Archived News & Related Stories

Recession follows `debt-driven boom in asset prices`
Today`s recession isn`t like others in recent history, according to Charles Bean, Deputy Governor for Monetary Policy at the Bank of England. ... >>

Many benefiting from falling costs & low interest rates
More than 1 in 5 people have told a Mintel survey they were feeling positive, Reuters reports. ... >>

Rise in repossessions revealed
There was an increase in the number of property repossessions last year compared with 2007, it has been revealed.... >>

Young adults `have no plans to pay back debts to parents`
Many young adults in the UK have no plans to repay their debts to parents, it has been suggested.... >>

Recession `deeper than thought`
New figures from the Office for National Statistics (ONS) suggest that Britain is in a deeper recession than previously thought, according to The Times. ... >>

Household spending falls at fastest rate since 1991
Official figures have shown that household spending fell at the fastest rate in 18 years in the fourth quarter of 2008, as consumers looked to weather the impact of the recession and avoid debt. ... >>

English council tax forecast to rise by 3%
Council tax in England is forecast to rise by 3% on average this year - the lowest rise in ten years. ... >>

Debt advice & tracker mortgages
For anyone with a tracker mortgage, the last three months have been an exciting time. Whatever else is happening to their finances, at least they’ve been able to watch their mortgage payments go down, as the Bank of England’s base rate dropped from 4.5% at the start of October 2008 to 1.5% in January 2009. ... >>

Personal debt in Wales `rocketing`
A leading Welsh charity has pointed to the `rocketing` levels of personal debt in Wales. ... >>

Youngest and oldest workers ‘most prone to redundancy`
A new report from local authority leaders has claimed that the recession is most severely affecting the youngest and oldest working-age groups. ... >>

Low inflation could leave millions facing pay freeze
Experts have said that millions of workers could see their pay frozen this year, following the lowest rise in the cost of living for almost 50 years. ... >>

UK retail sales rise in January
New figures have shown that retail sales rose in January, as shoppers looked to take advantage of post-Christmas sale prices. ... >>

Home repossessions up 54%
The number of people losing their homes rose by 54% in 2008, while the number in arrears rose by 70%, according to new statistics from the Council of Mortgage Lenders (CML). ... >>

Children `more financially aware`
Today`s children are more financially aware than their parents were at their age, a Populus poll suggests. ... >>

Saving energy: `no more time to lose`
Following last week’s announcement of Government plans to increase energy efficiency, the CBI (Confederation of British Industry) has stated that there is ‘no more time to lose’. ... >>

Sharp annual rise in staple food prices
Research has shown that the average price of staple foods in the UK has risen by as much as 20.5% over the past year. ... >>

Water bills set to rise in 2009
Households are facing increased water bills from April this year, following an agreement between regulator Ofwat and the water industry. ... >>

Nearly one in three ‘expect drop in disposable income’
A new report has claimed that almost one in three people in the UK expect their disposable income to be reduced by either increased costs or a cut in salary this year. ... >>

Consumers’ financial wellbeing ‘at all-time low’
A 12-year study by Alliance Trust has found that consumers are facing the worst financial conditions since the study began. ... >>

Energy price cuts ahead
Major energy companies that are yet to cut their prices have said they are ‘optimistic’ that gas and electricity prices will be cut soon. ... >>

Age Concern calls for changes to savings rules
Age Concern has called for the Government to change the rules concerning savings and pension payments. ... >>

Insolvencies up 8% in Q4 2008
The number of people declared insolvent in England and Wales rose by 8.2% in the final quarter (Q4) of 2008. ... >>

One in 60 ‘facing unmanageable debt’
A trade body for IVA (Individual Voluntary Arrangement) and debt resolution firms has said that as many as one in 60 people in England and Wales could be facing unmanageable debt. ... >>

Financial pressures `resulting in fraud increase`
Consumers, potentially including those with debt problems, are becoming more inclined to commit fraud as the recession continues to place them under financial strain.... >>

Motorists `downsizing to avoid debts`
Motorists in the UK are downsizing their vehicles in order to save money and potentially avoid falling into debt problems, new figures suggest.... >>

31% consider skipping debt repayments
Nearly a third of households are considering skipping payments to their loan, mortgage or credit card debts, a poll has suggested. ... >>

Debt advice a ‘key area’ of debt management strategy
A new plan has been launched to help people in Wales deal with debt, the downturn and financial exclusion. ... >>

Base rate cut to 1%
The base rate fell to 1% today, as the Bank of England continued its efforts to encourage more lending and revive the economy. ... >>

Struggling consumers `slacking on vehicle safety`
Consumers who are struggling with their personal finances - potentially including those with debt problems - are failing to maintain their vehicles.... >>

Debt management – helping avoid repossession
Figures from the Council of Mortgage Lenders (CML) suggest that mortgagors around the UK are finding it harder to manage their debts. At the end of June 2008, 1.33% of mortgages were at least three months in arrears. Three months later, this figure had risen to 1.44% – and by the end of 2008, 1.57% (182,600 mortgages) were in this group. ... >>

Consumer debt `continues to rise`
Consumer debt in the UK continues to increase, it has been suggested.... >>

Rail fares ‘could drop by 1%’
Some rail fares could actually come down by 1% next year, according to city analysts. ... >>

Repaying debts a priority
A new poll has found that a high proportion of people would consider repaying debts and/or increasing their savings their top priority if they were to experience a rise in income or a fall in their cost of living. ... >>