November 2008 - In the News
Unsecured Loans - Another rate cut to come?
A poll of 11 economists, financial institutions and business organisations has found that the majority believe that the base rate of interest will be cut by the monetary policy committee (MPC) next week (December 4th).
The survey, which was carried out by the news agency Adfero, found ... More
Remortgage - Zero per cent interest 'not possible'
In the current economic environment, zero per cent interest rates were "not possible", one sector commentator has claimed.
Mark Dampier, head of research at Hargreaves Lansdown, said that he expected the Bank of England to raise rates by at least one per cent by ... More
Credit Cards - Credit card summit 'means nothing'
The recent meeting between the government and credit card companies has been accused of being a "classic summit communique", according to one sector commentator.
Kevin Mountford, head of ... More
Unsecured Loans - Industry calls on Mandelson
Motor industry chiefs have called upon Peter Mandelson to discuss a resolution to the economic crisis currently blighting the sector, it has been reported.
The meeting with the secretary of state for business followed the news that Jaguar Land Rover is taking steps to cut its workforce in... More
Remortgage - 'Crucial' to back up pension with savings
The increasing demand on the UK pension pot means that it is of vital importance that it is backed up with some savings, one sector commentator has claimed.
Hetal Parmar, manager for savings at Alliance & Leicester, said that in the current economic climate, everyone was thinking ... More
Unsecured Loans - A question of stocks
One sector commentator has claimed that he would currently feel more confident in investing in stocks than he would be buying property.
However, Jason Butler, partner at Bloomsbury Financial planning, warned that the stock market still came with a bit of a "rollercoaster ride of gut ... More
Unsecured Loans - Businesses 'may now be under pressure'
The recent reduction in VAT - from 17.5 per cent to 15 per cent - may help boost consumer confidence but could also put businesses under pressure to implement billing changes, one sector commentator has claimed.
Mark Seemann, director of product marketing at Genesis Communications, said ... More
Debt Consolidation - Cutting VAT 'will have an insignificant effect'
The chancellor of the Exchequer's decision to cut VAT by 2.5 per cent this week is likely to have "a very insignificant effect", according to one sector commentator.
Michael Baxter, economist at Defaqto, said this was because prices were now falling anyway, with the cost of oil ... More
New Mortgages - Mortgage market 'approaching normality'
For the last couple of years, the mortgage market in the UK has been almost "too good to be true", according to one sector commentator.
However, Barney McCarthy, editor at YourMortgage.co.uk, said that he believed it may now be approaching normality, particularly as the raising ... More
Unsecured Loans - Darling 'may be optimistic'
If it becomes apparent that the chancellor of the Exchequer was incorrect about the UK's economic recovery in his pre-Budget report, then one sector commentator believes that the economy will not be as robust as it would otherwise have been.
Michael Baxter, economist at Defaqto, said ... More
Debt Consolidation - Mandelson defends government
Peter Mandelson has criticised recent comments from the Conservative party that the Labour government had been planning a "secret tax bombshell", it has been noted.
David Cameron recently stated that this was the only way that Gordon Brown would be able to fund the £12 ... More
Credit Cards - Credit card companies receive warning
Peter Mandelson has issued a warning to credit card companies that an Office of Fair Trading investigation may be launched if they do not make an effort to reduce bad practice in the sector.
The ... More
Debt Consolidation - King urges bank lending
Governor of the Bank of England Mervyn King today (November 25th) said that it is vital that banks start lending to individuals and businesses once again.
Speaking to the Treasury Select Committee, Mr King argued that the ability of banks to lend money was crucial to getting the economy ... More
Unsecured Loans - Borrowing not a concern for Darling
Alistair Darling is confident that the government will be capable of meeting the borrowing commitments outlined in yesterday's (November 24th) pre-Budget report.
In a move designed to help boost the weakening economy, the chancellor of the Exchequer revealed plans to cut taxes and ... More
Unsecured Loans - Frugal pickings at the festive table?
Britons are on the hunt for the best deals available this Christmas in order to make a saving when the family sits down to their festive meal, it has been claimed.
According to research by Abbey, 53 per cent of thrifty Britons are considering buying supermarket own-brands this year, while... More
Remortgage - Government has 'missed opportunity'
The UK government has missed a chance to make the tax system "permanently fairer", according to the Liberal Democrats.
