Deal that may hike all credit card bills: Lloyds £7bn swoop for rival to control one in

Halifax owner Lloyds is leading the race to buy MBNA's UK operations from Bank of America and a deal could be announced in the next few weeks. It would give Lloyds control of 26 per cent of outstanding cash on credit cards in the UK - close to the 28 per cent share of market leader Barclaycard.

Sterling rose by more than 1 per cent against the US dollar as investors welcomed Theresa May's pledge to offer clarity to firms where possible during the Government's negotiations with the EU.

Wall Street legend warns Europe is on the brink of new crisis

Steve Eisman, who made his name and fortune on Wall Street by foreseeing the demise of toxic sub-prime mortgage securities, says crippling levels of bad debt could drive the Italian financial system over the edge. The country's banks hold up to £310bn of 'non-performing loans' - money owed by companies and individuals who have fallen behind with payments.

Customers will be able to withdraw up to £100 at cash machines inside branches, either by tapping their Android smartphones or by using their contactless debit cards.

Speaking ahead of tomorrow's Autumn Statement, the Prime Minister declared: 'We will continue to cut the deficit, reduce our debt, and return to a fiscal surplus in the years ahead.'

The Chancellor can only borrow £4billion for the rest of the financial year if he is to meet the latest Office for Budget Responsibility's forecast of £55.5billion for 2016/17.

Like
MailOnline

Follow
@MailOnline

   

DON'T MISS

MARKET REPORT: Oil giants rise as Iran deal and encouraging statement from Vladimir Putin

Speculation has been mounting for weeks whether the oil cartel will be able to hammer out a deal to cut production when the 14-country organisation meets next week. But sentiment has turned positive since Iran was offered a deal to cap rather than cut production and Putin said he saw no obstacle to freezing output in Russia - the country is not a member of Opec but is likely to feature in negotiations as one of the world's biggest producers of oil.

On the credit side, Sherwood was one of the architects of Goldman's great leap forward in Europe and a big contributor to the City's pre-eminence as a financial centre.

The referendum is about reforms to the constitution that are intended to make it easier for the government to boost the sluggish economy. It sounds dry, but it's explosive.

Michael Sherwood, pictured with Sir Philip Green, left, and CNBC broadcaster Tania Bryer, was often tipped as a successor to Goldman chief executive Lloyd Blankfein.

BT and EE, which merged last year, already own 45 per cent of the country's usable spectrum, the network used by mobile phone companies to connect calls and transfer internet data.

Sir Damon, 54, who enjoys a £200m fortune, has always been an energetic sort. He was once a regular in the gym at central London's swanky One Aldwych hotel.

McLaren BP23 to be a next-generation F1 with three seats

The British car manufacturer has admitted it is currently developing a new 'hyper GT' vehicle under the codename BP23 - standing for Bespoke Project 2 with 3 seats - releasing this single picture to confirm the news (inset of the original 90s McLaren F1).

Fixed income markets have changed so dramatically in the past few years that the only way to access them effectively is by being completely flexible, according to rising star manager Fraser Lundie.

The offer of £1,500 cash in your hand the day you move into your first home could seem tempting, but do cash rewards end up meaning your mortgage costs more?

Should I buy an airport car parking space offering 8% return a year

A firm has emailed me about buying an airport car parking space, which it says would give me a guaranteed minimum return of 8 per cent a year. It says that a RICS valuation has been done and the parking space is being sold below its market value. I'm wary as I know about stocks and funds but I've never held this type of investment. Is putting some of my savings in an airport car parking space a good idea?

Black Friday: Read our 10-step survival guide

It is overhyped, overrated and over here - yet one in three shoppers is expected to hit the shops this 'Black Friday' in the hope of snapping up a bargain. The US phenomenon is now part of the British festive calendar and along with Cyber Monday - three days later - it has toppled Boxing Day from its traditional start of the winter sales season.

A perfect storm of rising energy prices and market change is brewing. It will hit households in the pocket this winter, just when they use most fuel. Ashar Qureshi (pictured) switched provider.

Former Pensions Minister Steve Webb is This Is Money's Agony Uncle. This week, he replies to a reader who wants to know if his wife's state pension will rise from a current £74.69 a week if he dies.

Skoda tested its new Kodiaq on the UK's most extreme school run

Skoda will enter the large SUV sector from next year, but before right-hand drive models arrive in 2017 the Jones family put the Kodiaq through its paces on a commute across country from their farm in Wales to school, via some of the nation's toughest terrain. We get their verdict on the Skoda Kodiaq and put it to the test too, but strictly on tarmac.

They look like a tax refund offer - one man was hit TWICE by online fraud

Taxpayers are being warned to ignore a new blight of emails from fraudsters passing themselves off as HM Revenue & Customs and inviting them to claim refunds for overpaid tax. The fraudulent 'phishing' emails or texts are designed to trick people into giving key details about their bank accounts which are then used by the criminals to gain access and empty them.

I read with dismay the sad tale of the lady who has not received her chair from Westminster Recliners. I purchased two in July, but I'm having to take the company to the small claims court.

The overhaul of the system has been condemned by a consortium of business groups representing hundreds of thousands of firms which predicts it will result in companies being forced to close.

