Qualified advisers answering your Financial Questions call Most of the savers whose funds were lost when the internet bank Icesave failed have been refunded, according to the depositor protection scheme. More than , Brits savings were put at risk when the Icelandic bank failed in October. The UK government pledged that all UK savers would have all their money returned. Charlie Allen, an Icesave account holder from south London, admitted his relief at the resolution.
According to Virgin Money the amount of money that Brits have sitting at home equals the entire GDP of the Bahamas, which is not gaining interest and actually losing value as inflation continues to rise.
Based on market interest rate f Read More. The move has arisen because of negative inflation, pressure on the public sector budget and overall cost cuts across the telecoms industry. After months and months of suggesting that UK businesses should c This is way beyond his initial forecasts only six months ago and is set to see UK taxpayer pay the price for years to come. This will be the worst budget deficit since World War II and could prove something of a drag on a potential recovery in the It is believed, unofficially, that the Yorkshire building society and the Chelsea building society are in talks about a merger which would create a group to compete with the Nationwide building society.
The two societies in question currently stand as the second and fifth largest in the UK and their amalgamation would bring together a group with the capital and the strength to take on the Nationwi Despite the fact that David Cameron is well short of an overall majority in the House of Commons there are calls tonight for him to create a minority government. Many believe that if David Cameron wants to grab the keys to number 10 Downing St.
Our useful calculators can help you get your finances in order:. The changes will mean that somebody aged 65 years old could take out a year mortgage, as long as they can demonstrate that they would be able to afford the repayments. The building society has said that these changes are being introduced as a response to growing demand for mortgages from older people, who have faced difficulties in getting onto the property ladder.
Tougher mortgage checks were introduced as a result of the financial crisis, but this has made it particularly difficult for middle-aged people to get accepted for a mortgage The number of thieves using the identities of those who are deceased to make mortgage applications to lenders is increasing, Experian said.
More commonly, fraudsters are mimicking solicitors to trick buyers into putting a deposit in to the fraudsters account. This money, which is usually large sums, is rarely refunded by the banks. The type of fraud in which a deposit.. According to Markit, the trend is likely to continue into the coming months as uncertainty over the wider economy remains in place. Housebuilding was the only slight positive in the construction sector, rebounding from its month low in March, while at the other end of the scale, commercial building dropped to its slowest growth rate since July , according to Markit.
Outside of construction, Markit also recognised that employment growth fell to one of.. According to the Resolution Foundation, Universal Credit could leave 2. The warning comes as the government announced a further expansion of the scheme. Universal Credit aims to provide incentives for people to move off benefits and get into work.
They have replaced six current benefits, including Jobseekers.. A report from the Public Accounts Committee PAC has questioned how the policy will be funded and asked whether proper replacement homes will be built.
The MPs have also stated that there was evidence that Right to Buy could increase overcrowding for those in housing need. The government has said that they make no apology for encouraging home ownership. The idea of the scheme proposed by the government is to allow Housing Association tenants to buy their own homes with discounts similar to those that are.. In April, the annual pace of house price growth slowed to 4. House prices rose by just 0.
According to the Financial Times report, a delegation from the UK Treasury and the Bank of England will arrive in the Icelandic capital of Reykjavik this week to finalise the terms of the loan. This is really encouraging news, but the main question on everyone's lips is how much longer will it take for savers to finally receive their money?
According to a spokesperson, the FSCS hopes to return money to customers as soon as possible, but it cannot say how long this will take.
The FSCS hopes to issue an update by the end of this week, according to its spokesperson. If a deal is agreed, it's important to note it will not cover corporate and government account holders in Icesave. Offshore customers, such as those of Landsbanki Guernsey, will also not be covered due to the lack of depositor protection offered in these islands, as fellow Fool Cliff D'Arcy discusses here. News in your inbox For Finextra's free daily newsletter, breaking news and flashes and weekly job board.
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