Banking system nearly collapsed in October

City Minister, Paul Myners, has recently revealed that the UK’s banking and financial system was just hours away from meltdown in October of last year. He said that major investors were trying to withdraw their funds on mass, and that this run on the UK’s major banks would have led to a complete collapse of [...]

Mixed feelings over record low base rate

Following the February Monetary Policy Committee meeting the base interest rate in the UK was cut by 0.5 percent to a new historic low of just 1 percent. This is the lowest that the base rate has been since the Bank of England was founded over three hundred years ago. However, hopes that this will [...]

King comments on economic downturn

There is little doubt that like other nations and economies the UK in is the throes of what promises to be a long and painful recession, and with the country still reeling from the many adverse effects of the global credit crunch the outlook isn’t too bright. This is made worse still by reports that [...]

Dramatic Increase in the Numbers of Calls for Debt Advice

The entire world is in the grips of a recession with businesses scaling back and UK residents, like people everywhere, facing job losses and rising prices. The result is that people who previously were able to meet there monthly commitments without difficulty are now realizing that they are deeply in debt and have nowhere to [...]

Local authorities could be launching own banks

According to recent reports a couple of local authorities have stated that they are on the verge of setting up their own banks in order to assist small businesses. The government banks will be designed to help small businesses that are struggling to get the finance that they need through traditional High Street banks, as [...]

Loan site aims to match borrowers up with lenders

A loans site, Zopa.com, has recently reported that in the current climate where getting finance has become increasingly difficult, some consumers may find that they are able to access suitable loans more effectively by using the site, which is aimed at matching borrowers up with suitable lenders based on their circumstances and their needs.
An official [...]

An Overview of Sale and Rent Back Plans

Have you been offered a chance to sell your property and then rent it back from the new owners? This scheme called sale- and rent back is one that a growing number of companies are engaging in to help homeowners find their way out of debt.
However, there are many drawbacks associated with becoming involved in [...]

Insurer’s material was misleading

According to a lawyer that works in the area of financial services, information that was provided by insurance giant Standard Life was misleading, and the lawyer has said that the insurance company needs to look at its material and determine whether compensation needs to be paid out over the matter.
The material related to its Pensions [...]

Lending increase but house prices still falling

Recently released figures have shown that whilst lending levels in December increased slightly, house prices have continued to fall. Officials reported that house prices dropped for a sixteenth month in a row for the month of January, with a further 1 percent drop in property values. Over the past twelve months house prices are said [...]

Increase in popularity of affordable fixed rate mortgage deals

Whilst many people may have been considering a variable rate mortgage given the way that the base interest rate has plunged recently, a recent report has suggested that low rate fixed rate mortgage deals are coming back to the market, and are proving popular amongst those that wish to fix their mortgage at a low [...]

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