Moneyblog

Barely a month goes by without a new banking firm popping up. And while some are interesting, and a few perhaps revolutionary, most have simply rolled out mortgage and savings products in an attempt to muscle in on the home turf of the UK’s building societies. Add to the mix a fast deteriorating High Street environment, and there’s little doubt that building societies are starting to feel the squeeze. But far from being cowed, the mutual sector is gearing up to take on the new kids on the block, in a battle that cuts to the heart of what our society in 2018 really stands for. Since the birth of

If you have credit card balance on an existing account, you could save vast amounts of money by transferring the balance to another card. Here is a selection some of the best cards on the market with a 0% introductory balance transfer rate, from data supplied by moneyfacts.co.uk.

The announcement from Marks & Spencer regarding multiple store closures is the most recent in the long chain of major UK retailers shutting their doors. Other announcements in 2018 include Toys R Us, Maplin, Gap, Michael Kors and Abercrombie and Fitch. M&S’s annual pre-tax profits fell by nearly two thirds in the last 12 months, with major losses on food, clothing and homeware sales. But the UK retail sector in general is being hit harder than ever by the online market. In particular, the e-commerce giant, Amazon. If you’re thinking about buying children’s toys, gadgets, books or electrical goods, what’s the first place you think of? The likelihood is it’s

If you’re looking to buy your first home, this week’s Best Buys – from data supplied by moneyfacts.co.uk – will help you find the best mortgage deals on the market right now.

Until a few days ago, reporting of the almost completed Crossrail project had been focused chiefly on the impact of the new Elizabeth Line on local house prices, ‘Still time to buy into Acton’s Crossrail hot spot’ being a typical example. Now we learn that the project’s much repeated if slightly fudged claim about being delivered within an overall £14.8 billion ‘funding envelope’ has almost certainly been blown. A £190 million budget overrun for the year to March, and the departure of chief executive Andrew Wolstenholme to join BAE Systems, were the first indications of problems that may now require a £500 million bailout to see the job finished in time for

Racing is an expensive sport to stage. Courses and grandstands have to be maintained, health and safety regulations have to be observed. Human and horse ambulances have to be provided, turnstiles have to be manned and, to maintain the ‘integrity’ of a much gambled-on sport, stables have to be guarded, and photo-finish and race-patrol cameras have to be provided. Recognising this, as they sought to clean up gambling laws in the 1960s, our politicians introduced a rare example of ring-fenced taxation: they sanctioned a levy system on bookmakers to make them responsible for producing a significant contribution to racing’s costs. By 1978 the Gambling Commission was complaining that racing had

If you’ve got a chunk of money that you don’t mind having locked away for a set amount of time, fixed rate bonds can often give a better rate of return than most accounts. Here are this week’s picks of the best one year fixed rate bonds on the market at the moment, from data supplied by moneyfacts.co.uk.

James Delingpole is right, of course, to extol the virtues of capitalism (‘We don’t deserve capitalism’, 5 May) but wrong to imagine that if only we stuck to strict capitalist principles we could cure problems like the allegedly system-clogging bureaucracy in the NHS. The United States probably has the most ‘capitalistic’ health service in the world; but it has seen an even greater rise in numbers of bureaucrats than the NHS, contributing to its ranking as the world’s most expensive healthcare system. Or take US universities: they too operate on a very capitalistic model which has seen student fees rise steeply over the past three decades and has burdened the

Those dread words ‘Grammar schools’ are back in the news again. The education secretary, Damian Hinds, has today announced a new fund that will allow established academically selective schools, i.e. the 163 grammars clustered around the country, to found new ‘satellite’ schools. The proposal could increase pupil numbers at grammar schools by 16,000 over the next four years. The news has been met with the typical mixture of surprise and outrage; amidst the tried-and-tested to-and-fro, it is hard to find much reasoned and sustained argument. Everyone, it seems, knows where they – and everyone else – stand. But, dig a little deeper into the issues at stake, and Hinds is

Would it really be fairer, in an inter-generational sense, to whack an ‘NHS levy’ on pensioners while giving every 25-year-old £10,000 to help them buy a first home or start a business? These are recommendations by the Resolution Foundation, chaired by former Tory minister Lord Willetts, to address what it sees as a breakdown in the ‘contract’ between young and old. That contract allegedly says that each generation should expect to be better off than its parents — but in the current economic climate, many of our delicate ‘millennials’ believe they’re going to end up worse off, unable to afford their own homes and saddled with the ever-rising cost of

Fixing your mortgage repayments for five years means you can be sure of the repayment costs, and they won’t budge an inch. It makes budgeting easy – but it does mean you are stuck in this plan for five years, no matter what happens to interest rates around you! Here are the best five year fixed-rate mortgages on the market at the moment, according to data supplied by moneyfacts.co.uk. 

This is an extract from this week’s ‘Any Other Business’ column.  The UK economy grew just 0.1 per cent in the first quarter, says the ONS, reflecting low construction activity, sluggish manufacturing, squeezed consumers, Brexit uncertainties and bitter weather. That’s the worst quarter since 2012 — so no wonder I had such a feeble response to my call a fortnight ago for evidence of feelgood. Two readers broke through the gloom, however. The first is a veteran banker who lends to small-to-medium UK corporate borrowers and describes himself as ‘miserable, cynical and pessimistic’ by nature and experience. But ‘to my pleasant surprise we’re seeing strong demand from a variety of