Archives for the 'Banks' Category
UK Interest Rates
According to experts, the concern surrounding wage-driven inflation must be addressed by the Bank of England by setting an interest rate target of 5.75% to be achieved by mid June. It is expected that during May, interest rates are likely to increase from 5.25% to 5.5%. However, according to the National Institute for Economic and […]
Britain’s debt crisis ‘was caused deliberately’
Britain’s debt crisis was caused deliberately by the Bank of England, according to one of its former governors.
Lord Eddie George claimed yesterday that the bank had kept interest rates low despite knowing that this would encourage homeowners and mortgage borrowers to take out loans they cannot afford.
He say that the bank “did not have […]
Rising debt ‘forces banks to write off payments’
Spiraling levels of debt in the UK is forcing high street banks to write off billions of pounds worth of debt payments, as debt-ridden consumers find it increasingly difficult to meet all repayments.
It is thought that banks are set to write off £6.6 billion worth of payments for 2006, representing an unprecedented level of written […]
Bank customer welfare “continues to take a backseat”
Banks are putting the welfare of their customers on the “backseat”, according to one financial expert.
Nick White, director of financial services at uSwitch, issued the comment following research that banks are charging “rocketing rates” on cash withdrawals.
The study found that providers are levying about £41 million in interest charges for those withdrawing cash through their […]
New Bank Charges ‘To Hit Vulnerable Hardest’
Bank fees imposed on customers paying bills by cash will hit vulnerable consumers the hardest, according to one charity. Virgin Media and BT are two companies that have been charging extra fees for people who are paying their bills in cash in a drive to get more customers to use direct debit. However, […]
£2.12bn of Bank Charges ‘Still Unclaimed’
About £2.12 billion in illegal bank charges are going unclaimed by consumers, according to latest research. A new survey from uSwitch cites figures suggesting that 18.96 million people have been affected by bank charges at some point, which has led to £163.4 billion in extra income for banks. And while 65 per cent […]