The Church Commissioners, alongside financial firms Corsair Capital and Centerbridge Capital, will run the bank under the revived Williams & Glyn's name. John Maltby, former head of commercial banking at Lloyds, will be chief executive with Philip Green, former chief executive of United Utilities, as chairman.
Analysis for the Daily Mail by the ONS shows household energy bills rose far faster under the last Labour government than under the Coalition.
Mr Carney told the Yorkshire Post that the Bank would only embark on more quantitative easing if the economy faltered again.
BT has announced it will hit 10m home phone customers with higher line rental and raise call and broadband prices by twice the rate of inflation from January next year. And in a move that could potentially trap million of customers, BT will 'opt in' users to paid-for services that were previously free so that customers will pay a new £1.75 monthly charge unless they act to cancel the services.
Tesco has spent £1billion on its underperforming UK business but has been losing market share despite a raft of initiatives aimed at bringing in more shoppers.
Full time workers in Britain spend £67billion a year just in order do their job, equivalent to 12 per cent of their salary, a report has found.
Analysis of 70million pieces of Vehicle Operator and Services Agency data showed that 81.5 per cent of new cars pass their first Ministry of Transport test.
The controversial floatation will take place next month, with the shares expected to make a market debut on October 11 - while a union strike ballot is still underway.
|
|
|
|
RUTH SUNDERLAND
Utility giants and banks showing contempt for customers are undermining capitalism from within
My wife and I do not receive enough income to pay tax: is it still worth us taking out a cash ISA?
Expert answers.
UK economy set to kick on in the autumn say economists
Output growth is confirmed at 1.1% for first half of 2013, says ONS.
This is Money's five favourite best buy cash Isas for 2013
Our savings picks updated.
A nation with its head in the sand:
Three in four of those approaching retirement have no idea how their pension pot is performing
Savings rates are rotten so what are the options to protect your money?
The fight to beat inflation at 2.7%.
Why is the US on the brink of a 'catastrophic' debt default that risks a meltdown of the financial system?
Analysis.
Five funds to take advantage of eurozone stability
Some funds should capitalise on calm in the eurozone after Merkel re-election.
ADAM UREN: Five things we've learned in a year of automatic enrolment
The next 12 months will present the biggest challenge.
Little Red Miliband and the Big (Bad) Six:
Why villainising energy companies will never end in happily ever after
ASK TONY: MBNA left me to sweat on a £1,300 claim for my sauna
I purchased a sauna with my MBNA credit card and it says I will not get a refund. Can you help?
'I have been paying off my £35,000 loan for 10 years but I still owe £40,000'
Customer of failed FirstPlus left paying sky-high interest rates
Domino's Pizza delivers a trading update next week and all investors will want to know is: has it sold more pizzas to the Germans? The UK-listed business of the US franchise launched in the German and Swiss markets in 2011 but ran into trouble earlier this year. In the key German market the group, run by chief executive Lance Batchelor, had planned to open 400 stores by 2020.
Martin Lamb, who became chief executive of pump and valve manufacturer IMI in 2001, will leave his role at the end of the year having joined the firm 33 years ago.
Two funds – Income and High Income – that he runs on behalf of retail investors are together worth a staggering £23.9billion.
The musician turned entrepreneur has sold a minority stake in his Beats Electronics headphone firm which has become the must have brand for the youth market.
The governor is in fine company in discovering a different narrative. It was John Maynard Keynes who observed: ‘When the facts change, I change my mind.’
The utility giants must bear their share of responsibility for the low regard in which they are widely held, and for turning themselves into easy targets for punitive action.
BALANCE TRANSFERS
FIVE FAVOURITE ISAS
BEST BANK ACCOUNTS
TOP CREDIT CARDS
CUT ENERGY BILLS
CHEAP MORTGAGES
CAR INSURANCE
HOLIDAY SPENDING
BALANCE TRANSFERS
FIVE FAVOURITE ISAS
My wife and I do not earn enough to pay income tax. Is it worth us taking out an ISA for our savings? If not, how do we stop any interest we earn from a standard savings account being taxed and where can we get the best returns?
Asda will cut the price of unleaded for the third time in as many weeks today, when a 3p drop will mean motorists pay no more than 128.7p per litre at any of its forecourts.
Nationwide said the average house price has climbed to a five-year high after property values rose at their fastest pace for three years in September.
Retail petrol sales for January to June dipped by 5.8 per cent, or by nearly 512million litres, compared with the same period last year, according to new Government figures.
