Budget 2014: The headlines

Budget 2013 the headlinesGeorge Osborne, the Chancellor of the Exchequer, got to his feet at 12.30 today and over the course of the next hour delivered his latest Budget Statement If you have a pension or ISA the changes announced today are possibly the largest for a generation; read on to learn more. He started by saying that the “economy was recovering faster than forecast” and that “together with the British people we held our nerve” he then went on to announce huge changes to the way in ...

Who are the winners and losers from Mark Carney’s interest rate announcement?

Autumn Statement 2012 Winners & Losers_istockThe phrase ‘forward guidance’, introduced into the financial dictionary earlier this week by Mark Carney, the new Bank of England Governor, sounds innocuous enough. But for better or worse, it will soon affect each and every one of us over the next few years. First things first, what does ‘forward guidance’ mean? Put simply, the Bank of England’s Monetary Policy Committee (MPC) is tasked with keeping inflation at 2%; not higher, not lower, but at ...

Osborne to extend Funding for Lending Scheme

Savers suffer as savings accounts are withdrawn_istockphotoThe Chancellor, George Osborne, may be looking to extend the Funding for Lending Scheme (FLS), after pressure from the International Monetary Fund (IMF) over his austerity plans. The existing FLS is due to come to an end at the start of 2014, however an announcement about the possible extension of the scheme is expected before the IMF are due to visit next month. Since the FLS was introduced in August last year, many financial experts have questioned its effectiveness; ...

Ratings cut for banks sparks fears consumers will face higher interest rates

A number of UK banks have seen their credit ratings cut overnight, sparking fears that borrowers, especially businesses, could find it harder to get finance and be forced to pay higher interest rates. Moody's, the credit rating agency, has downgraded a total of 15 worldwide banks and financial institutions including Royal Bank of Scotland, Barclays, and HSBC. Barclays suffered the biggest cut in the UK, by two 'notches', from Aa3 to A2; HSBC and RBS were cut by one 'notch'. The downgrades appear to be a result of the crisis in the Eurozone and concern that governments could withdraw support for banks in ...