Borrowing & Lending News
Government launches Islamic Finance Task Force
The Government has launched an Islamic Finance Task Force with the aim of securing London’s status as the western hub for Islamic finance. The new body, which will support development of the UK’s Islamic finance sector, has three key objectives … Read more
UK interest rates unchanged for 4 years
The Bank of England’s Monetary Policy Committee (MPC) has announced that it has decided to leave the United Kingdom’s interest rate unchanged at the record low of 0.5%. The country has now had an unchanged interest rate for four years, … Read more
Aldermore launches Let-to-Buy remortgage
Aldermore Bank has launched into the let-to-buy mortgage market by allowing homeowners to remortgage their existing residential properties on a buy-to-let basis. Letting out a home rather than selling can be an attractive option in today’s housing market – with … Read more
Half of Brits expect household budgets to tighten
Latest research from Which? paints a gloomy picture of consumers caught up in a long squeeze that has left many unable to save, too worried to spend and unlikely to cope with financial shocks. In new report, the group claims … Read more
Citizens Advice closes in on payday lenders
The Citizens Advice Bureau has called on the Office of Fair Trading (OFT) to use its new powers to immediately suspend the licences of four payday lenders. From Tuesday of next week, the watchdog will have power to immediately suspend … Read more
Bank of Japan leaves rates unchanged
The Policy Board of the Bank of Japan has announced that it has decided to leave the country’s interest rate unchanged at between 0% and 0.1%. The decision, based on a vote that was unanimous, was generally expected and follows … Read more
ECB keeps single currency rate unchanged
The Governing Council of the European Central Bank (ECB) has decided to leave the eurozone’s interest rate unchanged at 0.75%. The decision follows that of the Bank of England’s Monetary Policy Committee (MPC), which yesterday also elected to leave the … Read more
Bank of England keeps rates unchanged
The Monetary Policy Committee (MPC) of the Bank of England has decided to leave the United Kingdom’s interest rate unchanged at 0.5%. The rate, the lowest on record in the bank’s 300 year history, has been unchanged since March 2009. … Read more
Australia keeps rates unchanged
The Reserve Bank of Australia has announced that it is to leave the nation’s interest rate unchanged at 3%. In a statement, Governor Glenn Stevens said that although global growth would remain below average in the near future downside risks … Read more
No change for New Zealand interest rates
The Reserve Bank of New Zealand has announced that it is leaving the Official Cash Rate (OCR) unchanged at 2.5%. Governor Graeme Wheeler forecast that global growth would recover in 2013, adding that economic indicators were improving with many of … Read more
Government and Bank of Japan to fight deflation
The Government and Bank of Japan have issued a joint statement regarding the desire to combat deflation and return the country to sustainable growth. The two have promised to co-ordinate their efforts, and the Bank has been set a price … Read more
Lloyds earmarks £6.5bn for first-time buyers
Lloyds Banking Group is supporting first-time buyers with a commitment to lend £6.5 billion in the year ahead to those taking their first step on to the property ladder. The bank expects to help around 60,000 people buy their first … Read more
FPC sets out new powers on capital requirements
New measures proposed by the interim Financial Policy Committee (FPC) set out the Committee’s powers to give directions setting extra capital requirements for banks. The Government is planning two such powers: the countercyclical capital buffer (CCB) and sectoral capital requirements … Read more
RBS and NatWest censured over use of charging orders
The Office of Fair Trading (OFT) has imposed requirements on Royal Bank of Scotland (RBS) and NatWest over their use of charging orders, which place a “charge” on a debtor’s property, turning unsecured debts into secured debts that must be … Read more
ECB keeps rates on hold
The Governing Council of the European Central Bank (ECB) has announced that the eurozone’s interest rate is to remain at 0.75%. The decision comes on the same day that the Bank of England elected to leave the British interest rate … Read more
Bank of England holds rates at 0.5%
The Monetary Policy Committee (MPC) of the Bank of England has decided to leave the United Kingdom’s interest rate unchanged at the record low of 0.5%. The rate has been kept at its present level for almost four years, after … Read more
Halifax tempts switchers with overdrafts
Halifax has begun the New Year with an offer for people prepared to switch their current account. Until 3rd March 2013, new customers will not pay any fees on planned overdrafts for an entire year, even if they have an … Read more
Britons mount up £2.3bn in unpaid mate debt
According to new research from Barclays Pingit, the mobile phone app that allows people to send and receive money, Britons are racking up unpaid “mate debt” to the tune of £2.3 billion. Nearly three quarters of respondents had lent money … Read more
ECB keeps eurozone rates unchanged
The Governing Council of the European Central Bank (ECB) has announced that it has elected not to change the single currency’s interest rate. The eurozone’s rate will remain at 0.75%, as was generally expected. The decison to leave the rate … Read more
New Zealand keeps OCR at 2.5%
The Reserve Bank of New Zealand has announced that the Official Cash Rate (OCR) is to remain unchanged at 2.5%. Governor Graeme Wheeler said that economic growth had slowed in recent months, at the same time as unemployment rose and … Read more