Big banks are expected to take another £2 billion hit on payment protection insurance this week because of the longer time allowed for new claims, according to The Times. Lenders will make the provisions with quarterly results that will be scrutinised for the impact of Brexit on the economy, while the weakening pound and heightened
OK, I’ll admit it. I don’t like Margaret Atwood’s writing. In some circles, this is akin to saying you’re a devil worshipper who spends their weekends ensconced in a dungeon of pain with other ostracised members of the community. Yes, I know she’s a multi-award winning author. Yes, I’m aware she has sold millions of books.
Fears that workers’ savings have been put at risk in unsustainable and potentially fraudulent pension schemes have prompted the Government to rush through tougher rules designed to tackle rogue operators. After revelations by The Times, the Pensions Schemes Bill has been introduced to address concerns that the biggest change to workplace pensions in generations could
Middle-class families are paying a ‘stealth tax’ of £10,000 a year for places in care homes for the elderly, according to The Times. The extra charge is being used to subsidise residents who cannot pay themselves and have to rely on council funding, the first detailed analysis of fees has found. There are about 400,000
The Treasury’s decision to abandon plans to let pensioners raise money by selling their annuities has been welcomed by the pensions industry. The controversial idea was first aired in March 2015 by the then Chancellor George Osborne as part of his plan for ‘pension freedoms’. Despite deciding last December that the plan would go ahead next
The annual rate of inflation as measured by the Consumer Price Index rose to 1 per cent in September, according to the latest figures from the Office for National Statistics. That’s up from 0.6 per cent in the year to August. CPI tracks the cost of 700 household goods and services. Investment manager Thomas Laskey from Aberdeen
There’s always one. One colleague, friend or family member who starts banging on about Christmas months in advance. One smug person who risks a punch in the face for boasting ‘I’ve done all my Xmas shopping’ before the clocks have gone back. Thanks all the same but I don’t want to know how many days it
Britain’s economy faces a ‘prolonged period’ of weaker growth as consumer spending slows and business curbs investment, according to a report published on the BBC website. Although the EY Item Club think tank predicts the economy will grow 1.9 per cent this year, it expects that performance to fizzle out as inflation rises. The economy’s stability
If you believe the national stereotypes, there are certain things us Brits can’t live without, among them fish and chips, a local pub and a proper brew. That last one is certainly top of my list. Since I gave up coffee, a cup of builder’s tea at least once a day is essential. And, when at home, I
Some people who were mis-sold pension annuities will have to be compensated to restore £120-£240 a year, the Financial Conduct Authority has said. In a review of annuity sales practices, the financial watchdog said that a small number of firms failed to tell customers that they could shop around or could get enhanced annuities because
The number of homes coming on to the property market has slipped further as demand climbed in September after a slow summer selling season, according to The Telegraph. The residential market survey by the Royal Institution of Chartered Surveyors (Rics) found that the number of new instructions to sell fell for the seventh consecutive month. Meanwhile,
George Osborne’s pension reforms will backfire and end up costing the taxpayer billions of pounds more every year as people stop saving for their retirement, the official Treasury watchdog has warned. The Telegraph reports that the Office for Budget Responsibility said the removal of tax relief on pensions for higher earners – billed as a move
Many travellers buying foreign currency at the UK’s airports are now receiving less than one euro to the pound. The continued fall in sterling’s value means that the average rate available at 17 airport bureaux de change is now just 99 euro cents to the pound. The BBC reports that the worst rate is currently
Consolidation. It’s a word used widely in financial circles. Consolidation of debt (translation: combining lots of different credit cards into one seemingly simple yet unmanageable whole). Consolidation of assets (translation: combining liabilities into one seemingly simple yet unmanageable whole). You get my drift. So, consolidation is not always a good thing. I wonder if this
Royal Bank of Scotland secretly tried to profit from struggling businesses, leaked documents show. The bank bought up assets cheaply from failing businesses it claimed to be helping, the confidential files reveal. Staff could boost their bonuses by finding firms which could be squeezed in what it called a ‘dash for cash’. RBS said it had
As a species, we humans share many characteristics. Opposable thumbs, a love for pizza, a dislike of losing at football. Perhaps most common, though, is the ability to recount horror stories about tradesmen. I have yet to meet someone without a handyman grievance. You’ve got one, right? A plumber who did more harm than good, the
The pound has dived on Asian markets with automated trading being blamed for the volatility. At one stage it fell as much as 6 per cent to $1.1841 – the biggest move since the Brexit vote – before recovering to $1.24, still down 1.5 per cent. It is not clear what triggered the sudden sell-off. Analysts
City traders are speculating about how long Mark Carney will remain as Bank of England governor, after Theresa May attacked the BoE’s loose monetary policy stance yesterday. According to The Guardian, Carney is expected to decide by the end of the year whether to just do five years at the Bank (the original plan), or
British motorists last month faced the highest road fuel costs this year as global oil prices continue to creep higher from historic lows, The Telegraph reports. The cost of unleaded petrol and diesel rose for a second consecutive month to drive the average price of diesel the highest level for the year so far, while petrol ended the
Sterling has fallen to its lowest level against the dollar since early July after Theresa May set a date for starting Brexit negotiations. The Prime Minister said she would trigger Article 50, the clause needed to start the process, by the end of March 2017. That means the UK is likely to leave the EU by mid-2019.