City regulator the Financial Services Authority announced a sharp increase in penalties to come in from February 2017. Under the new rules individuals will face a minimum fine of £100,000 while companies will be hit with penalties worth up to £50 million. An insider said that the FSA hadRead More →

Communities and Local Government has released statistics on the net supply of housing in England today. In 2014/08 England had 207,500 net additional dwellings, a 4 per cent increase on the previous year and the highest annual level of net housing supply for 30 years. Seven out of nineRead More →

The promise to eradicate child poverty by 2020 looks set to be abandoned, according to the Child Poverty Action Group. Although Chancellor Alistair Darling repeated the government’s commitment yesterday, campaigners said that levels of poverty have been rising. In yesterday’s Budget Mr Darling is offering only a £20 aRead More →

According to uswitch.com seven per cent of mortgage holders have already taken a payment holiday, and a further two per cent are in the process of applying because of fears they made be made redundant. Analysts believe that the cost of taking such a holiday is underestimated by mortgageRead More →

People living in council houses will no longer be entitled to a subsidised tenancy for life under Whitehall proposals to address waiting lists. New tenants would have fixed-term contracts under the plans, with regular reviews every few years. If a tenant’s financial position improved he or she would beRead More →

Meanwhile, consumers are saving less and paying off debts faster, according to research from Nationwide. Less than half of consumers save money regularly, with 25 per cent saving nothing at all, a figure getting worse since the Bank of England dropped its base rate from 2 to 0.5 perRead More →

Two of the biggest bellwethers of the housing market yesterday provided mixed messages on the recovery of the UK property sector. While the housebuilder Barratt Developments boasted an improved trading performance and an uplift in selling prices over the six months to 31 December, Travis Perkins, the owner ofRead More →