In a statement that followed yesterday's (November 24th) pre-Budget report announced by the chancellor of the Exchequer Alistair Darling, the party said that a ... More
Debt Consolidation - Pre-Budget leaks 'not clever'
Following the release of the pre-Budget report by the chancellor of the Exchequer Alistair Darling yesterday (November 24th), one sector commentator has claimed that many of the leaks preceding it were "not clever".
Ray Boulger, senior technical manager at UK mortgage broker ... More
Unsecured Loans - Overdraft charges 'increase 20 per cent'
Charges incurred by Britons going over their overdraft limits have increased by 20 per cent over the last year, according to one group, which may lead to some individuals considering a credit card or More
Debt Consolidation - VAT cut confirmed
The level of VAT is to be cut from 17.5 per cent to 15 per cent as of Monday, December 1st, as part of a move to give the economy a boost.
Announced by the Chancellor of the Exchequer today in the pre-Budget Report, the cut is just one of a number of measures designed to help give the ... More
Credit Cards - Credit card Christmas concerns
Individuals who opt to fund all their Christmas spending on credit cards this year may find that their debts stay with them for many years to come.
Research conducted by moneysupermarket.com has found that those who choose only to make minimum payments each month could see their debts ... More
Unsecured Loans - Women are 'feeling the heat'
Many women in the UK are likely to becoming under increased stress as they take responsibility for their family's finances, one sector commentator has claimed.
Dr Rebecca Small, assistant clinical director for Bupa UK Health Insurance, said that women are more likely to admit to the fact ... More
Remortgage - 'All tools to be implemented' during downturn
All of the tools in the armoury - a combination of interest rates and fiscal policy - need to be utilised to deal with the economic crisis, one sector commentator has claimed.
Paul Dales, UK economist for Capital Economics, said that the purpose of recent cuts made to the base rate of ... More
Debt Consolidation - Money worries 'caused by bad maths'?
Britons with personal finance difficulties may find themselves in that position due to failing to understand the terms under which money has been borrowed, one sector commentator has claimed.
Richard Marett, chief executive officer of Whizz.com, said another factor maybe not comprehending... More
Unsecured Loans - Banks receive Treasury warning
The UK's banking sector has been warned to resume lending again or face being nationalised, it has been reported.
Chairman of the Treasury select committee John McFall made his comments in a statement which claimed that financial services providers needed to stop "sitting on their ... More
Unsecured Loans - Short-term thinking 'caused financial crisis'
The ongoing economic downturn was caused in part by the businesses that put short-term money making ahead of long-term security, it has been suggested.
Danielle Cohen, ethics manager at the Chartered Institute of Management Accountants, said it was difficult to predict what companies ... More
Remortgage - 'Come together' at crunch time
The credit crunch may have one bright side - the opportunity to bring Britons closer together as they all battle through the same problem, one sector commentator has claimed.
A spokesperson for the Centre for Equality and Diversity said the ongoing economic downturn was likely to bring ... More
Debt Consolidation - Britons 'delaying tax payment'
Growing numbers of individuals and businesses in the UK are delaying paying their taxes as they come under increasing pressure from the credit crunch, it has been reported.
According to the Guardian, the National Audit Office has revealed that this increase has come as consumer debt ... More
Unsecured Loans - Small businesses 'to receive aid'
The chancellor of the exchequer has pledged to help struggling small businesses in the UK by introducing measures that will aid them in securing finance and insurance.
According to a Financial Times article, Alistair Darling is also expected to announce increased funding for plans that ... More
Remortgage - Brown: 'Cameron doesn't understand'
Gordon Brown has accused the leader of the Conservatives and the shadow chancellor George Osborne of not understanding what is currently going on in the world economy.
Responding to a question from Tory leader David Cameron in parliament earlier this week, the prime minister said that at ... More
New Mortgages - Migration 'will create jobs'
Once the recession is over, migration is likely to create new career opportunities following the recent rise in unemployment figures, one sector commentator has claimed.
A spokesperson from the Local Government Association said that over the last three years a large number of Polish and ... More
Debt Consolidation - Low inflation allows 'aggressive cuts'
Low inflation allows the Bank of England to cut interest rates "even more aggressively" and in turn support the activity environment, one sector commentator has claimed.
Paul Dales, UK economist for Capital Economics, said Britons would also now be able to purchase more goods ... More
Unsecured Loans - A unanimous vote
Minutes from this month's monetary policy committee (MPC) meeting - where the group made the unprecedented decision to slash the base rate by 1.5 per cent - were published today (November 19th).
