Decline in homeownership is the result of bonkers red tape December 11, 2012 AS ever, the census is chock-a-block with fascinating statistics, including about the major demographic shifts that this country is undergoing. London has become a European version of New York, a cosmopolitan, global melting pot. It also reveals a number of worrying trends. Just 64 per cent (14.9m) of households owned their own home in 2011, [...]
Do you rent or own the property where you live? December 11, 2012 KEVIN LAWRENCE PEMBROKE MANAGING AGENCY I own my house with a mortgage. I’m very lucky that I got a fixed rate mortgage at two per cent above base so it’s very easy. I’m probably overpaying my mortgage right now! ABDUL DAKHIL DAIWA SECURITIES I rent. It’s difficult to buy first time, and I’ve only been [...]
Rapid responses December 11, 2012 The payday debate [Re: The poorest will suffer if we ignore the real evidence on payday loans, yesterday] This is the first honest, data-driven response to the payday loan industry debate I’ve seen. Unfortunately, screaming headlines about sky-high interest rates and vulnerable borrowers have led some to ignore the sad truth that many are far [...]
Houses prices set to remain flat during 2013 December 6, 2012 HOUSE prices are set to remain flat in 2013, Halifax bank said yesterday, as weak economic growth and pressure on household finances continues to constrain demand. It also announced that the price of an average UK home rose by one per cent month-on-month to £160,879 in November. “We expect continuing broad stability in house prices nationally [...]
What does the chancellor’s budget mean for you? December 5, 2012 Catherine Gannon, 50 Managing director of law firm Gannon Having started her own business 10 years ago, she earns around £100,000, though says this is getting more difficult to achieve, and while she has a share portfolio, she doesn’t have much in the way of a pension plan. Lives with her two children aged 10 [...]
A business as usual Statement puts Osborne at the mercy of calamities December 5, 2012 IN MAJOR fiscal consolidations, what gets done in the first two years is what gets done – unless or until there is another crisis. More than two years into the coalition’s deficit reduction programme, George Osborne now finds himself unable to change his strategy through additional tax rises or spending cuts. He spent those first [...]
Bank lending up on back of state aid plan December 3, 2012 BANK lending increased in August and September after the funding for lending scheme (FLS) got underway, according to Bank of England figures published yesterday. So far £4.36bn has been drawn down from the facility, with six of the 35 banks that have signed up taking money in the first two months. Overall lending to the [...]
UBS could pay £280m fine for Libor fixing December 3, 2012 UBS could pay $450m (£280m) to regulators following allegations that its employees submitting false figures to the organisation that compiles the Libor rate, according to a report in the New York Times. This summer Barclays paid a similar fine after admitting that it manipulated the benchmark interest rate, resulting in the resignation of its chief [...]
Interest rates inch down in third month of Funding for Lending November 29, 2012 INTEREST rates on new secured loans edged down in October, the third month since the Funding for Lending Scheme (FLS) began, data revealed yesterday, but rates on unsecured loans rose. The average interest rate on new secured loans edged down from 3.77 per cent to 3.74 per cent last month, the Bank of England said. [...]
Mark Carney’s Canadian legacy has still not weathered the test of time November 27, 2012 MARK Carney, the Bank of England’s new governor, will leave his current position as governor of the Bank of Canada with a sterling reputation. The widespread acclaim he has attracted is based on his Bank’s deft handling of the beginning of the financial crisis, and his recent appointment as head of the G20’s Financial Stability [...]