Savings: Unexpected fall in unemployment sparks interest rate speculation

Savers suffer as savings accounts are withdrawn_istockphotoA larger than expected fall in the rate of unemployment, has led to speculation that interest rates could start to rise sooner than previously expected. The Office for National Statistics (ONS), announced this morning that unemployment dropped sharply by 167,000 in the three months to November. The number of people out of work now stands at 2.32 million, equivalent to 7.1% of the UK’s population....

Mortgages: Banks warned against pushing up interest rates

iStock_000004583777XSmallThe Financial Conduct Authority (FCA) has warned banks and building societies that changing the terms and conditions on tracker mortgages could break consumer protection laws. These types of loan are known as a tracker mortgage, because the interest rate charged is designed to only change in line with the rate it tracks, usually the Bank of England base rate. However, over the past few months, two high profile lenders, the Bank of Ireland and West Bromwich Building Society, have taken advantage of obscure ...

In the spotlight: Richard Dunn from Metro Bank

Metro BankWe recently caught up with Richard Dunn, Partnership Director at Metro Bank; the latest and very welcome addition to our best buy table for SIPP (Self-Invested Personal Pensions) and SSAS (Small-Self Administered Schemes) deposit accounts. Investment Sense: Richard, Metro Bank is relatively new to the UK, perhaps you could start by explaining a little more about the bank and its history.   Richard Dunn (right): Of course....

Carney delivers disappointment for savers and pensioners

ThumbThe new Governor of the Bank of England, Mark Carney, dealt a huge blow to savers today, as he revealed the Bank will not consider pushing up interest rates, until the unemployment rate falls to 7%. The current jobless rate stands at 7.8% and to reduce the level to the proposed new threshold would mean an additional quarter of a million jobs would need to be created. Delivering his first Inflation Report Mr Carney said could take a further three years. With at least a nod ...