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Borrowers are keen to pay back their credit card debts, latest figures from the BBA (British Bankers’ Association) suggest.
Although consumers put £6.8 billion of new spending on their credit cards in May, more the £7 billion was paid back. Commenting on the figures, BBA statistics director David Dooks said, “Money is still tight and people continue to pay off debt rather than save or borrow.”
Small businesses often make the best employers. That’s the impression which emerges from recent research by Microsoft.
An extensive survey shows that the bigger the company, the less likely it is to offer flexible working conditions to its employees. It seems that smaller firms are keen to develop new working methods, often involving new technology. And they are also prepared to be more flexible about working hours.
Mortgage approvals tailed off this spring – but forecasts and figures from lenders give a more upbeat picture looking ahead.
Latest statistics from the Bank of England show that the number of loans approved for house purchase fell in April by a thousand or so, to 45,166. Nevertheless, the total amount of mortgage lending secured against dwellings remained in line with the average for the previous six months, at £11.2 billion.
A leading business organisation has warned that rises in interest rates are on the way this year.
The British Chambers of Commerce (BCC) predicts that the Bank of England will move to raise rates in August, in an effort to curb inflation. And that’s despite revised economic forecasts, with the BCC becoming the latest in a long line of organisations to downgrade estimates for UK growth in 2011 and 2012.
The vast majority of first-time buyers look to their parents to help them onto the property ladder, according to a study.
Research from the Yorkshire and Clydesdale banks shows that 84% of those making their first property purchase rely on the so-called “bank of mum and dad” for financial assistance. That’s more than twice the level recorded in 2005.
Forget the Bank of England and its record low base rate – the rates we pay on personal loans are at their highest for a decade.
That’s among findings from new research by Moneyfacts. They calculate that the typical rate on a £5,000 loan is now 12.7% – the highest seen since May 2000.
A leading business organisation has highlighted the difficulty of funding small businesses in today’s financial climate.
The Forum of Private Business was presenting its views on the Business Growth Fund. That’s the new £2.5 billion initiative which is part of the deal struck between the government and the major banks last autumn. The fund is aimed at so-called medium sized businesses, turning over between £10million and £100 million.
Inflation has risen sharply, and that is bound to cause renewed speculation about a rise in interest rates.
The Consumer Prices Index rose to 4.5% in April – more than double the government target – having dropped back to 4% in March. The high price of energy and of imported commodities such as foodstuffs helped fuel the increase.
Lower mortgage payments are a lifeline for many as consumers face higher household bills.
That’s the implication of a number of recent surveys, with latest research from Halifax suggesting that mortgage payments have fallen by a fifth since 2008. While mortgage borrowers have seen their annual payment drop by £956 on average, a host of other bills have risen.
Is an interest rate rise in the second half of 2011 now more likely?
As ever, Bank of England Governor Mervyn King played his cards close to his chest at the press conference following the release of the Bank’s latest Inflation Report. He repeatedly used words like “uncertain” and “uncertainty” to describe the economic course being charted by the UK.
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