Banks and finance

Cost of living: Why Bank of England has increased interest rates This article contains affiliate links, we may receive a commission on any sales we generate from it. Learn more SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Banks are now fighting it out in a popularity contest for the best interest rates on the market. The move by Santander is therefore a bold step in enticing savers who want a greater return, especially given the cost of living crisis . Related articles Waspi woman outraged as Liz Truss refuses to give pension help WASPI 'sick and tired' at Truss and Sunak's state pension age stance Santander has increased rates on its 1I2I3, Select and Private Current Accounts. They all now pay … [Read more...] about Santander increases interest rates on three bank accounts in good news for savers

Gordon Brown issues warning about inflation and recession SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info The economy contracted by 0.1 percent according to the latest figures from the Office for National Statistics (ONS). It compares to the first three months of the year, when economic activity grew according to Gross Domestic Product (GDP) figures. Related articles WASPI 'sick and tired' at Truss and Sunak's state pension age stance Santander increases interest rates on three bank accounts Andrew Neil, chairman of the Spectator, gave a damning verdict when it comes to the economy, via Twitter this morning. He said: “UK economy shrank by 0.1 percent in Q2. Essentially flat-lining.” Alice Haine, Personal … [Read more...] about ‘Battered’ UK economy shrinks as Bank of England given ‘pause for thought’ on recession

FOR MORE THAN 350 years, men have been going to Georges Bank, 150 miles out on the continental shelf east of Cape Cod, to fish for cod, haddock, yellowtail flounder, scallops, lobsters. They have decimated stocks more than once, but the fisheries are still there. Back in the early seventies, when catches were unsustainably high, the harvest was, acre-foracre, the largest in the world. Now other men are heading out to Georges to hunt—through holes inches wide and miles deep-for oil and gas. There won't be many men at first, perhaps a few hundred aboard a handful of exploratory rigs. But that is enough to signal the fact that along the great submerged thumb stretching from Nantucket Shoals toward Nova Scotia, competition for resources has begun in earnest. The conflict involves two resources in one place, both of importance to the modern world. Oil from Georges would reduce our dependence on foreign supplies, if only slightly. Fish—a resource capable of providing half our minimum … [Read more...] about Oil, Fish, and Georges Bank

A major European investment bank is axing more than 5pc of employees in London as a recession chill hits the City. Bosses at Berenberg, Germany’s oldest lender, told staff on Monday that around 30 jobs will be cut as dealmaking dries up and recession fears mount, The Telegraph can reveal. The bank currently has around 500 employees in London, a Berenberg spokesman said, including administrative staff and those working in its private wealth arm. Berenberg is one of the first investment banks in the City to trim its headcount as the economic outlook darkens. The Bank of England warned last week that the UK is set to face a 15-month recession from the end of this year. Stock market listings and equity raises — both big revenue drivers for boutique investment banks like Berenberg — have already ground to a halt since Russia’s invasion of Ukraine at the end of February. In an email to staff on Monday, seen by The Telegraph, David Mortlock, Berenberg’s managing partner, said: … [Read more...] about Investment bank Berenberg cuts 5pc of staff as recession chill hits the City

Liz Truss outlines Conservative leadership pledges SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Ms Truss has plans to reverse the recent hike in National Insurance contributions in an emergency budget in September. Analysis by the Tony Blair Institute for Global Change (TBI) suggests that if Ms Truss becomes prime minister, the same tax cut would leave the richest households in the UK better off by £93 a month. Related articles Martin Lewis urges pensioners to act in DAYS to secure £650 and £3,300 Gran loses £53K after state pension age raised 'without proper notice' She told the Financial Times that she would look to ease the cost of living pressure by “lowering the tax burden". According to TBI, reversing … [Read more...] about National Insurance: Low income Britons to get just 76p more a month with Liz Truss as PM

Cost of living: Why Bank of England has increased interest rates SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info The Bank of England raised its base interest rates to 1.75 percent, its fifth increase of the year, at the beginning of August to help tackle the country’s soaring inflation rates. One group that largely benefits from this increase is savers, and some accounts are currently offering the best rates recorded in over a decade. Related articles Nationwide is increasing rates on savings accounts this summer Bank offers 3.25% interest on savings up to £1 million - ‘top' pick As the UK is forecast to be heading towards a recession by the end of the year, the Bank of England has been increasing its base … [Read more...] about Best savings accounts for regular savers right now – including market-leading 3.5%

Liz Truss grilled by WASPI woman on offering pension help SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Ann Hughes, 65, says she has had to continue working as a carer after her state pension age was allegedly raised with "no warning whatsoever." She says this has exacerbated numerous health problems, including fibromyalgia and a slipped disk. Related articles Woman with incurable cancer urges early state pension access Brexit: Rishi savaged by Truss backers over EU red tape cuts The mum, from Wigan, Greater Manchester, planned to retire entirely until she discovered her state pension age had increased. Speaking to Lancs Live , Ann said: "I had been through illness and I know I didn’t want to push myself. … [Read more...] about Gran loses £53,000 after state pension age raised ‘without proper notice’

FOR MORE THAN 350 years, men have been going to Georges Bank, 150 miles out on the continental shelf east of Cape Cod, to fish for cod, haddock, yellowtail flounder, scallops, lobsters. They have decimated stocks more than once, but the fisheries are still there. Back in the early seventies, when catches were unsustainably high, the harvest was, acre-for-acre, the largest in the world. Now other men are heading out to Georges to hunt—through holes inches wide and miles deep—for oil and gas. There won’t be many men at first, perhaps a few hundred aboard a handful of exploratory rigs. But that is enough to signal the fact that along the great submerged thumb stretching from Nantucket Shoals toward Nova Scotia, competition for resources has begun in earnest. The conflict involves two resources in one place, both of importance to the modern world. Oil from Georges would reduce our dependence on foreign supplies, if only slightly. Fish—a resource capable of providing half our minimum … [Read more...] about Resources: Oil, Fish, and Georges Bank

Morning Live: Pensioner recalls losing his savings to Bitcoin scam SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info The building society launched the limited issue Loyalty Regular Saver savings account last month. It has a five percent interest rate and savers are able to deposit up to £500 per month. However, the UK’s inflation rate is currently at 9.4 percent and is expected to exceed 13 percent in the coming months. Related articles Gran loses £53K after state pension age raised 'without proper notice' Anger as over 60s in Scotland eligible for free bus pass but England Despite competitive rates, many savings options are unable to beat the current rate of inflation. In response to inflation soaring, the … [Read more...] about Yorkshire Building Society is offering savings account with 5% rate – ‘Highly competitive’

MORTGAGE lenders are blocking new applications from buyers amid a flurry of demand as interest rates rise. At least four mortgage providers have temporarily stopped processing applications. Coventry Building Society, Cambridge Building Society, Saffron Building Society, and Suffolk Building Society have all hit the pause button on new business. The move comes just days after the Bank of England hiked the base rate of interest to 1.75% and mortgage holders were urged to lock in to cheap deals while they were still available. Experts have warned of a mortgage "ticking time-bomb" as millions of homeowners on fixed deals which expire in the next 12 months are sitting on a knife edge, as mortgage rates are already thousands of pounds higher . Ray Boulger, technical director at broker John Charcol, said: "Lenders with the most competitive deals are receiving more applications than they can cope with and so they have two choices: increase their rates to reduce … [Read more...] about Mortgage warning over ‘ticking time-bomb’ as FOUR lenders to stop processing applications