Leading economists have warned that it is unlikely that Britain will retain its AAA credit rating with all three major credit rating agencies through 2013, given the economic climate and the way the UK’s finances are going. This will be a particularly embarrassing development for George Osborne, who has repeatedly claimed that his actions have […]
Category: Finance
Eurocrisis Continues as Spanish banks are Bailed Out
In what has been viewed as a major part of the rescue of the Spanish economy, Europe finally handed over the money to bail out Spain’s ailing banks, giving out billions of euros in exchange for a sweeping series of cuts and restructuring throughout the banks’ businesses. The bank that’s been grabbing most headlines due […]
Nationwide Launches Interest-Earning Current Account
Nationwide has stuck its neck out today by launching an interest-earning current account, the first time that the bank has changed the line up of products it offers in over twenty-five years. This just goes to demonstrate the changes that are being felt throughout the banking industry and the struggle traditional providers are having to […]
Moody’s Warns it may Downgrade UK Credit Rating
The credit ratings agency Moody’s has warned that the UK faces having its credit rating downgraded if the government’s failure to grow the economy continues. In a statement, the agency said that the UK government may not be as good at repaying its loans in future as their ability to raise capital is “being hampered […]
NatWest Bucks the Trend With New ISA Offering
For the last few months, banks have been continually cutting the interest rates they offer on their ISA accounts, with customers seeing the best new deals available drop from offering 3.5% to around 2.5%. It was a trend that looked set to continue, much to the disappointment of savers everywhere. However, NatWest now appear to […]
Barclays Mis-Sold PPI Compensation Payments Reach £2billion
The amount that Barclays have paid out for compensation to customers to whom they mis-sold payment protection insurance (PPI) has jumped by £700million following an announcement from the bank today, reaching the dizzying height of £2billion. It’s a truly astounding figure and just goes to show how wide spread the mis-selling of PPI truly was. […]
CCCS Warns Consumers Are Relying too Heavily on Overdrafts
The Consumer Credit Counselling Service (CCCS), a charity which gives advice to people who are struggling with debt and repayments, has warned that many consumers are turning to the more expensive option of overdrafts rather than tackling any gap in their finances with loans or credit cards. Una Farrell, a spokeswoman for the charity, said that “these […]
Figures Reveal Pensions Have Fallen 20% in Three Years
This year, 800,000 people will enter retirement age and begin drawing on any private pension funds that they have set aside. However, those that do could be earning as much as 20% less than those who began their retirement just three years ago. This has all been revealed as shocking figures show just how much […]
50,000 Natwest Customers Told They Weren’t Covered for Fraud
Last week, around 50,000 Natwest customers received letters telling them that they would not be covered if fraudsters used their cards to pay for things without their knowledge. Understandably, many of these customers were worried, and Natwest have now released an apology and said that this is not the case. There have been plenty of […]
Economists Predict Winter Cut to Interest Rates
There have been yet more predictions of a cut in the interest rate set by the Bank of England, bringing it down from its already record-low 0.5% figure. The Bank has kept interest rates there for two and a half years now, and some economists are predicting a further fall. Despite expectations of a drop […]