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Borrowing & Lending News

  • Equity release on the rise for retirees

    In 2013 the equity release market passed the £1bn threshold after a third successive year of growth, analysis by Key Retirement Solutions has revealed. The rising use of equity release is indicative of increasing confidence in the utilisation of property … Read more »

  • Pensioners borrowing to boost income

    One in five pensioners expect to borrow money, but one in eight over 55s have been turned down for credit during the last year, according to Key Retirement Solutions. One in five pensioners have had to borrow money to boost … Read more »

  • Bank of England keeps rates at historic low

    The Monetary Policy Committee (MPC) of the Bank of England has announced its decision for interest rates in October. The MPC has elected to leave unchanged the United Kingdom’s rate, leaving it at the historic low of 0.5%. The 0.5% … Read more »

  • Australia leaves rates at 2.5%

    The Reserve Bank of Australia has chosen to leave the nation’s interest rates unchanged at 2.5%. In a statement Governor Glenn Stevens indicated that global growth was presently running at a little below average, but has reasonable prospects of improvement … Read more »

  • Eurozone interest rate stays at 0.5%

    The Governing Council of the European Central Bank (ECB) has decided to leave the eurozone’s interest rate unchanged at 0.5%. The decision was widely expected, as the interest rate for the single currency has moved very little since it was … Read more »

  • Outstanding “interest only” mortgages put old at risk

    One in three of the UK’s over-70s with a mortgage have an interest-only deal with no linked investment, according to a study by Bristol University’s Personal Finance Research Centre and the International Longevity Centre UK (ILC–UK). The study also claims … Read more »

  • Unfair treatment of mortgage customers costs Clydesdale £8.9m

    The Financial Conduct Authority (FCA) has fined Clydesdale Bank £8.9 million for failing to inform customers of their rights after the bank miscalculated repayments on tens of thousands of mortgages. In April 2009, Clydesdale discovered an error in how it … Read more »

  • Building societies getting back to “business as usual”

    The UK’s building societies are getting back to “business as usual” following the financial crisis, according to KPMG. The accountancy firm reports that 2012 saw healthy results for most societies, which are now well-placed to benefit from an upturn in … Read more »

  • New Zealand keeps rates at 2.5%

    The Reserve Bank of New Zealand has announced that it is to leave the nation’s interest rate unchanged at 2.5%. Governor Graeme Wheeler described the global economic outlook as mixed, with slowing growth in Australia and China but with major … Read more »

  • Shawbrook exceeds £1bn in lending

    Challenger bank, Shawbrook, says it has exceeded £1 billion in lending to the UK’s small and medium-sized enterprises (SMEs) and personal customers since its launch in 2011: £766 million has been lent to SMEs and almost £369 million to individuals. … Read more »

  • UK economic growth in danger of flat-lining at 1%

    Leading economists are warning that the long-term, sustainable growth rate in the UK may be only 1% compared with the 2.5% that HM Treasury thought standard from the 1980s to the 2000s. According to the Institute for Economic Affairs (IEA), … Read more »

  • ECB keeps single currency’s rate at 0.5%

    The Governing Council of the European Central Bank (ECB) has announced that it has left the single currency’s interest rate unchanged at 0.5%. The unchanged decision mirrors that of the Bank of England, which also decided to leave the UK … Read more »

  • UK interest rates remain at record low

    The Bank of England’s Monetary Policy Committee (MPC) has once again decided to leave the United Kingdom’s interest rate unchanged from the record low of 0.5%. The MPC also chose to leave unchanged the scale of the quantitative easing (QE) … Read more »

  • SME funding myths exploded

    A report published today by Demos has added to the heated debate over the willingness of banks to lend to small and medium-sized businesses (SMEs) and the importance of SMEs in the UK’s economic recovery. According to the think-tank, repeated … Read more »

  • Base rate on hold until unemployment drops

    For the first time, the Bank of England’s base rate has been linked to unemployment. The Bank’s recently appointed governor, Mark Carney, has announced that policymakers don’t intend to raise the base rate above its historic low of 0.5% until … Read more »

  • Surge in consumer optimism in UK economy

    New research from Which? shows that Britons are feeling more optimistic about the UK economy but continue to feel gloomy about their household finances, with worries about rising food, fuel and energy prices still high. Key findings from the group’s … Read more »

  • UK leaves interest rates at 0.5%

    The Monetary Policy Committee (MPC) of the Bank of England has decided today to retain the 0.5% interest rate for the United Kingdom. The MPC has also chosen, once again, to leave the scale of the quantitative easing (QE) asset … Read more »

  • Business lending to bounce back in 2014

    Lending to UK businesses is expected to begin its recovery next year, having bottomed out at £422 billion in 2013 (2008: £608 billion). According to Ernst & Young’s ITEM Club, lending to firms will shoot up by 7% next year … Read more »

  • Consumers kept in dark over credit rejections

    Credit card companies are adding insult to injury by keeping consumers in the dark when applications are rejected. According to Which?, some lenders are failing to give constructive advice when they turn people down, resulting in high levels of dissatisfaction. … Read more »

  • NYSE Euronext wins LIBOR bid

    NYSE Euronext is to become the new administrator for LIBOR, taking over from the British Bankers’ Association (BBA) early next year once the switch has been approved by the Financial Conduct Authority (FCA). Following the LIBOR rate-rigging scandal, HM Treasury … Read more »