General

Home furnishing stores such as Land of Leather have said the reduction of easy credit is starting to take its toll on sales and profit after the past couple of months. Orders are down by 16% and the number of suites bought on credit has dropped 15% too.

Not such a happy start to the New Year for commuters and train travellers across the UK as most companies reveal serious hikes in fare prices.

The rise of up to 11% in the cost of train travel is over the cost of inflation and has angered many people who rely on this form of transport - especially to get into work.

There are rumours that the new UK pensions scheme, which is due to roll out in 2012, could be delayed. The new scheme, which will probably be called Personal Accounts, will be mandatory for everyone in employment.

These work based pensions will allow you to opt out if you choose to but you will automatically be re-enrolled after 3 years or if you change jobs.

Alistair Darling, Chancellor, has delayed the announcement of upcoming changes to Capital Gains Tax (CGT). In his pre-budget report, the Chancellor revealed he would be changing the CGT system.

The original tapered relief rules will instead become a single flat rate charge of 18%. Good news for some, not so for others.

Probably the best Christmas present of all for homeowners with a mortgage. Two of the UK’s largest mortgage lenders have announced, that as of today they will be dropping their standard variable rate, to allow their customers to fully benefit from the reduced base interest rate that the Bank of England announced just yesterday.

As predicted, the Bank of England have announced today that they have cut the base interest rate from 5.75 down to 5.5%.

Cue sighs of relief all over the UK.

 The Times newspaper has revealed it has found several websites, over 100 in fact, that are selling bank details, PIN numbers and credit card numbers from some 32 individuals.

Reports confirm that the details are for active UK bank and credit card accounts, which is quite worrying. It would mean that someone could in theory spend thousands online.

The news today reports that Northern Rock has chosen a suitable suitor to rescue it from its financial hole. The group of financial backers led by Richard Branson and his Virgin Group have been declared the ‘chosen ones’.

I have just been reading an article at FinanceLocator.co.uk

The Post Office has decided to fill a gap in the Christmas Savings Club market that was left empty after the collapse of Farepak last year.

I think this is a brilliant idea for all those people that want to spread the cost of Christmas over the coming year.

The first case against various lenders allegedly mis-selling Payment Protection Insurance policies goes to court soon.

Brunel Franklin is one of the UK’s largest claims companies, and they will be challenging some well know high street lenders; Lloyds TSB, Firstplus and Egg about having mis-sold overpriced payment protection policies to their customers taking out credit cards and loans.