The report revealed that the MPC voted unanimously in favour of governor of the Bank of ... More
Debt Consolidation - Bachelors 'wasting money'
Single men in the UK may be wasting money due to the mistaken belief that they have fewer outgoings because they are not part of a couple, one sector commentator has claimed.
David Kuo, head of personal finance at fool.co.uk, said that he believed it was much easier for two people to save... More
Remortgage - Britons 'should check finances'
People in the UK need to be checking their financial situation regularly, one sector commentator has claimed.
A spokesperson for LV= said that often Britons believed that they would not be the ones to lose their jobs, however, with unemployment on the rise this could prove to be a false ... More
Unsecured Loans - The rise after the fall
Ministers have admitted that taxes will have to be increased in the aftermath of next week's expected tax cuts, it has been widely reported.
Gordon Brown has recently hinted that any tax cuts unveiled in next week's pre-Budget report would be temporary measures before borrowing got back ... More
Debt Consolidation - Inflation falls
Inflation levels in the UK fell to 4.5 per cent in October, it has been widely reported today (November 18th).
This was a decline from the recent 16-year high of 5.2 per cent recorded in September by the Consumer Price Index and is believed to be due in part to the drop in petrol ... More
Unsecured Loans - PPI rules 'a victory'
The new rules being planned for the sale of personal protection insurance (PPI) to consumers are being hailed as a "victory" by one sector commentator.
Last week, the competition commission published its proposed changes to increase competition in the payment PPI ... More
Remortgage - Support for UK tax cuts?
It is believed that the prime minister is set to announce he has won approval from other world leaders to go ahead with plans to cut taxes in the UK.
Gordon Brown is to use conclusions from last week's Washington G20 summit to offer justification for raising tax credits for Britons on a ... More
Debt Consolidation - Economy to contract 2 per cent
The UK economy is set to contract by two per cent next year, which will be the most in nearly three decades.
According to the Confederation of British Industry (CBI), unemployment levels will peak in 2009 at nearly three million.
Gross domestic product is set to decline by 1.7 ... More
Unsecured Loans - London 'to be hit hardest'
The UK capital is likely to be hit the hardest by the recession, while the north may be spared from many of the predicted job losses, it has been noted.
Experts at Public and Corporate Economic Consultants have warned that 1.7 million workers are likely to lose their jobs over the next ... More
Remortgage - Repossessions 'in nobody's interest'
It is in nobody's interest for a mortgage lender to repossess a property and force a sale in the current market, one sector commentator has claimed.
Al Elliot, advisor at the Homeowners Advice Centre, said lenders needed to be doing more to support their existing customers in avoiding ... More
Credit Cards - Kids get credit happy
Over a third of children in the UK are using a credit card owned by their parents to purchase goods online, it has been revealed
According to Michael Lynch, a CPP fraud expert, adults are acting naive... More
Unsecured Loans - First European recession 'in 15 years'
The European economy fell into its first recession in 15 years during the third fiscal quarter of 2008, it has been reported.
This has meant that the current financial downturn could see the deepest interest rate and tax cuts witnessed since the Great Depression.
And this news ... More
Debt Consolidation - Government banking agency 'not in day to day running'
The agency that was created by the government to oversee the recently nationalise banks will not play apart in the day to day operations of the money lenders, it has been reported.
According to two executives writing in the Financial Times, this is because the group's job is to act as ... More
Unsecured Loans - Women 'more concerned about finances'
Women in the UK are more stressed about their financial affairs and suffer sleepless nights as a result, in contrast to their male counterparts, new research has found.
According to Bupa UK Health Insurance, nearly half of females say they experience stress in their everyday lives, ... More
Debt Consolidation - Debt consolidation 'may be advised'
Debt consolidation may be advisable for Britons who are struggling to make ends meet during the credit crunch, with one sector commentator claiming that individuals could contact debt advice ... More
Unsecured Loans - PPI with loan sales 'to be delayed'
The sale of payment protection insurance (PPI) in conjunction with loans, such as secured or unsecured loans, may be delayed, it has been widely reported.
According to the Competition ... More
Debt Consolidation - King changes tack
The governor of the Bank of England Mervyn King was forced to abandon his focus on reducing inflation due to the meltdown of the UK economy, it has been widely reported.
Yesterday (November 12th), Mr King revealed that the economy was in for a long and deep recession but, according to the... More
Debt Consolidation - Falling prices 'will signal economic recovery'
Retailers who are cutting their prices ahead of the Christmas buying rush are highlighting the beginning of an economic recovery in the UK, one sector commentator has claimed.
