High street fears consumers saving, not spending. Co-op launches UK's cheapest 5 year fixed rate mortgage - 2.79%. Chancellor to raid pension breaks, high earners should top up pension now.

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High street fears consumers saving, not spending. Co-op launches UK’s cheapest 5 year fixed rate mortgage – 2.79%. Chancellor to raid pension breaks, high earners should top up pension now.

High street cowed by pile of savings
Fears of a dire Christmas for the high street grew yesterday as new figures showed worried consumers have built up a £40bn savings pile during the past year.
The Independent,  p. 58
Also appeared in : The Times,  p.62

 

Call for unlimited protection for savers
Nationwide Building Society has urged the Government to give savers unlimited protection on their deposits.
The Daily Telegraph,  p. 37

 

Mortgages
The Co-operative Bank has launched the UK’s cheapest five-year fixed-rate mortgage – 2.79% for those borrowing up to 60% of their home’s value (LTV).
The Guardian Money,  p. 5

 

Council top-­ups help 1,000 climb on to property ladder
According to the Home Builders Federation, 2,200 people have reserved homes through NewBuy since its launch in March 2012.
This abstract from the Financial Times was produced by Kantar Media
Financial Times,  p. 4

 

Housing market boosted by rise in mortgage approvals
The British Bankers’ Association yesterday reported a surprise rise in new mortgage approvals to a nine-month high in October. Approvals were 33,039 compared with 31,544 in September after economists predicted a smaller rise to 32,000. Gross mortgage lending was £7.5bn, slightly above the recent monthly average.
The Daily Telegraph,  p. 39

 

Council top-­ups help 1,000 climb on to property ladder
According to the Home Builders Federation, 2,200 people have reserved homes through NewBuy since its launch in March 2012.
This abstract from the Financial Times was produced by Kantar Media
Financial Times,  p. 4

 

Charities fear huge rise in repossessions of family homes
Charities and lenders are calling on the Chancellor to extend mortgage help for people struggling with their repayments in his Autumn Statement in order to avoid a rise in repossessions.
The Times,  p. 20

 

Stand by for a pension raid by the Chancellor
Higher earners planning to make pension contributions are being urged to so soon as George Osborne is understood to be considering cutting the maximum annual pension contribution exempt from tax to £40,000 a year or even £30,000.
The Times,  p. 96

 

Pension problems could close more charities
A major charity helping vulnerable people this week became the first to go bust because it couldn’t afford to meet its pension obligations. Liverpool-based People Can – which had 250 staff and volunteers – went into liquidation on Monday after its pension deficit widened to £17m from just £11m earlier this year. But experts have warned that it could be the first of many in the not-for-profit sector to face closure because of pension legacy issues.
The Independent,  p. 63

 

Room for change
A study by Lloyds TSB has estimated that British homes contain about £317. 5 million in loose change.
The Times,  p. 11

 

Cameron rejects EU budget deal
The UK prime minister David Cameron rejected a proposed EU budget deal yesterday as “just not good enough” as talks in Brussels broke down.
This abstract from the Financial Times was produced by Kantar Media
Financial Times,  p. 1
Also appeared in : Financial Times,  p.6, The Guardian,  p.2, The Independent,  p.8-9

 

Germany rejects deal on tax evaders with Swiss
Germany has rejected a tax agreement with Switzerland, continuing the stalemate over how to deal with the estimated €200bn of undeclared German assets hidden in Swiss accounts.
This abstract from the Financial Times was produced by Kantar Media
Financial Times,  p. 6
Also appeared in : International Herald Tribune,  p.10

 

Islands’ tax secrets face disclosure
Proposals have been drawn up to open secret accounts and trusts in the Channel Islands and the Isle of Man in a sign of a global crackdown on tax evasion.
This abstract from the Financial Times was produced by Kantar Media
Financial Times,  p. 4

 

Credit Suisse restructures to appease its regulators
Report on Credit Suisse’s announcement this week to separate its global investment banking operations from those inside Switzerland.
This abstract from the Financial Times was produced by Kantar Media
Financial Times,  p. 16

 

Once-vibrant Cyprus strikes EU-IMF bailout deal
Cyprus announced yesterday that it had struck a deal with the EU and IMF to bail out its economy, making it the fourth EU state to apply for a rescue programme since the eruption of Europe’s debt crisis.
The Guardian,  p. 47

 

This review will act as a wake-up call to Britons and prove a boon to a host of innovative, online financial providers
The Retail Distribution Review comes into effect on 31 December and will change the way retail customers pay for financial advice. Financial advisers will no longer be able to receive commissions from product providers for recommending retail investment products to customers. Instead, they will have to charge their customers for advice.
The Independent,  p. 69

 

Police probe into financial watchdog after money goes missing
The International Centre for Financial Regulation (ICFR), a finance watchdog set up to improve the image of the City and improve regulation across the globe, yesterday admitted it is being investigated by the police after a black hole appeared in its accounts.
The Independent,  p. 57

 

The above articles appeared on 24\11\12 reproduced with the kind permission of Kantar Media UK . All rights reserved.
Charterbridge Private Financial Planning, Independent Financial Advice, Thornbury, Bristol.