Credit card lending sees rapid decline

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Figures released from the Bank of England have revealed that credit card lending in April has seen the largest fall since August 2006. These latest figures come as no surprise as credit card borrowing has decreased in four of the last six months.

The report detailed that repayments outstripped new borrowing by £118 million and the total lending to individuals rose by £1.4 billion.

Critics have commented that families are exhibiting a more careful approach to lending in the current economic climate. ...

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Should wealthier pensioners lose benefits?

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Nuffield Trust, an influential thinktank have published a report that states the need for a rethink on winter fuel allowances, bus passes and TV licences. Along with the benefit cuts it has also been suggested that higher tax rates would pay for the rising social care costs.

The report entitled Reforming Social Care argues that to cope with the ageing population the governments care budget will be required to reach more than £25 billion over the next ten years.

To meet this ...

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European stock markets dive

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European stock markets have rapidly fallen today amidst concerns over the future of Greece within the euro. The fall was witnessed after a report was released that quoted former Greek Prime Minister Lucas Papademos saying that the Greek government may be making preparations to leave the euro.

Germany’s central bank described the situation as, “highly alarming,” and stated that “Greece is threatening not to implement the agreed reforms and consolidation measures.”

The bank also added that the current climate has created, “substantial,” ...

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UK pension savings hit lowest level in eight years

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A report by Scottish Widows has revealed that the number of people saving in a pension scheme has dropped by five percent since last year. Once again debt, the cost of living and other financial commitments have been the main drivers for the fall.

The report states that the level of saving is at the lowest level in eight years, with only 46% saving enough for the future. Scottish Widows have detailed that saving enough for the future can equate to ...

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Eurozone narrowly avoids recession

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Recent figures have shown that the eurozone has narrowly avoided returning to recession after recording zero growth in the first three months of this year.

After the eurozone shrank by 0.3% in the final quarter of 2011 many critics expected further contraction. The stronger than predicted performance was shown to be due to the growth of the German economy by 0.5%.

The German statistics agency, Destatis commented that the country’s economic growth was due to a rise in exports and higher domestic ...

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Full state pension for carers and parents

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An overhaul of the UK state pension system has led to a new reform. This will allow mothers and carers who retire from 2015 to be treated as if they had worked throughout their lives. This will mean that those who qualify will be given a flat-rate payment worth at least £140 a week, which will make them almost £2,000 better off a year.

Under the current system which is managed by the pension’s secretary Iain Duncan Smith, those who do not work for ...

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Public sector workers continue with strike campaign

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Over 400,000 police officers, lecturers, border control and other public sector staff will stage a day of strikes on Thursday against the government austerity programme.
At the same time public sector unions will hold their third one-day strike in 12 months which will be led by the Public and Commercial Services (PCS) civil servants’ union, health workers at the Unite union, teachers and lecturers at the University and College Union, the Nipsa civil servants’ union in Northern Ireland and Royal ...

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Workers 'unaware' of auto enrolment scheme

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A recent survey by insurer Aviva has revealed that 68% of workers in Britain have little or no knowledge of the government’s plan to automatically enroll people in their company pension scheme from October 2012. The survey was collected using 2000 employees and 200 employers.

The changes to government legislation will mean that up to 10 million people will begin to start saving money for the future.

Aviva stated in its Working Lives report that the, “consumer awareness gap” is a “critical ...

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An overview of annuities: Part Two

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An overview of annuities: Part Two
In the second part of the overview we will discuss the various annuity types and purchasing an annuity.
There are a number of types of annuity which will suit a range of individuals. Remember if you are unsure always seek professional advice to help you make the right decision for the future.
Value-protected annuities
Value-protected annuities are also known as capital-protected annuities and allow the choice of returning capital your ...

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