July 29th, 2011 The banking giant Santander has set aside 620m euros (£548m) to cover the costs of mis-selling payment protection insurance (PPI) in the UK. The Spanish bank is the latest to outline the one-off amount to cover the cost of compensation for mis-selling the loan insurance.Lloyds Banking Group set aside £3.2bn to cover [...]
August 19th, 2011 Despite the weak growth figures and summer holiday season inflation continues apace. In fact, the UK government’s targeted rate of inflation rose in July, following higher prices for clothing and footwear and fees for financial services.The rate of Consumer Prices Index (CPI) inflation rose to 4.4% from 4.2% in June, according to [...]
June 12th, 2011 This week, UK interest rates were kept at the record low of 0.5% again by the Bank of England’s Monetary Policy Committee. Economists had widely expected the decision, as recent data has underlined worries about the strength of the UK’s recovery.The decision comes despite the annual rate of inflation rising to 4.5% [...]
June 5th, 2011 The cost of going bankrupt increased by £75 to £525 at the beginning of June leading debt experts and other analysts to suggest that the cost could discourage people with debt or other financial problems from seeking help.If you include the court fee necessary to complete the process, going bankrupt now incurs [...]
June 28th, 2011 A new sense of fiscal responsibility has been seen on the UK high street as credit card use fell last year as people turned to cash and debit cards to avoid borrowing, according to the nation’s shopkeepers.The British Retail Consortium (BRC) which represents 90% of the UK’s stores, say transactions involving credit [...]