Footballers are known to move clubs in search of trophies, but do they take into account how much tax they'll pay on their salaries when figuring out their next move?
The third and final estimate of second quarter gross domestic product from the ONS showed consumers spent an extra £661million between April and June, with spending on new cars 4.5 per cent higher than three months earlier. The upward revision to the first quarter data combined with growing consumer confidence and increased optimism about all sectors of the economy has led some economists to forecast growth of as much as 1 per cent in the third quarter.
Despite benefiting from a lack of natural catastrophe claims in the first half of the year, the insurance market revealed that profits dropped almost 10% to £1.38bn
One catalyst is the pending change to AIM regulations, due to come into force on Monday, compelling all listed firms especially those based overseas to adhere to the City Takeover Code.
The Bank will now advise on Help to Buy once a year instead of every three and will be able to restrict access to the scheme if it is concerned about high house prices. Fears have been raised that the attempt to kick-start the market could result in a house price 'bubble', with the market overheating and borrowers over-stretching themselves.
Inflation is at 2.7 per cent but savings rates languish dismally far below that - and new Bank of England governor Mark Carney has offered nothing except 'tremendous sympathy' for those watching the value of their money dwindle away. So what alternatives are available if you want to protect your nest egg?
Axa warned millions could face a 'nasty shock' at retirement as they discover just how low their retirement income will be.
The glitch in Nationwide's online banking lasted only an hour and affected a ‘small’ number of customers.
It sounds like a domestic squabble, but there could be immensely serious consequences if US politicians risk debt default by failing to raise their borrowing limit. US Treasury Secretary Jack Lew warned yesterday: 'If the government should ultimately become unable to pay all of its bills, the result could be catastrophic.'
As German chancellor Angela Merkel forms a new coalition, we reveal five top funds that focus on the relative calm that in the eurozone and Germany.
The next 12 months will present the biggest challenge to auto-enrolment thus far as thousands of smaller firms come online, so what have we learned from the first year?
Choosing to pay back a portion of the interest on your equity release loan each month can protect tens of thousands of pounds worth of inheritance for your kids.
Mark Wilson wasn’t happy when the interest on his loan climbed above 12 per cent - but he grudgingly admitted the terms of his deal meant there was little he could do. But when base rate started to drop, he expected his repayments to fall, too, again because his contract suggested they would. It never happened.
Centrica shares fell 5 per cent to finish 21.1p lower at 375.6p, while SSE saw its stock slide by nearly 6 per cent, ending the day 91p down at 1489p.
The price freeze would save the average household £120 each and businesses £1,800 on electricity and gas bills, Labour claimed.
Our BT telephone line comes into our home via a cable connected to a telegraph pole. The cable was removed and service cut off. We repeatedly tried to contact BT but heard nothing until we were reconnected on May 11 — that’s 26 days without a service. BT finally agreed to refund our telephone and broadband bill, but not our line rental because. Instead, they offered us £10 as a gesture of goodwill. Can they legally cut us off?
Profits from student buy-to-let properties tend to be higher in Northern cities and independent of academic success.
More than 56,600 pre-retirees have now been out of work for more than two years, figures from the Office for National Statistics reveal.
Spanish giant Santander has been ranked as having the weakest internet security of any of Britain's High Street banks, with less than half marks.
In most cases firms will increase your yearly premium by around 8%, according to figures seen by Money Mail. But some are hiking their prices by 30%. Meanwhile, separate industry figures suggest that if you have two not-at-fault accidents your premium could jump by as much as 50%.
A review into PPI handling by the FCA has found serious failings with the way medium and small sized financial firms deal with them, it has revealed today.
Parents earning more than £50,000 who took the benefit between January 5 and April 6 this year must sign up with HMRC for self-assessment by October 5.
The shattering statistics, seen by Money Mail, highlight how rules - introduced in March to help pensioners get a better payout - are failing. They show that in the first four months after the introduction of the new code, tens of thousands of retirees missed out on the best pension.
The Association of British Insurers needs to snap out of this dream world where its code of conduct is rigorous and effective. Because the cold, hard reality is that its rules are a cosy arrangement designed to look respectable without disrupting the profits of its more disgraceful members.
In June 2012 I purchased an infrared sauna from Red Saunas Ltd, of Darlington, for £1,349 with my MBNA credit card. Red Saunas went into liquidation without having delivered our sauna. The liquidator has advised there are minimal assets so I will not get a refund. I contacted MBNA to seek repayment under section 75 of the Consumer Credit Act. Two months later my request was rejected. Can you help?
