Some now pay as little as £4-a-year interest after tax on £5,000 of savings. The biggest and most trusted names in the High Street, including Abbey, Barclays, Lloyds TSB, Nationwide, Natwest and RBS, all offer this pitiful return on at least one of their main accounts.
Barclays, Lloyds TSB, Natwest and RBS have slashed interest [...]
In an explosive speech, director general Michael Coogan said that the 11.7m with a mortgage are being forced to cope with a 'dysfunctional' market.
In a reference to the struggle of millions of homeowners to get a loan, he said: 'We have, in effect, returned to mortgage rationing.'
He also said the Government's £ 37bn banking [...]
Its shares hit an all-time low of under 7p yesterday, having lost more than nine-tenths of their value since March 2007.
An announcement on the future of New Star is expected this morning, with rival fund manager Neptune rumoured to be interested in taking over some, or all, of the funds.
New Star's problems worsened when [...]
Spencer Winfield at stockbroker Charles Stanley replies: When providing performance comparisons for a portfolio, a stockbroker or fund manager will normally compare the rise or fall of the portfolio they manage against a particular index or indices. The index will generally be chosen at the portfolio's creation and used as a benchmark against [...]
The Bank of England was urged to reduce rates on Thursday by at least one percentage point from 3% to 2%, with some experts arguing the case for an even bigger move.
It followed shocking figures from the construction sector and ongoing concerns that the low level of bank lending is starving the economy and [...]
© 2008 Daily Financial News