- Monday, February 23, 2009, 16:36
- Savings and Investments
In anticipation of rising unemployment and
strained personal savings, consumers have begun cutting spending at all costs – even at the sake of their existing insurance policies.
A recent study by insurer LV= suggests that policyholders are reducing or dropping their current
insurance coverage in order to cut back spending and save money in time for the recession. Over one million policyholders have already ...
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- Friday, February 20, 2009, 15:37
- Debt Management, Mortgages
According to new figures released by the Council of Mortgage Lenders (CML), a growing number of homeowners had their properties repossessed during 2008.
Approximately 40,000 repossessions were recorded last year, affecting holders of 1 in 290
mortgages. The last time the rate of repossessions climbed so high was in 1991, when 75,500 properties were ...
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- Wednesday, February 18, 2009, 17:35
- Interest Rates, Personal Finance
A recent report from the Office for National Statistics suggests that the threat of deflation in the UK remains real despite a slower than expected decrease in the rate of inflation.
In January, the Consumer Price Index (CPI) fell from 3.1% to 3%, while the Retail Price Index (RPI) slowed to 0.1% from an already low 0.9% in December – the lowest RPI inflation rate since ...
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- Monday, February 16, 2009, 17:32
- Loans, Personal Finance
Despite a proposed government bailout package to the tune of £2.3bn, the UK motor industry continues to reel from anemic sales and low consumer confidence.
According to a report from the Society of Motor Manufacturers and Traders (SMMT), the number of car registrations decreased by 30.9% in January. Further evidence suggests that the market will continue to decline by 20% in 2009 alone.
UK automobile manufacturers maintain ...
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- Friday, February 13, 2009, 18:13
- Savings and Investments
The credit crunch is beginning to take its toll on far more than just personal savings, consumer confidence, and mortgage lending.
Recent statistics from the Office of National Statistics suggest that modern-day marriage in the UK might be a suffering institution. Marriage rates for 2007 are at their lowest since the Office began keeping record, and many experts agree that the economic downturn has only helped ...
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- Tuesday, February 3, 2009, 18:05
- Household Finances, Mortgages
The Law Society has warned parents to seek advice before offering financial assistance to help their children onto the property ladder.
The falling price of property over the past 12 months has sparked the interest of many first time buyers previously frustrated by the unaffordable asking prices in many parts of the UK. However, the squeeze ...
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- Tuesday, January 27, 2009, 13:13
- Energy
British Gas has become the first major UK energy supplier to cut their prices in response to the falling wholesale price of oil.
The move follows pressure on suppliers by industry regulator, Ofgem, to lower prices as the price of oil has plummeted over the past months.
British Gas announced that their standard tariff gas prices by 10% from 19th February 2009. This will bring the average ...
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- Wednesday, January 21, 2009, 15:20
- Household Finances, Mortgages
According to a new report from the Council of Mortgage lenders, mortgage lending during 2008 in the UK fell to the lowest level since 2002.
According to the report, mortgage lending in 2008 totalled £256.4bn last year, 30% lower than the 2007 total of £363.7bn.
The effects of the credit crunch have made it more and more difficult for borrowers to obtain mortgage finance as banks curb ...
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- Tuesday, January 20, 2009, 16:04
- Loans, Personal Finance
One of the biggest revenue streams for UK banks is under threat as the Competition Commission demands curb on selling Payment Protection Insurance (PPI).
A provisional report published by the Commission in November 2008 laid out a number of recommendations aimed at ‘cleaning up’ the PPI industry. In anticipation of a full ban, a number of leading UK financial institutions have recently announced they will stop ...
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