The funds are run by handsomely paid managers who invest your cash for fees as high as 4 per cent a year.They are meant to give savers returns that are better than buying a dirt-cheap robot fund, which simply follows the market up or down. But new research by wealth manager SCM Private shows savers would be £3billion better off if they had just bought a robot fund five years ago.
The Little Rock Bond, Issue 3, went on sale in September 2010 with the rate fixed until this month.
Savers are having to trawl through a list of more than 70 accounts to find where banks are hiding their interest rate.
Last month, the annual This is Money diesel index found that prices are the fourth highest in Britain at 141p a litre, topped only by Norway, Italy and Turkey. Today, we publish the cheapest list - and it is headed by Venezuela where motorists pay 1p a litre and the average person spends 95p per month to fill up.
A fifth of those who are turned down for a card immediately try another firm to get an alternative - despite the potential further damage to their credit score.
The move comes after thousands told the bank its fees for breaching an agreed overdraft were baffling and too complicated to understand.
The number of mortgages approved for house purchases in the last month has hit a four-year peak, providing further signs of economic recovery.
Even though the gold price has enjoyed a recent rise, some funds have still lost as much as 15 per cent over the past couple of weeks. It is also worth remembering that shares in mining companies are a lot more volatile than gold. Savers can make more of a profit, but also risk suffering a greater loss.
While lenders have been fighting to top the best buy tables for loans between £7,500 and £15,000, they are far less generous when it comes to smaller loans.
Research from Standard Life found some of those nearing their mid-40s have a blasé attitude towards their retirement incomes.
Investec's head of contrarian investing Alastair Mundy manages funds that have outperformed handily since the financial crisis, and is also the author of 'You Say Tomayto...' about his approach to stockpicking. So how does he do it?
Choosing to pay back a portion of the interest on your equity release loan each month can protect tens of thousands of pounds worth of inheritance for your kids. Paying just £75-a-month of the interest back as you go on a £50,000 would reduce the amount owed to £160,371 of your home's value, compared to £207,000 when paying no interest at all.
MPC man David Miles said a few quarters of upbeat growth do not mean the economy is fixed, and Britain is likely to see a slow fall in unemployment.
Shoppers will be able to collect items from at least 50 eBay merchants at 150 Argos stores around the country.
Top of the charges league, Australian long-haul flight-company Qantas, charged an average of £37 per passenger, industry figures reveal.
The gambling boss blamed poor performance at his weak online business for damaging full-year profit targets and wiping 8 per cent off the value of the shares. Ladbrokes chairman Peter Erskine said investors were not thrilled with the news but had been supportive.
A member of the powerful banking commission said Hornby should show a ‘sense of duty’ and quit, saying failed bankers had no place running a public company.
Under European Union rules, bankers’ bonuses would be capped at 100 per cent of salary or twice that if explicit support is obtained at a shareholders’ meeting.
An Office for National Statistics report revealed overseas investors hold 53.2 per cent of the value of shares listed in London – or £935.1billion.
|
|
|
Timing the markets and identifying the right route in is hard work but there are a number of market signals that will tell you when it may be time to buy or sell an investment. We run through what moves markets
Warranty Direct said mechanics are now charging an average of £8.16 an hour less than last year to carry out service or repair work.
Landlords with a typical 1.15 per cent tracker deal with West Brom who currently pay 1.65 per cent will from December pay 3.65 per cent.
Sainsbury’s and Tesco are at the forefront of a wave of unexpected high street names, including Marks & Spencer and the Post Office, competing for savers’ cash with a range of instant-access, fixed and cash Isa accounts. Russell Brown (pictured) is looking for a new account.
|
|
|
|
A new tax year means a fresh Isa allowance to save. We pick our five favourite cash Isas for savers, don't miss this essential Isa reading that is kept up-to-date throughout the year.
The Association of Investment Companies has analysed all investment trusts to find the 20 strongest and most consistent performers of the last decade. We reveal the full list.
The bank rate is at a rock bottom 0.5%, and one day it must rise. The big question is when? We explain the factors that will decide when interest rates rise and how quickly, including the latest forecasts from markets and economists. The Bank of England's forward guidance was meant to offer reassurance, but markets have responded by calling higher rates a whole year sooner.
For many buy-to-let looks an attractive income investment in a time of low rates and stock market volatility. Read our top ten buy-to-let tips
Mortgage lenders continue to offer record breaking rates as cheap money filters through, so should you grab grab a bargain basement mortgage?
Having started the year still in slump mode, there are now fears that a new property bubble is being stoked. So what now for house prices?
