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....

Retirement: Using property as a pension, the pros & cons

Retirement: Using property as a pension, the pros & consFuelled by low interest rates, on both mortgages and savings accounts, the buy to let mortgage market is booming. Only last week the Council of Mortgage Lenders (CML) revealed the number of buy to let mortgages being granted is at the highest level since 2008. At the same time, a survey from Barings has shown a rise in the number of people planning to use property to help provide an income ...

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 ...

Thousands of pensioners worried about loosing their home

English HomesA recent poll conducted by Age UK, has revealed thousands of people in their early 50’s could be facing financial difficulties, at a time when they traditionally should be at the peak of their earnings power. Age UK has revealed that 23% of the 971 people who took part in the survey, admitted fears that they wouldn’t be able to afford their rent or mortgage repayments. As times are getting harder for many and the cost of living rises, more over 50’s ...