Are you skint? Is payday merely a blip in the month, a day where you make your minimum credit card repayment, settle the mortgage, buy groceries and keep you fingers crossed that you’ll survive another few weeks? If this sounds familiar, then you’re not alone. New research from Money Advice Service has found that one in
Pensioners have enjoyed a substantial rise in income since the financial crisis but young people have suffered a drop, according to the Institute for Fiscal Studies. The BBC reports that pensioners are now the least likely group to be in income poverty. The IFS study also said that living standards were likely to get worse because of
New research suggests that millennials will be the first generation to earn less than their predecessors over the course of their working lives. The Resolution Foundation found that under-35s earned £8,000 less in their 20s than Generation X workers. If wages for millennials follow the same path as Generation X, average career earnings will be about £825,000. Even if
Despite speculation that it would cut rates, the Bank of England held the UK’s main interest rate at 0.5 per cent yesterday. The Monetary Policy Committee voted 8-1 to leave rates unchanged, but minutes of the meeting showed most members expect the Bank will take some action next month. The Bank said: ‘Most members of the committee
The Bank of England could make the first cut to UK interest rates in more than seven years at lunchtime today. The governor Mark Carney has previously indicated that the Monetary Policy Committee would vote to cut rates in July or August. The probable reduction from 0.5 per cent to 0.25 per cent is intended to boost
Britain’s gold-plated pensions now have record-breaking liabilities of £1.75 trillion. The Telegraph reports that the EU referendum triggered a rout in their core gilt and equity holdings. The UK has almost 6,000 defined benefit schemes – plans which pay members an amount in retirement tied to their final salary. Just 950 of these schemes were
Mortgage rates are at record lows, personal loan rates have fallen, credit card deals are better than ever and the base rate has been stuck at 0.5 per cent for the past seven years. There’s even speculation that the Bank of England will cut it later this week. So why are current account customers paying through
The first half of 2016 was a total wipe-out for savers, an analyst has said. Research from Moneyfacts.co.uk shows that, since the start of the year, savers have witnessed a vast number of rate cuts, which have caused rates to plummet to new lows. For example, the average five-year fixed rate has fallen by 0.63
Now that I’ve reached my 40s, I’ve started to notice a number of entirely unwelcome lifestyle changes. An involuntary ‘ooh’ when I sit in a comfy chair. A feeling of relief when a friend cancels a night on the town. A fear that I might need bifocals. A refusal to go down the pub unless
Employers have responded to the new National Living Wage by increasing prices or reducing profits rather than cutting jobs, according to a survey from the Resolution Foundation. The wage, which requires employers to pay staff aged 25 and over at least £7.20 an hour, was introduced in April. This report is the first snapshot of how firms
Mortgage rates are continuing to drop, as the markets bet on a cut in interest rates next week. A 10-year fixed rate launched by Coventry Building Society is thought to be the cheapest such deal on record at 2.39 per cent. The BBC reports that Barclays, HSBC, Metro Bank, the Leeds and the West Bromwich Building Society
Annual house price growth eased to 8.4 per cent in the month of June, the lowest rate in a year, according to the Halifax, the UK’s largest mortgage lender. The quarterly rate of growth was 1.2 per cent, the slowest since December 2014. Nevertheless, the average price of a house rose to another record high, at
More gloom and doom on the markets this morning after the pound hit a new low in Asian trading as concerns about the UK’s vote to leave the European Union continued to undermine investor confidence. It touched 1.2798 against the dollar on Wednesday, a 31-year low, before recovering slightly to $1.2929. According to the BBC,
Do you have a dream? What’s your dream? Is it to see out your twilight years in a home you own outright, having freed yourself from the shackles of the mortgage lender? If so, that’s a good dream. Sadly, social upheaval, a rise in the divorce rate, access to easy credit and the growth in
George Osborne will meet bank bosses today to discuss Brexit. Ahead of the meeting, business groups have called on the Government to move ahead with infrastructure projects and provide reassurance for EU workers living in this country. ‘This may be a time for calm reflection, but it is not a time for inaction,’ five of
Have you ever wondered what led to the birth of the modern insurance industry? No, me neither. But it turns out that the Great Fire of London was the catalyst for what is today a multi-billion pound industry encompassing everything from contents, cars and caravans to pets, festivals and holidays. I admit to finding that
The Chancellor has floated a plan to cut corporation tax to encourage businesses to continue investing in the UK following the Brexit vote. In an interview with the Financial Times, George Osborne said he would reduce the rate to below 15 per cent. The current rate is 20 per cent rate. A new low rate would give the UK
Take a look in you wallet. As well as your debit card, receipts and photos of loved ones, what else is in there? A credit card? Two credit cards? Three? This week marked the 50th anniversary of the credit card. In the year that England last won the World Cup (yes, I know football is
UK shares have risen for the third successive day after Mark Carney said the Bank of England could cut interest rates following the Brexit vote. In a speech yesterday afternoon, the Bank of England governor hinted at fresh stimulus measures following the referendum. According to the BBC, the FTSE 100 index opened 0.63 per cent higher this
Later today the Bank of England governor will aim to reassure nervous investors following the EU referendum. Markets remained calm ahead of Mark Carney’s speech although UK shares dipped slightly while the pound remained steady, as the market recovery seen over the past couple of days stalled. According to the BBC, the FTSE 100 share index was
