Mortgage approvals jump to 16-month high while consumer credit growth slows, Bank of England figures show August 30, 2017 Mortgage approvals for house purchases jumped to a 16-month high in July, new figures from the Bank of England released today show. Last month, some 68,689 mortgages were approved, up from 65,318 in June and a seven-month low of 65,140 in April. Howard Archer, chief economic adviser for the EY Item Club, noted that July’s [...]
Suspected tax underpayment by big businesses rises to £25bn as HMRC cracks down on tax avoidance August 30, 2017 The amount of tax which the government suspects big businesses have underpaid has risen to £24.8bn, up 13 per cent on last year’s figures. Analysis by law firm Pinsent Masons of the figures from Her Majesty’s Revenue and Customs (HMRC), the department responsible for collecting taxes, showed this was a 31 per cent jump on [...]
Battersea Power Station’s chimney works are complete August 30, 2017 Battersea Power Station has finished painting its iconic chimneys ahead of schedule. The four chimneys are now “visually identical”, having been painstakingly dismantled, rebuilt and painted to restore them to their former glory. The chimneys were one of the key priorities for the Malaysian shareholders of the Battersea Power Station project. “The shareholders take their [...]
Consumer debt: Citizens Advice calls for crackdown on lenders increasing credit card limits for debt-laden consumers August 30, 2017 A major charity has called for a crackdown on lenders increasing credit card limits for debt-laden consumers. Nearly one in five people struggling with debts has had their credit card limit increased without request, a new report out today has claimed. And those in long-term credit card debt are more likely to have their limit [...]
Mind the gender funding gap: Equity crowdfunding platforms could boost investment in female-led businesses | City A.M. August 30, 2017 Today, in the year 2017, women are a long way from being represented fairly against men when it comes to business. Last month’s exposé on the huge pay gap between men and women at the BBC was bleak confirmation of a very real situation. After all, if the nation’s stalwart public service broadcaster is so [...]
Are you at peak-boring? Here’s the age at which Britons are the most dull | City A.M. August 30, 2017 Are you at your most boring? It turns out it’s not those who are latest in life who are the dullest. Nor is it those in middle age. According to new figures, Britons are at their dullest aged just 37. The figures, by Airbnb Experiences, found women reach their least adventurous aged 35, while men [...]
A Great Unbanked will emerge if cash is phased out recklessly August 30, 2017 We have been told that a rising digital tide floats all boats. The flurry of digital services provides us with flexibility and choice, particularly when it comes to managing money. Today, there are approximately 12bn debit card transactions every year, which I expect will double over the next three years. No doubt the rise of [...]
The Secret’s out: Secret Escapes to become largest central European holiday and travel deals operator with Czech takeover | City A.M. August 30, 2017 Secret Escapes has become the largest holiday deals operator in central and eastern Europe after snapping up a Prague-based group as part of its “aggressive” growth strategy. The acquisition of Slevomat Group means Secret Escapes will be at break-even on a run-rate basis when the 100 per cent share purchase completes by the end of [...]
Pension deficits of FTSE 350 UK firms rose by £12bn in last year August 30, 2017 The combined pension deficit of UK companies climbed by £12bn last year, according to research released today. Research by Barnett Waddingham has found the aggregate pension deficit of FTSE 350 firms is now £62bn, which amounts to 70 per cent of pre-tax profits for the year (£88.9bn). The firm said deficit levels were now higher [...]
Whoppercoin: Burger King Russia has launched its own cryptocurrency as a loyalty card style reward August 29, 2017 As if talk of a cryptocurrency bubble weren’t already frothy enough, even Burger King is getting on the blockchain bandwagon it seems, in what’s a rather surprising move. The fast food restaurant has created the “Whoppercoin” in Russia. It has already issued one billion of the virtual tokens, two of which are given to customers [...]