The ten best cars of the last 25 years
How to bag one of the nation's favourite motors for as little as £395 (or more than £500k)
The UK's retirement hotspots
Coastal town in Dorset where 30% of residents are pensioners is country's 'most retired'
The hand luggage even Ryanair can't charge for
Engineer designs bag that meets size limits for ALL airlines
'I don't even notice the money is gone'
Pay 'sacrifice' could save you hundreds of pounds a year
New current account switching era could be bad news for Barclays
Rated worst of the UK's banks
'We wanted to fix to avoid any nasty financial surprises'
Millions warned to fix energy tariffs before prices soar
The world's most expensive medical care league
How breaking a bone in the US could cost you almost a year's wages
Will Royal Mail be a good investment?
Shares could come at knockdown price but new owners will inherit workforce in open revolt
Warning from surveyors
House price rises should be capped at 5% to prevent property bubbles
Finding cheap shares that are about to move on up
How finance professor Josef Lakonishok turned his theory into a $70bn practice
Compensation, a bond or diddly-squat?
What would you get if High Speed 2 ran past your back door?
Property market continues to boom
Prices rise at fastest rate in seven years
| Currency | Rate | Buy now |
|---|---|---|
| Updated 28 Sep 2013. | ||
| Euro | 1.1697 | Buy Now |
| US Dollar | 1.5786 | Buy Now |
| Australian Dollar | 1.662 | Buy Now |
| Canadian Dollar | 1.6123 | Buy Now |
| Chinese Yuan | 9.4557 | Buy Now |
| Croatian Kuna | 8.759 | Buy Now |
| Czech Koruna | 29.342 | Buy Now |
| Danish Kroner | 8.5704 | Buy Now |
| Egyptian Pound | 10.481 | Buy Now |
| Euro | 1.1697 | Buy Now |
| Hong Kong Dollar | 12.085 | Buy Now |
| Hungarian Forint | 340.51 | Buy Now |
| Japanese Yen | 154.6 | Buy Now |
| Malaysian Ringgit | 4.9742 | Buy Now |
| New Turkish Lire | 3.1318 | Buy Now |
| New Zealand Dollar | 1.8875 | Buy Now |
| Norwegian Kroner | 9.2633 | Buy Now |
| Polish Zloty | 4.8198 | Buy Now |
| Singapore Dollar | 1.9559 | Buy Now |
| South African Rand | 15.51 | Buy Now |
| Sterling | 1.0 | Buy Now |
| Swedish Kroner | 9.9405 | Buy Now |
| Swiss Franc | 1.4258 | Buy Now |
| Thai Baht | 47.936 | Buy Now |
| UAE Dirham | 5.7486 | Buy Now |
| Prize value | Winning bond No. | Area |
|---|---|---|
| £1,000,000 | 108CS647927 | Inner London |
| £100,000 | 173MN826421 | Northamptonshire |
| £100,000 | 25HE755388 | Surrey |
| £100,000 | 171ZA268336 | Northern Ireland |
| £50,000 | 203RB979358 | Northamptonshire |
| £50,000 | 138RF104090 | Glasgow |
| £50,000 | 136XC731440 | Outer London |
| £50,000 | 2SA039879 | Surrey |
| £50,000 | 155FT371701 | Manchester |
| £50,000 | 155PC739983 | Hertfordshire |
This is Money's calculators and tools
All our calculators in one place. See how they could help you
Historic inflation: how the value of money has changed
The effects of inflation since 1900 and what past prices mean today
True cost mortgage tool - rates AND fees
Compare the cost of rival fixed and tracker rate mortgages
Mortgage affordability: How much you can borrow
Find out how much you can afford to borrow and the difference between repayment and interest-only
Monthly or lump sum savings calculator
How much a regular monthly savings scheme could make or a lump sum could be worth.
Premium Bonds: Have I won?
How close have you been to winning your fortune? Our unique calculator will try to show you
Pleasures v Treasures (how you can save more)
How diverting the cash you 'waste' on everyday items into a long-term savings plan pays off
Search for the best providers in your area
Compare thousands of policies
You could save £££s on your energy bills. Find out in seconds
Get a FREE trial credit check today to see what the financial services industry can see about you
GOGet cheaper cover on
Compare more than 100 insurers in less than five minutes
GOPublished by Associated Newspapers Ltd
Part of the Daily Mail, The Mail on Sunday & Metro Media Group
|
|
||
Easy switching has arrived
Tony Hetherington
Tony Hazell