property market slowdown.
- FT: March house prices remain flat
11th Apr 2008
Property prices in England and Wales stayed flat during March, according to the latest house price survey from the Financial Times (FT).
- Fixed-rate in decline as tracker-rate 'revels in limelight'
8th Apr 2008
The threat of interest rate increases from the Bank of England has reportedly resulted in a boost in the popularity of tracker-rate mortgages.
- Annual house price growth at 12-year low, Halifax claims
8th Apr 2008
Annual house price growth in the UK has slumped to its lowest for 12 years, Halifax claimed on Tuesday.
- Cities remain 'focus' of buy-to-let
1st Apr 2008
The UK's cities continue to attract investment from the buy-to-let sector as they tend to offer greater opportunities for those looking to make a profit from their property purchase - yet not all of the country?s bustling urban areas are likely to provide the same kind of returns.
Tax Planning
- Business leader attacks government over tax changes
15th Apr 2008
CBI head Richard Lambert has attacked the government for "ill considered political decisions", which have damaged the UK's reputation as a haven for entrepreneurs.
- Tax cheats cost economy £1bn a year says report
3rd Apr 2008
HM Revenue and Customs misses out on £1 billion every year in unpaid tax and could be imposing higher penalties, the National Audit Office (NAO) said in a report.
- More government help promised for small businesses
12th Mar 2008
Alistair Darling announced measures to help small to medium businesses in his budget.
- Tax reform urgently needed, says CBI
10th Mar 2008
The UK tax system is a "ball and chain" around business, the Confederation of British Industry (CBI) has told the government.
- CIOT: Too much tax legislation for SMEs
22nd Feb 2008
The administrative burden of tax legislation is too much for small businesses to manage, according to the Chartered Institute of Taxation (CIOT).
Corporate Planning
- UK businesses stung by £12.6bn through crime
9th Apr 2008
Crime levels against businesses in the UK have risen by a fifth over the last four years, a survey showed on Wednesday.
- Downcast growth forecast from Institute of Directors
7th Apr 2008
The Institute of Directors (IoD) has predicted UK growth will fall to 1.7 per cent in 2008 and slide further to 1.5 per cent the following year.
- US employers cut 80,000 jobs in March reveal recession fears
4th Apr 2008
US employers cut 80,000 jobs in March, the largest decline in five years, a new government report has shown.
- British Workforce Calls for Green IT
2nd Apr 2008
Most of the British workforce would prefer to work in companies that are environmentally friendly, but many feel that they lack support from their employers in pursuing green changes.
- British Workforce Calls for Green IT
1st Apr 2008
Most of the British workforce would prefer to work in companies that are environmentally friendly, but many feel that they lack support from their employers in pursuing green changes.
Offshore Investments
- Brits could get £37m rebate on illegal Spanish tax bills
11th Apr 2008
An illegal capital gains tax (CGT) on British sellers of Spanish property could lead to hundreds of rebate claims, according to a Spanish lawyer.
- American subprime collapse cost $100bn
9th Apr 2008
The collapse of the subprime mortgage market in the US will cost the world economy $945 billion (£472 billion), the International Monetary Fund (IMF) has said.
- Europe investing in renewables
13th Mar 2008
European energy organisations are investing in emerging offshore wind energy sector, according to a new report from research company Energy Insights.
- Accountants 'can protect offshore earnings'
11th Mar 2008
Brits who are worried about losing offshore investments to the tax collectors are being advised to seek the advice of their accountant.
- Dollar hits record low against euro
28th Feb 2008
The dollar dropped below $1.50 against the euro for the first time ever as traders bet the Federal Reserve chairman Ben Bernanke will cut interest rates again.
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