Michael Baxter, an economist at Defaqto, said the price of oil has recently collapsed and food costs are starting... More
New Mortgages - Homeowners 'in for big shock'
The withdrawal of 23 tracker mortgages in the past week may be "a big shock" for homeowners when it comes to ending their current deal, one sector commentator has claimed.
Al Elliot, advisor at the Homeowners Advice Centre, said lenders were not expecting the Libor to reduce in ... More
Credit Cards - Credit card firms 'should act on rate cuts'
The prime minister is set to call for a new approach to lending, particularly when it comes to credit cards, it has been reported.
Gordon Brown is planning the move following the news that recent interest rate cuts by the Bank of England - which last Thursday (November 6th) slashed the ... More
Unsecured Loans - Tory tax break scheme criticised
Plans unveiled by the leader of the Conservative party David Cameron to afford businesses a £2.6 billion tax break have been criticised by the Social Market Foundation.
Mr Cameron hoped the scheme would create 350,000 jobs to aid Britons through the recession by encouraging employers... More
Remortgage - Tax cut for business 'a good call'
Cutting taxes or reducing VAT for small business would be "a good call" for the government to make in its attempt to boost the UK economy, one sector commentator has claimed.
Charles Davis, economist at the Centre for Economic and Business Research, said having enterprises ... More
Unsecured Loans - A frugal Christmas with the gift of time
Britons who are worrying about the impending costs of this year's festive period have been advised to give the gift of time to their loved ones.
Financial expert and TV presenter Jasmine Birtles said taking older relatives out for a day trip or an excursion to the cinema would be much ... More
Debt Consolidation - BBA issues pledge
The British Bankers' Association (BAA) has made a pledge to Britons to see them through the tough economic period ahead.
A statement by the group noted that a statement of principles, which underlines the business banking code, was now being reviewed with business groups in an effort to ... More
Unsecured Loans - Bank's move 'will help economy'
The decision of the Bank of England's monetary policy committee (MPC) to cut interest rates will help the UK's economy, one sector commentator has claimed.
Last Thursday (November 6th), the MPC voted to reduce the base rate of interest by 1.5 percentage points - from 4.5 per cent to three... More
Remortgage - UK 'heading for recession'
Many Britons believe the UK to already be in recession.
According to the Guardian, this has been brought on by the continuing downturn in the economy over recent months.
The British Retail Consortium has noted that 84 per cent of Britons now believe that the country is already in... More
Unsecured Loans - Tax cut speculation increases
Gordon Brown has stated that he is looking at "everything" that can be done to aid Britons through the ongoing economic downturn, which has heightened speculation the government will issue tax cuts.
According to the BBC, the prime minister told GMTV that such action would be the... More
Debt Consolidation - Pressure is on
The pressure is now on to avoid a prolonged period of deflation in the UK, one sector commentator has claimed.
Vicky Redwood, UK economist at Capital Economics, said a weakening economy will decrease inflationary pressures and the recent sharp drop in oil and energy prices meant that ... More
Unsecured Loans - 'Rude awakening' for store card customers
Consumers planning on purchasing items using store cards are likely to have a "rude shock" this Christmas, according to one sector commentator.
David Kuo, head of personal finance at money website Fool.co.uk, said it was going to be increasingly hard for Britons to secure a More
Debt Consolidation - Rate cuts 'should be passed on'
The interest rate cut by the Bank of England yesterday (November 6th) needs to quickly be passed on to customers by UK money lenders, it has been claimed.
It was announced yesterday that the monetary policy committee had voted to reduce the base rate of interest by an unprecedented 1.5 ... More
Unsecured Loans - Interest rate cuts 'very welcome'
Yesterday (November 6th), the Bank of England's monetary policy committee (MPC) voted to slash interest rates by 1.5 per cent - taking them to three per cent - a decision which has been welcomed by one sector commentator.
Robert Sinclair, director of the Association of Mortgage ... More
Remortgage - Past lending decisions 'may not have been responsible'
Lending decisions in the past five or six years may not have been responsible and could have resulted in available credit being very cheap, it has been claimed - which may include secured or unsecured ... More
Unsecured Loans - Interest rates cut to 3 per cent
The Bank of England has slashed the base rate of interest beyond the expectations of many leading economists today (November 6th).
It was announced earlier that the monetary policy committee (MPC) has reduced rates by 1.5 percentage points, taking them to three per cent.
This was... More
New Mortgages - ECB 'to cut rates'
The European Central Bank (ECB) is likely to slash interest rates by 50 basis points or more today (November 6th), it has been noted.
