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Personal Finance

  • Most UK adults experiencing ‘retirement anxiety’ as inflation forces savings raid

    Personal Finance

    The majority of UK adults are anxious about retiring, a new survey out today shows, as Brits are forced to raid their savings to make ends meet as the cost of living soars.

  • Klarna closes losses and touches monthly profit as cost-cutting drive bears fruit

    Klarna

    Buy-now pay-later giant Klarna has slashed its losses and touched profitability for the first time this year after rolling out a hefty cost-cutting programme and driving down the amount of customers defaulting on payments. In its half year report today, Klarna revealed it had closed its losses to SEK 2.115bn (£153m) from SEK 6.37bn last [...]

  • Arrears continue to rise as higher rates pour pain onto borrowers

    Mortgage arrears

    Arrears continued rising in the second quarter as customers struggled with soaring repayment costs, new data shows. According to figures from industry body UK Finance, there were 81,900 homeowner mortgages in arrears of more than 2.5 per cent in the second quarter, seven per cent more than the previous quarter. Within this, 30,940 mortgages were [...]

  • NS&I: Premium Bonds odds set to improve to best level in more than 15 years

    August 8, 2023

    Premium Bonds odds will improve to the best level seen in more than 15 years from September, savings giant NS&I (National Savings and Investments) has announced. The odds will improve to 21,000 to one, from 22,000 to one previously – their best level since the April 2008 prize draw. NS&I estimates that there will be [...]

  • Number of ‘Isa millionaires’ surges to more than 4,000 – triple from pre pandemic

    August 1, 2023

    The number of “Isa millionaires” has surged to more than 4,000, according to HM Revenue & Customs (HMRC) figures. Some 4,070 savers were sitting on Isa pots worth more than £1 million, as of April 2021, according to the data, obtained following a freedom of information (FOI) request on behalf of financial services network the [...]

  • Smart Pension snaps up £750m peer as government calls for consolidation grow

    July 17, 2023

    Top workplace pension firm Smart Pension has snapped up a peer with some £750m under management as pressure from the government grows for faster consolidation in the sector.

  • Mortgage rates climb to 15-year high following surprisingly strong wage growth

    July 11, 2023

    The typical rate available on a two-year fixed mortgage has climbed to a 15-year high, surpassing the levels seen last Autumn in the wake of the disastrous mini-budget.  According to Moneyfacts, the average two-year fixed residential mortgage rate hit 6.66 per cent, marginally higher than the 6.65 per cent seen last October.  This was the [...]

  • New report unveils UK firms’ self-preservation tactics 

    July 5, 2023  |  Sponsored

    In today’s ever-evolving business environment, finance directors face vast external challenges that can impact their organisation’s financial performance – from geopolitical tensions and trade block negotiations, to soaring inflation and the residual effect of the Coronavirus pandemic. With a lot to navigate, finance teams are exploring all potential routes to help strengthen the bottom line [...]

  • Why did HSBC withdraw mortgage deals for new borrowers?

    June 9, 2023

    HSBC has temporarily withdrawn mortgage deals for new borrowers as the turbulence that has engulfed the UK mortgage market over the past few weeks continued.  The bank removed products for new residential and buy-to-let products on Thursday, with new more expensive deals becoming available on Monday.  HSBC had originally set a deadline of 5pm on [...]

  • Link chief John Howells on bank branch closures, payments and the battle for cash

    June 8, 2023

    Link's chief John Howells says the nation can't "abandon" its cash users.

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