Mortgage lending fell in June

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Figures from the Bank of England suggest that the level of mortgage lending is falling. In June the level of home loan repayments outstripped new lending for the first time in a year.

As a result of this decrease the total lending to individuals, which includes unsecured lending rose by just £0.3 billion. This is the smallest rise seen in almost two years.

The number of mortgage approvals has also fallen to nearly half its long-term level with only 44,192 mortgages approved ...

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Euro hits new low against yen

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The euro has fallen to an 11-year low against the Japanese yen. It is currently rated at 94.37 yen to the Euro and critics have said that the low is due to the worsening debt problems in Spain.

Last week the crisis in Spain took a turn for the worse when Spain’s Valencia region requested financial help from the central government. This has meant that Madrid’s borrowing costs have rapidly increased to an unsustainable level.

Analysts have commented that the eurozone debt ...

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HMRC may name and shame tax avoiders

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The Treasury has planned to announce a series of measures to crackdown on tax avoidance schemes. These plans have come in the wake of the row over comedian Jimmy Carr’s tax affairs.

Jimmy Carr found himself at the centre of criticism about K2, a legal scheme that allows its members to pay income tax of as little as 1%. In this scheme money from DVD sales and television appearances would be placed into a company that gave him a loan in ...

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UK public borrowing increases

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The UK public sector net borrowing, excluding interventions such as bank bailouts, was estimated at £14.4 billion in June, which is up from £13.9 billion in June 2011.

This statement by the Office for National Statistics (ONS) was unexpected by the government and many critics are now questioning whether the UK will meet its deficit reduction target this year.

A Treasury spokesman commented, “It is too early in the financial year to draw conclusions about the year as a whole.”

“This is volatile data and ...

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Pension crisis hits as private membership halves

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The Office of National Statistics (ONS) has released a report that reveals the number of people in private pensions has fallen by 17% in just one year. Since 1995, the number of private sector workers in a pension scheme has fallen from 6.2 million to 3.6 million in 2009, followed by a further 17% decrease to 3 million in 2010. However the number of public sector pension holders has shown an increase from 4.1 million in 1995 to 5.3 million ...

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