According to Reuters, the Eurozone is now facing its first ever recession but such action could potentially bolster the economy.
Analysts believe ... More
Remortgage - The waiting game
Today (November 6th) the Bank of England's monetary policy committee (MPC) will announce whether it has decided to make a cut to the base rate of interest and if it has, by how much.
It is expected that the MPC will follow the trend set by the Bank last month with a half a percentage ... More
Unsecured Loans - 2009: A time to feel better off?
Britons may well start to feel a little bit financially better off by next year, one sector commentator has claimed.
Adrian Lowcocks, senior investments advisor Bestinvest, said the global economy had taken a while to realise that rising fuel, utility and food costs were interlinked and ... More
Debt Consolidation - A light at the end of the tunnel?
There may be a light at the end of the tunnel of financial crisis, but the same cannot be said for the economic downturn, one sector commentator has claimed.
Charles Davis, economist at the Centre for Economic and Business Research, said that the action taken by the government at the ... More
New Mortgages - Britons to regain frozen cash
Britons who had their deposits frozen following the collapse of the Icelandic banking sector are set to find out how they will get their money back this week.
According to the Guardian, the Financial Services Compensation Scheme is expected to write to the victims of the incident and ... More
Debt Consolidation - Downturn 'may predict rate cut'
Fears of the impending recession may prompt the Bank of England to make its biggest interest rate cut in 15 years when the monetary policy committee (MPC) meets tomorrow (November 6th).
With interest rates currently standing at 4.5 per cent following a half a percentage point cut last ... More
Unsecured Loans - UK's disposable income falls
The disposable income of Britons has fallen by 30 per cent over the course of the last two years, according to new research.
A study by Abbey has revealed that as many as one in ten people are now spending up to 90 per cent of their salaries on basic essentials, which may include rent or ... More
Unsecured Loans - A less lavish Christmas for Brits?
The credit crunch and impending economic recession has meant that many households in the UK are now preparing for a Christmas that is less lavish than the standards of recent years.
According to David Kuo, head of personal finance at money website Fool.co.uk, Britons in 2008 may well be ... More
Debt Consolidation - Treasury to monitor bailout package
The government has stated that it will be closely monitoring the recent banking sector rescue package which has made use of £37 billion of taxpayers' funds, it has been noted.
It has been announced by the Treasury that competition will be restricted to ensure no harm comes to the ... More
Debt Consolidation - Recession should be 'put in perspective'
With the UK heading for a recession and economic activity declining, businesses still need to retain some perspective on it all, one sector commentator has claimed.
David Kern, economic advisor for the British Chamber of Commerce, said that life would continue for retailers as people ... More
Remortgage - One per cent cut called for
The bank of England is being urged to cut the base rate of interest by one percentage point - the biggest reduction since 1992.
This will see the monetary policy committee (MPC) cutting interest rates from 4.5 per cent to 3.5 per cent.
Rates had stood at five per cent since April... More
Unsecured Loans - King and Darling face their critics
The chancellor of the exchequer Alistair Darling, governor of the Bank of England Mervyn King and Adair Turner, the chief executive of the Financial Services Authority, faced their critics at the House of Commons Treasury select committee yesterday (November 3rd).
MPs posed questions to ... More
Unsecured Loans - A frugal Christmas for Britons?
Families in the UK may be forced to celebrate a budget Christmas this year, as the credit crunch and ongoing financial crisis continues to put pressure on the outgoings of homeowners.
According to research carried out by Birmingham Midshires, 78 per cent of all Britons are now taking ... More
Remortgage - MPC 'must not disappoint'
The monetary policy committee (MPC) must not disappoint when it meets to discuss interest rates this Thursday (November 6th), one sector commentator has claimed.
According to Joshua Raymond, a market strategist at City Index, there were growing concerns within the markets that any ... More
Debt Consolidation - Cost cutting 'only a short-term expedient'
Businesses that are reducing operating costs should only look at such action as a short-term expedient, one sector commentator has claimed.
George Derbyshire, chief executive of the National Federation of Enterprise Agencies, said that in the long term, companies needed to build on ... More
Unsecured Loans - Interest rates 'may drop to zero'
There is a "reasonable possibility" that interest rates in the UK could drop to zero per cent by 2009, one sector commentator has claimed.
Michael Baxter, an economist at Defaqto, noted that rates were already at one per cent in the US and were likely to fall again and that ... More
View All Articles From The News