A family debt time bomb ‘poses a serious threat’ to the economic recovery, according to financial research firm Verum. Household debt has quadrupled from £347 billion in 1990 to £1,437 billion in 2013, despite bank base rate being at the historic low of 0.5% for the last six years.
Bank Of England governor Mark Carney has admitted the Bank has drawn up contingency plans for what will happen to Sterling if the Scots vote yes in the independence referendum on September 18th. This is the first official confirmation that the Bank is making plans for different outcomes which could affect the financial stability of …
UK unemployment has dropped to just over two million, but the Bank Of England expects the rate of wage increases to fall too. The Office for National Statistics (ONS) says the unemployment rate fell by 132,000 to 6.4% in the quarter – the lowest level since late 2008, but average wages, excluding bonuses, rose by …
Former top banker Andrew Sentance has warned the Bank Of England over potential inflation risks, despite inflation remaining below its 2% target. A former member of the Bank’s Monetary Policy Committee (MPC), Mr Sentance claims current economic conditions are similar to those thirty years ago which led to inflation hitting 10% and interest rates peaking …
Tens of thousands more children are facing falling into the poverty trap in 21st century Britain, warns Save The Children. The charity estimates as many as 5 million children could end up trapped in poverty by 2020.
Britons are increasingly facing a lifetime of debt if they want to buy their first home or take a step up the ladder. The number of borrowers opting for mortgage terms of 30 years or more has hit a record high, according to the Council of Mortgage Lenders (CML).
More than a third of UK brokers expect interest rates to rise before the end of the year. The Bank Of England Monetary Policy Committee have just voted to keep base rate at 0.5% for the 65th month in a row. They also voted to maintain quantitative easing at £375 billion.
Anyone caught rigging wholesale gas and electricity prices can expect to face up to two years in jail if new government proposals become law in spring next year. Energy Secretary Ed Davies wants artificially fixing energy prices to be made a criminal offence punishable by a term in jail.
A senior MP has called for the wholesale gas market to be included in a new competition inquiry into the UK’s energy companies. Tim Yeo, chairman of the Energy Committee, says the investigation would be ‘compromised from the outset’ if wholesale gas prices were excluded.
Thinking of switching bank accounts, but not sure what’s on offer? Figures from the Competition and Markets Authority (CMA) show that almost four out of five people have their account with one of the big four high street banks – Barclays, Lloyds, HSBC and Royal Bank Of Scotland (RBS) who also own Natwest.