Bank data reveals loans drop despite Funding for Lending October 18, 2012 NET lending was negative in August, statistics showed yesterday, with more businesses paying off debt than taking more out. The net monthly flow of lending to businesses was minus £2.2bn in the month, according to Bank of England data. The total stock of lending shrunk 2.2 per cent at an annualised rate in the three months to [...]
Inflation drops but above 2pc for 30th month October 16, 2012 INFLATION dived in September, data revealed yesterday, bringing it closer to the Bank of England target is has exceeded for 30 consecutive months. Yearly inflation, as measured by the consumer prices index (CPI), slid to 2.2 per cent in September, the Office for National Statistics (ONS) said, down from 2.5 per cent in August. Driving [...]
Inflation falls to lowest level in almost three years October 16, 2012 Consumer price inflation fell to 2.2 per cent in September, the lowest level since November 2009. Official figures from the Office for National Statistics said this morning that the rate of inflation fell from 2.5 per cent in August, largely due to the effects from September 2011’s utility bill rises dropping off. The ONS said [...]
What the other papers say this morning October 14, 2012 FINANCIAL TIMES Tories plot cash-for-seats offer Senior Conservatives are plotting an audacious “cash-for-seats” offer to Nick Clegg, where the Liberal Democrat leader would back a Conservative-friendly Commons boundary review in exchange for millions in state funding for his party. US woman takes on banks over Libor A pensioner whose home was repossessed is taking on [...]
Goldman to swing to profit October 14, 2012 US BANKS are expected to report strong revenue figures this week, in part thanks to the boost to the mortgage market from the Federal Reserve’s latest round of money printing. Goldman Sachs will report its third quarter results tomorrow, and is expected to turn 2011’s third quarter loss of $393m (£245m) into a solid profit [...]
It might be prime time to refinance October 14, 2012 HISTORICALLY low interest rates and government schemes mean that it may make sense, for some borrowers at least, to remortgage their homes. But data from the Council of Mortgage Lenders serves as a stark reminder as to how tight conditions still are. In 2011, £46.6bn worth of remortgages were taken out by borrowers in 375,000 [...]
Nationwide to scrap interest-only loans October 4, 2012 ONE of the UK’s biggest mortgage lenders yesterday said it would withdraw interest-only mortgages to future homeowners from next week, in a further sign of the squeeze on higher risk lending. Nationwide Building Society, the third biggest mortgage lender in the country, wrote to brokers yesterday saying it would stop offering the mortgage on 11 [...]
UK pushes Europe for tougher finance rules October 3, 2012 NEW TREASURY minister Greg Clark last night praised the EU’s tough new banking proposals, and demanded the authorities get even stricter on rogue financiers. But analysts warned the proposals derived from a report by Finnish central banker Errki Liikanen could drive up banks’ funding costs by splitting retail and investment operations, and push down stocks [...]
Rates hiked at Santander October 2, 2012 BORROWERS who have a mortgage at Santander face higher repayments from today, when the lending giant raises its standard variable rate (SVR). Santander will raise its SVR 0.5 percentage points, to 4.74 per cent, blaming increasing funding costs, which it says drove competitors’ SVRs up five months ago. It also laid the blame on liquidity, [...]
EU banking report raises prospect of bailout divisions October 2, 2012 THE EU’s Expert Advisory Group, chaired by Erkki Liikanen, reported yesterday on whether to legally separate retail from investment banking – as considered by the Vickers Commission and discussed at the weekend by Ed Miliband. The Liikanen Report proposes five things. First, although the report suggests investment banking could be done within the same banking [...]