Britons spend the first 45 days of the year paying off just the interest on their debts, according to the new research. It means that tomorrow is so-called Debt Freedom Day – the day when borrowers become free of paying the interest on their debts and can finally begin re-paying the actual debt itself. It [...]
The Best of Innovations display at this year’s Consumer Electronics Show in Las Vegas could make anyone drool: nerds, geeks, even the technologically challenged. There is, for example, a dishwasher from Kenmore boasting a full-color LCD screen where you can get instant advice and maintenance tips. There are the world’s first alpine goggles, “Transcend” from [...]
The public supports a rate cap, but it would be a simplistic measure to a complex problem. We all know that the poor pay more for everything but the unresolved question is – what do we do about it? This week’s YouGov omnibus survey for Compass appeared to find overwhelming public support for a cap [...]
Lending to businesses edged up for the first time since February, the latest Bank of England figures showed. Net lending to businesses grew £300m in August, a modest improvement after July’s £2.5bn drop, according to the Bank’s monthly Trends in Lending report. However lending to businesses was still down year-on-year, contracting 5.4pc Credit availability for [...]
UK Government borrowing fell sharply in July, although the country continued to sink further into debt. The Government borrowed £3.8bn over the month, down from £14.7bn in June, £18.4bn in May and 6.1bn in July last year, according to figures from the Office for National Statistics (ONS). It brings public borrowing for the four months [...]
More than one million home owners on an interest-only deal face a sharp price rise when their current deal expires. Banks and building societies are increasingly nervous about offering these deals to borrowers, ahead of new lending rules, designed to curb excessive lending. Coventry Building Society has become the latest mortgage lender to stop offering [...]
Britain faces a weaker economic recovery and higher inflation for longer than previously hoped, the Bank of England forecast today. Economic expansion will peak at 3pc next year, weaker than the 3.6pc the Bank was expecting just three months ago. Today’s Inflation Report also forecast that the level of prices will remain above the Bank’s [...]
The number of people declared insolvent has risen as the credit crisis marks its third anniversary. A total of 34,743 people were declared insolvent during the three months to the end of June, 5 per cent more than during the same period a year earlier, according to the Insolvency Service. The figures are lowered than [...]
Naomi Campbell, the model, admitted that she was given “dirty rocks” by the former Liberian ruler Charles Taylor as she gives evidence at his war crimes trial. She told the court she handed the gems to a colleague and told him to “do something good with them”. She said she had wanted them to be [...]
A proposed limit on contributions could hit even those earning modest salaries. On the same day that BP revealed that its beleaguered chief executive, Tony Hayward, would walk away with a £600,000-a-year pension, the Government unveiled plans to severely restrict the amount of money people can save tax-free into one. The Treasury is proposing an [...]
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