Daily Financial News

By Andrea Dickson

There are fears bank rate may fall to 0%, a move which is currently being debated in the US, if the UK economy continues to fall into recession next year.
Today the US Federal reserve cut its rate by 0.5% to just 1%.
Although low rates would be good news for borrowers, the savings market would […]

By Linsey Knerl

It’s October.  In Nebraska.  We will see Halloween before we smell the crackling logs on our wood stove.  Because it is such a big deal for many to finally crank on the heat, we’ve implemented 10 strategies for keeping warm just a wee bit longer – sans heating unit.
Open the shades.  Right […]

Nationwide today said the average cost of a home was now 14.6% lower than it was a year ago.
It was the biggest drop since records began during the recession of 1991 and meant the typical cost of a house is now £158,872 - almost £30,000 less than the £186,044 average price in October last […]

By Paul Michael

Experts warned that repossessions will keep rising as Britain is plunged into a recession.
Between April and June, around 120 families were thrown out of their homes every single day after losing the battle to pay their mortgage.
Some 11,054 people had their homes repossessed, compared with just 6,476 during the same period last year - […]

The Spanish-owned bank has already taken a 28% share of new mortgage lending this year, acquired Bradford & Bingley, seen savers’ deposits increase by 70% and hopes to lure current account customers from rivals.
Lloyds TSB is the biggest player in this area, with around 11m accounts. Abbey has around 3m, but hopes the two […]

Sterling jumped more than four cents against the greenback, having suffered more than a week of falls which saw it lose more than 10% of its value.
The pound was worth more than $1.75 early this month but tumbled towards $1.55 on panic over the state of the British economy. It was up 4.33 cents […]

By Andrea Dickson

The three societies’ summary financial statements for 2007 show the capital bases, or reserves, of both the smaller societies are stronger than Nationwide relative to their size, according to Ganesh Uttam, 31, a mergers specialist with Dutch bank ABN Amro and a member of all three societies.
The mergers were approved […]