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Tag: Money

Is cheap credit fuelling our economy?

The financial crisis of 2008 has had wide-ranging and enduring impacts on economies around the world, and the UK is no exception. But one of the biggest legacies of all which it leaves today is that of record-low interest rates, which the Bank of England plunged to new depths shortly after the EU referendum last […]

Over Half a Million British People Rely on Food Banks

Over half a million people in the UK are now reliant on food banks to survive according to a new report by Church Action on Poverty and Oxfam. Many of the people are reliant on them because of their inability to cope with rising food prices and spiralling energy bills among other things. The most […]

UK Households told to expect more energy bill rises

Households in the UK should expect more energy price rises in the future according to SSE, who are one of the main Energy providers in the UK. The irony is that SSE has revealed that its profits have rocketed at family’s expense. The energy company’s retail sector profits climbed 28 per cent to £410million partly […]

Co-operative Bank Credit Rating Downgraded by Moody’s

The Co-operative Bank has had its credit rating downgraded by credit ratings agency Moody’s. Moody’s warned that the bank could need external support after it reported that is made losses of £600million during March. The bank is also reeling from a failed deal with Lloyds TSB who was going to sell 632 branches to them. […]

Government Considers Lowering UK Minimum Wage

The UK government is considering freezing, or even lowering the minimum wage due to fears that it could be damaging the economy and outing businesses off of creating new jobs. The current minimum wage is £6.19 an hour for anyone over the age of 21, £4.98 for those aged 18-20 and £3.68 for 16 and […]

RAF flies emergency loan fund to Cyprus

Amid fears that British troops might not have access to money deposited to their bank accounts that are based in Cyprus. The RAF is flying 1million euros in cash to the island so that military personnel will be able to have access to an emergency loan. The move by the Ministry of Defence is to […]

RBS and NatWest allow mobile users to exchange money without account details

People are already familiar with the concept of transferring cash without needing to get hold of the sort code or account number of people thanks to Barclays’ PingIt service for smartphones. The PingIt app allows people to transfer money from one mobile number to another, and now RBS are looking to get on board with […]

Food Poverty Hits 5million UK Households

A report from the Centre for Economics and Business Research has claimed that around 4.7 million homes in the UK are now living in food poverty. Food poverty is defined in the reports as spending 10% or more of household income on food. Whilst the 10% mark may not sound like a lot, this is […]

Bank of England Talks of Negative Interest Rates

The Bank of England has shown that it is considering something that, previously, would have been thought utterly ludicrous, as the deputy governor for financial stability, Paul Tucker, suggested that the Bank might consider setting the base interest rate in the negatives. The reasoning behind it is that, with a negative interest rate, lenders would […]

Savings Took Further Hit in Last Six Months of 2012

Households once again found themselves resorting to drawing on their savings in order to get them through the last six months of 2012, with ING Direct’s Consumer Savings Monitor reporting that savings fell by an average of £362 over the period. Whilst the average rate of debt also fell, it looks like people may have […]