Latest News

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Gross mortgage lending reached £18.6 billion in August, according to new figures from the Council of Mortgage Lenders (CML). This is 5% lower than July (£19.7 billion) but 13% higher than August last year (£16.4 billion). This is also the...
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Owners of second homes are increasingly reclassifying the properties as holiday lets in order to avoid council tax, according to an investigation by the Independent newspaper. Residential properties used as first or second homes are liable to full...
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The annual rate of UK inflation fell in August, with decreases in the prices of motor fuels and food & non-alcoholic drinks providing the largest downward contributions to the change in the rate, according to the Office for National Statistics (ONS)....
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Three-quarters (72%) of adults in their twenties admitted to money mistakes in their first years of financial independence which they now regret, according to new research from the Money Advice Service. Getting access to credit for the first time at the age...
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The Government has introduced the Insurance Bill to Parliament, updating the 100 year-old rules governing contracts between businesses and insurers, HM Treasury announced today (16 September). The new bill introduces a more modern legal regime which the...
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Businesses with less than 50 employees will receive automated penalties for late real-time PAYE returns from 6 March 2015, HM Revenue and Customs has announced. However, those who employ 50 or more people will face in-year penalties from 6 October 2014. HMRC...
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A package of measures will save housebuilders and councils £114 million per year by cutting red tape, the Government announced on Friday (12 September). These new rules will also ensure homes are still built to demanding standards, particularly...
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Nine million private tenants in the UK could be given extra protection from landlords who try to evict them, the Government announced on Thursday (11 September). It has decided to back a private member's bill which would make it illegal to evict tenants...
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The new Current Account Switch Service has helped 1.1 million people switch bank in the first eleven months since its launch on 16 September 2013, according to the Payments Council. This is a 19% increase compared with the same period one...
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Annuity rates saw their biggest monthly fall in three years last month, according to new research from Investment Life and Pensions Moneyfacts. The figures show the average annual income from a level annuity for a 65-year-old without guarantee, based on...
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Home seekers would face higher rents and restricted choice if tenancy rent controls were introduced in the UK, according to new research from the Institute of Economic Affairs (IEA). The report argues that policymakers should instead look to...
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The Autumn Statement 2014 will be delivered to Parliament on 3 December 2014, Chancellor of the Exchequer, George Osborne, announced yesterday (2 September). He revealed the date during the regular Treasury questions session in the Commons, adding: "The...
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The next stage of the Government’s pension reforms received a Second Reading in Parliament yesterday (2 September), the Department for Work and Pensions has announced. The Pension Schemes Bill will enable the development of new breeds of Defined...
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Official statistics show more than 48,000 people have bought a home through the Help to Buy scheme, the Government announced on Tuesday (2 September). Around 82% of purchases have been made by first-time buyers. The average house price for both parts of the...
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Misunderstanding financial terms and conditions is hitting UK residents finances, according to new data from the Money Advice Service. The study of 3,000 UK adults shows that confusion around financial terms and conditions in the last 12 months cost...
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The Bank of England’s Monetary Policy Committee voted to maintain interest rates at 0.5% at its meeting yesterday (4 September). The Committee also decided to maintain the stock of purchased assets financed by the issuance of central bank reserves at...
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The Bank of England’s Monetary Policy Committee voted to maintain interest rates at 0.5% at its meeting yesterday (4 September). The Committee also decided to maintain the stock of purchased assets financed by the issuance of central bank reserves at...
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A campaign reassuring people that their money is protected by the Financial Services Compensation Scheme (FSCS), up to the value of £85,000 per person if their bank was to fail, has been launched today (8 September). The 'Protecting Your...
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A consultation on incorporating new European regulations on mortgage lending into UK law was launched by the Government on Friday (5 September). These new regulations set common standards that EU members need to meet in order to protect consumers taking out...
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The number of people struggling with payday loans has risen by 42% in the past year in the UK, according to StepChange. The debt charity's latest figures show the number of people getting into difficulty as a result of payday loans is continuing to...
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The amount of new money being borrowed by UK consumers jumped to more than £1 billion in July, new figures from the Bank of England published yesterday (1 September) have revealed. This compares to the average monthly increase of £0.8 billion over...
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Firms have improved complaints handling and are reopening millions of old complaints to ensure fair redress is paid, the Financial Conduct Authority (FCA) has reported. In an update on its Payment Protection Insurance (PPI) redress work, it said banks,...
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The Seychelles has committed to automatically exchanging tax information, the Government announced yesterday (28 August). It becomes the 46th country to join the initiative launched by the G5 countries of the UK, France, Germany, Italy and Spain. The new...
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Deutsche Bank AG London Branch (Deutsche) has been fined £4,718,800 for incorrectly reporting transactions between November 2007 and April 2013, the Financial Conduct Authority (FCA) announced yesterday (August 28th). The bank failed to properly report...
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Lending to small and medium-sized firms (SMEs) via the government's Funding for Lending Scheme (FLS) fell again in the second quarter of the year, according to new figures from the Bank of England. Net lending to SMEs dropped by £435 million, while...