Are you paying too much for your energy?
August 28, 2008
A recent report from Moneysupermarket.com claims that many major energy suppliers across the UK could be causing consumers to spend far more than they need to on their electricity and gas usage simply because they fail to highlight special deals and programs that could save the consumers money on the cost of utilities. Officials from Moneysupermarket.com state that the failure of energy companies to highlight these deals could be costing consumers a fortune. Read more
Officials expect inflation levels to soar past 4% by end of the year
August 25, 2008
Many industry officials and consumers have said that they now expect inflation levels to burst through the 4% barrier within the next twelve month period, having seen inflation levels already spiral to 3.8%, which is way above the government’s target of 2%. According to the results of a recent survey in May many predicted that inflation levels would rise to around 4.1% over the next twelve months. However, this prediction has now changed to around 4.6%. Read more
Energy prices hiked again by EDF
August 25, 2008
Over recent months there have been many predictions that the cost of gas and electricity usage is to rise again following an earlier hike at the start of this year. Some had predicted that the energy suppliers would increase the cost of energy usage in the autumn, but it seems that the hikes have already started, with EDF Energy already announcing prices hikes for its customers. The rises have come into effect from 25th July, and EDF officials have said that the reason for the price hikes is the high cost of wholesale energy. Read more
20% of pensioners struggle to pay energy bills
August 10, 2008
According to a recent survey 20% of pensioner are struggling so much with payments on energy bills that they spend the winter period in just one room in order to try and reduce their heating bills. The survey was carried out by Help the Aged, and shows that fuel poverty is still rife amongst the elderly despite energy usage costs being slashed by energy providers earlier this year. Read more
UK savings set to rocket
August 10, 2008
The level of cash savings in the UK is set to rocket over the next five years based on current savings trends according to a recent report. The report claims that by 2012 the level of savings in the UK could hit £1 trillion. The level of cash savings has rocketed over recent years, according to the Alliance and Leicester, growing five times faster than unsecured borrowing over the past seven years. Based on this trend cash savings could be as high as £1 trillion in just five years state officials from the bank. Read more
ICICI to offer more options to UK customers
August 8, 2008
Indian bank ICICI, which has become known for some of the excellent interest rates it has been offering to savings customers in the UK, has announced that it plans to offer more services to UK consumers in a bid to expand within the UK. ICICI is a subsidiary of the second largest bank in India, and plans to expand the services on offer over the next year. It plans to offer customers current accounts, insurance services, and personal loans. Read more
Mortgage sector still experiencing difficulties
August 7, 2008
The mortgage sector in the UK is still experiencing immense difficulties, as it continues to reel from the damaging effects of the global credit crunch, which hit the nation last year and is still causing total chaos throughout the financial markets. Officials from the Council of Mortgage Lenders have said that whilst the government has taken action by injecting millions of pounds into the money markets and coming up with a £50 billion mortgage rescue plan the mortgage industry continues to suffer severe problems. Read more
Lenders need to reduce arrangement fees on mortgages
August 7, 2008
Alistair Darling, the Chancellor of the Exchequer, has issued a stark warning to banks and lenders – to reduce extortionate arrangement fees on mortgage loans and stop ripping consumers off. This comes after a recent report that lenders have been hiking up arrangement fees on mortgages, and that some have even doubled over the past year or two, with others being hiked up more recently. Read more
Four billion added to fuel poverty rescue bill
August 7, 2008
With energy prices soaring, and the cost of gas and electricity usage spiralling out of control, government officials have been stating that steps are being put into place to help the more vulnerable consumers, such as the elderly and those on low incomes, and that the government plans to eliminate fuel poverty over the next eight years. Fuel poverty is where a household is spending in excess of 10% of its total income on energy bills. Read more
Ridley gets no payoff from the Rock
August 6, 2008
Northern Rock, the stricken High Street bank that went through a period of turmoil recently, has recently announced that it will not be offering any golden handshake payout to Matt Ridley, who has been chairman of Northern Rock for the past three years. Mr Ridley resigned recently following the crisis that hit the bank, when it was forced to go to the Bank of England for a bailout loan, and as a result savers withdrew over £2 billion worth of their money from the bank through fears that the bank might fold. Read more