Bank of England anticipate cuts to UK growth forecasts

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The Bank of England’s quarterly inflation report due shortly is likely to cut growth forecasts from the 0.8% predicted in May. As the double-dip recession intensifies it is predicted that we will not see any growth during 2012 compared with the original 2% prediction.

Amidst growing pressure Governor Sir Mervyn King is expected to be questioned about the interest base rate and the continuing Eurozone, “storm.”

The UK recession has worsened over the past few months with output falling by 0.7% between April ...

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Treasury plans to name and shame tax avoiders rejected

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Tax experts have dismissed the government’s plans to “name and shame” tax avoiders to attempt to reduce the problem. Despite the negative reception they have clearly warned that anyone involved in tax avoidance schemes could face up to five years of sleepless nights as loopholes are closed.

Tax manager at Lerman Jacobs Davis chartered accountants in Elstree, Mitch Young said, “The Treasury believes it has to act, which is why it has re-emphasised its promise to crack down on tax avoidance. ...

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Stock lending risks millions of pounds

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This highly secretive practice can allow fund managers to pocket millions of pounds in extra revenue without the investors even knowing.

The method involves the fund manager loaning investors shares to a third party in return for a fee. This does not only increase the potential risk to the investor but reports have shown that UK fund managers are routinely pocketing a huge proportion of these revenues, sometimes as high as 40 per cent.

Founder of SCM Private Alan Miller stated, “A ...

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Bankruptcy drops to lowest level since 2003

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According to official figures the number of individuals in England and Wales who have declared themselves bankrupt has fallen to the lowest level since 2003. This 27% decrease in the number declared bankrupt has been out shadowed by the rise in the number of people with smaller debts.

During the second quarter of 2012 there were 27,390 personal insolvencies in England and Wales. This is a fall of 10.2% compared with last year.

An individual can become insolvent in three ways: the ...

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Debt records hurt by multiple financial IT failures

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Borrowers have been warned that recent computer troubles at a host of British banks and Nationwide building society could damage your credit rating.

Consumers are being advised to check their credit records as leading credit reference agency Equifax said as little as one missed payment can harm your score. This reduced rating could hamper your chances of successfully applying for a loan or mortgage in the future.

Director at mortgage broker Countrywide, Nigel Stockton said, “In the current environment, I cannot emphasise ...

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Savers warned to lock away money

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Economic analysts have issued a warning to savers that states savings rates may see a sharp decline if the Bank of England base rate falls.

Savers may be in for a difficult period as many critics are estimating a cut of 0.25% which will bring the base rate down to 0.25%. With all the anticipation surrounding the cuts many savers can expect to see the rates on their accounts slashed; with higher-rate taxpayers affected the most.

According to website Moneynet.co.uk, someone with ...

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House prices continue to fall

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A report from mortgage lender Halifax has revealed that house prices fell by 0.6% in July. As prices had seen a 0.8% increase in June, much of this improvement has now been lost.

Despite this bad news from Halifax, rival lender Nationwide has estimated the annual decline at a huge 2.6%. The discrepancy in figures is believed to be due to the continuing instability in the UK economy making analysis challenging.

The report from Halifax now estimates the average value of a ...

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First time buyers pay twice as much for mortgages

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In the current economic climate actually getting a mortgage can be difficult enough. However the difference in mortgage rates is now so large that those who can only save up a 10 per cent deposit could pay twice as much as buyers with 40 per cent saved.
The average property price in the UK now stands at around £162,000 which means that a 40 per cent deposit equates to a huge £64,800. This figure is seemingly impossible for the majority ...

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First time buyers pay twice as much for mortgages

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In the current economic climate actually getting a mortgage can be difficult enough. However the difference in mortgage rates is now so large that those who can only save up a 10 per cent deposit could pay twice as much as buyers with 40 per cent saved.

The average property price in the UK now stands at around £162,000 which means that a 40 per cent deposit equates to a huge £64,800. This figure is seemingly impossible for the majority of ...

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Bank of England maintain low interest rates

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The Bank of England has announced that it will not introduce anymore financial measures during August. The Monetary Policy Committee (MPC) has voted to retain rates at the historic low of 0.5%.

In a statement the Bank of England stated that they will not increase its programme of quantitative easing (QE) but will keep it, “under review.”

Following last July’s additional £50 billion, the total value of the Bank’s QE programme now stands at £375 billion.

In addition the European Central Bank has ...

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