June 2012 Archive

EU agrees to help Italy and Spain lower borrowing costs

German Chancellor, Angela Merkel has given ground at the latest EU summit

After a night of talks in Brussels, Germany has made concessions to allow the EU's bailout fund to lend directly to Spain and Italy, meaning the loans won't count as government debt.

NatWest customers: Keep records for credit repairs and refunds

NatWest customers should keep records to help with compensation claims

NatWest customers are being advised to keep clear records and paperwork to help with compensation claims and the repair of credit reports affected by the technical error.

Merkel rejects joint liability on debt ahead of vital EU summit

German Chancellor, Angela Merkel, is adopting a tough stance on shared debt ahead of an EU summit

The German Chancellor, Angela Merkel has rejected proposals for joint liability on EU debt ahead of a crucial summit that begins on Thursday.

Public sector borrowing figures ‘uncertain’ says OBR

Borrowing is usually high in May, claims OBR

Higher government spending and weaker receipts caused public sector net borrowing to reach £17.9 billion in May, the Office for Budget Responsibility has said.

One in five families 'living on the edge' financially

Brits struggling to cope in tough economic times

Financial problems are pushing Britain’s families to breaking point, and many think family life is tougher than it was 10 years ago, according to research from Scottish Widows.

Public sector deficit widens in May as tax receipts slump

Government borrowing increased in May as tax receipts fell by 7.3 per cent and current costs increased suggesting the Chancellor is having difficulty in imposing cuts.

Third of credit card users don’t know how much they owe

Many Brits don't know their credit card balance

A third of UK consumers who do not pay off their credit card each month are unaware of their outstanding balance, research shows.

FSA review to reveal evidence of serious mis-selling to SMEs

FSA set to reveal 'mis-selling' by UK banks

The Financial Services Authority (FSA) is set to reveal “systematic” mis-selling of complex interest rate swaps to businesses by UK banks.

Natwest, RBS attempt to clear backlog after IT glitch

Natwest and RBS problems enter a seventh day

NatWest said it hoped to have most services back to normal today after computer failure paralysed its system for almost a week.

BoE's Weale says sterling needs to weaken to help trade deficit

A member of the Bank of England's rate-setting team says there is scope for more monetary stimulus

Martin Weale, a member of the Bank of England's Monetary Policy Committee says that sterling needs to weaken to help the trade gap and that the economy could take further QE.

CBI chief pushes for further QE to rescue Britain’s economy

Urgency needed, says CBI's John Cridland

The Government and the Bank of England must act fast to get more credit flowing to businesses in an effort to rescue the economy, according to the head of the CBI.

Lloyds TSB to hike overdraft rates

Lloyds TSB is to increase overdraft interest rates and the monthly overdraft usage fee on its free and paid-for current accounts, the bank has announced.

Four in 10 small firms turned down for bank loans

The lending squeeze on small companies is “becoming critical”, John Walker, the Federation of Small Businesses' national chairman, has warned.

Osborne and King launch £100bn lending plan

George Osborne unveiled a £100 billion plan to ease credit conditions

The Chancellor, George Osborne last night announced a £100 billion plan in partnership with the Bank of Englandto facilitate lending to individuals and businesses.

Oxfam reports of a rise in full-time workers in poverty

Oxfam warns of a rise in poverty in the UK

The charity Oxfam reports of a "perfect storm" brewing that has led to an increase in the number of employed people in poverty.

NIESR warns UK output won't reach 2008 levels until 2014

NIESR predicts that the UK economy grew by 0.1 per cent in the three months to May 2012

The National Institute of Economic and Social Research says that the UK economy grew by 0.1 per cent in the three months to May 2012 but overall the economy won't reach 2008 levels until 2014.

Council tax debtors rise by 27% as tenants struggle with bills

Council tax arrears increased by 27% in 2011

There was a 27 per cent rise in the number of people in council tax arrears and renters outpaced homeowners as debtors for the first time, according to the CCCS.

Spain becomes 4th eurozone country to require a bailout

Spain has called for an international bailout of up to €100 billion to help recapitalise its struggling banks ahead of a re-run of the Greek election.

More shoppers paying with cash to keep track of their finances

Cash transactions on the increase, says BRC

Paying with cash is more common than a year ago as cost-conscious consumers continue to watch the pennies, new research shows.

Spain’s credit rating slashed to BBB

Spain's credit rating hovers above junk status

The outlook for the Eurozone took a turn for the worse after Spain had its credit rating downgraded and the French economy was predicted to contract.

George Soros warns there is just 3 months left to save the euro

George Soros has issued a start warning on the future of the euro

Billionaire investor, George Soros has warned that there is just three months left to save the euro as domestic pressures in Germany mean further bailouts are not likely.

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