Banks regain appetite to lend - but smallest firms miss out

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Banks regain appetite to lend – but smallest firms miss out

Labour eyes pension grab to fund jobs
Britain’s top earners would face a £1bn tax grab on their pensions contributions to fund a compulsory job scheme for the long-term unemployed, under plans to be set out by shadow chancellor, Ed Balls, today.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 1

Labour plans pension tax raid
Labour has proposed a new tax raid on the pension savings of more than 300,000 wealthier Britons, in one of Ed Balls’s first big policy announcements.
The Daily Telegraph, p. 1

Labour plans pension raid to support the jobless
Ed Balls, the Shadow Chancellor, is set to announce a new policy which will see a £1 billion raid on the pension perks of the wealthy that would then be used by Labour to guarantee jobs for 130,000 adults out of work for more than two years.
The Times, p. 1-6

8m struggle to pay their housing costs
About 7.8million Britons are struggling to keep up with their rent or mortgage payments, showing a sharp increase on a year ago, a charity has warned.
The Daily Telegraph, p. 14

Mortgage funds are increasing says Bank of England
Home buyers should find it easier to get a mortgage this year as banks increase the availability of loans, according to a report from the Bank of England.
The Guardian, p. 29

Mortgages soar thanks to the Bank’s Funding for Lending
The Bank of England said yesterday that mortgage availability has soared to its highest level since the onset of the credit crunch nearly five years ago. The Bank’s latest credit conditions survey for the final quarter of 2012 credited the impact of the Funding for Lending scheme introduced in August with the rise in loan availability, which is also driving down the cost of loans for homeowners and larger businesses.
The Independent, p. 48

Squeezed into debt: more families rely on quick but costly loans until pay day
A YouGov survey by Shelter has found that almost a million households have turned to “pay day” lenders in the past year to cover their rent or mortgage.
The Times, p. 8-9

Lending scheme eases credit access
The Bank of England’s latest poll of lenders yesterday suggested it would become easier to access credit in the coming months, as the government’s flagship lending scheme began to bear fruit.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 2

Ebb in loans in euro zone spurs talk of rate cut
Bank lending to companies in the euro zone continued to slump in November, according to official data published Thursday that could encourage expectations of an interest rate cut as early as next week by the European Central Bank.
International Herald Tribune, p. 14

Bank warned QE inflation risk is ‘greater than thought’
A new report has warned that the inflation risk posed by the Bank of England’s £375bn money-printing effort may be greater than thought. The warning came as data showed that productivity in the UK’s private sector has fallen to its lowest since 2005. Output per hour worked has dropped by 3.9 per cent in a year, according to the Office for National Statistics, as employers keep hold of staff even as demand for their services shrinks.
The Daily Telegraph Business, p. 5

Banks regain appetite to lend – but smallest firms miss out
According to the Bank of England’s credit conditions survey, the Government’s £80 billion flagship scheme to increase bank lending is gaining traction after a patchy start.
The Times, p. 39

The above articles appeared on 04/01/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

Charterbridge Private Financial Planning, Independent Financial Advice, Thornbury, Bristol.