MIDAS SHARE TIPS: Logistics firm Wincanton really going places

Despite a strong share price performance over the past few years, its shares still look undervalued. On top of that, the group looks set to start delivering a decent dividend. The company is a sizeable player in the logistics sector. Its clients include Sainsbury's, Co-op, BAE Systems and Heinz. Many of these groups have signed up for contract renewals lasting to 2019 or beyond. The result is a very visible revenue stream in the future.

Investec has a 'buy' rating on One Savings Bank. Its share price took a dive after Brexit but recovered. However, easyJet faces challenges in the months ahead

It is just over three years since fund manager Mark Wharrier returned to investment house BlackRock after a ten-year absence working for a rival. It has been a triumphant return.

The market got a little ahead of itself with the surge in the Asos share price in October, but the direction of travel looks right. These shares are a hold.

We round-up the Sunday newspaper share tips. This week, Midas looks at Wincanton while The Sunday Times highlights Mitie and the Sunday Telegraph Majestic.

Medical recruiter Remedium Partners ‘saves the NHS millions’

The company was launched by friends David Green and Philip Braham, both 27, with £10,000 of savings each. They estimate they have saved the NHS more than £25 million as they claim locums can charge up to £150 an hour, roughly double what a permanently employed doctor would get.

The Institute for Family Business urged Philip Hammond to use Wednesday's Autumn Statement to support long-termism in business.

The fund has been launched in collaboration with Foresight Group, an infrastructure and private equity investment firm.

The Legal Ombudsman concluded that the barrister should have been clear about her costs from the beginning, and ordered her to limit her fees to £1,500.

Bonmarche blames BHS clearance and unseasonable weather for decline in sales

Bonmarche, which issued three profit warnings this year, said shoppers were put off from buying t-shirts in the summer as the weather was too cool and jumpers in September because it was too hot. It also said that discounts at its high street competitor BHS, which collapsed into administration in April, affected sales, especially during late April and May.

Two communities are seeking £100m in compensation from the oil giant and its Nigerian subsidiary after suffering repeated oil spills.

Mitie put its poor performance, which compares with a £45.1m profit last year, down to 'changing market conditions as clients adjust to rising labour costs and economic uncertainty'.

IXICO generated around £3million in revenues from brain scanning in the year to September, which makes it a rarity among the minnows of the healthcare and technology sectors.

Philip Hammond to say UK economy will grow by just 1.25% in 2017

Hammond is likely to present sharply reduced economic forecasts from the independent Treasury watchdog, the Office for Budget Responsibility, in his Autumn Statement. The OBR estimated in March that the economy would grow 2.2 per cent in 2017 but experts at the EY Item club, which uses a Treasury forecasting model, said this weekend that the figure would be slashed to between 1.25 and 1.5 per cent.

The Chancellor has no choice. He needs to stamp his own mark, distancing himself from the George Osborne era. And he will give priority to the JAMS - those who are 'just about managing'.

Ofgem is said to have launched a secret operation to examine allegations that dealers sought to push up the price of so-called spark spread contracts to make more money.

Analysts expect profit to drop from £310m to £296m in the year to September 30, from a slight rise in revenue to £7.95bn, when the group posts results on Wednesday.

Paula Vennells refuses to be cowed by the threat of strikes and promises the centuries old British institution is set to report its first profit in decades.

Will Trumpflation mean UK interest rates finally rise?

As people were left scratching their heads over a reality TV businessman elected President and what he will do in office, one firm idea did emerge in the financial world this week - Trumpflation. This is the idea that Trump's spending, protectionist policies and tax cuts will lead to inflation - and call time on the low rate era.

Nationwide posted pre-tax profits of £696million for the six months to the end of September, down from £802million over the same period last year.

Deputy governor Ben Broadbent told a meeting that interest rates and quantitative easing - which sees the Bank print money to buy government bonds - had little bearing on wealth.

Buyers love wrecks so much, these dilapidated homes now command a premium

Buying a wreck might mean months of hard-work, but you could end up with your dream home and make money too.

The hidden secrets of a Welsh castle that looks like it was built a few hundred years ago

With its stone turrets and black cannons, this Welsh castle looks as though it was built centuries ago. But the reality is that it was only built 22 years old and includes hidden stair cases, state-of-the-art invisible wall speakers and an electronic triple garage.

A study of 2,000 people from across the UK discovered that 25 per cent will not sacrifice their yearly holiday to save for a deposit on a property.

Lifetime Isas have provoked a barrage of criticism amid fears younger people will make poor decisions that leave them out of pocket in the long run.

Energy bills postcode lottery revealed: how does your region compare?

Energy bills for those in the north of England and Wales, where people earn some of the lowest average incomes, are highest due to energy transportation costs while those in the south of England and London, where incomes are on average highest, tend to have the cheapest average energy bills.

Telematics specialist Wunelli reviewed 1billion miles of UK driving data, concluding that fixed speed cameras should be abolished We look at why and the alternative?

Some of my best investments have come from the High Street, which is surprising as it is not a sector I typically place a lot of money in.

SBTV's Jamal Edwards the multi-millionaire 26 who built a media empire

Jamal Edwards has achieved more at the age of 26 than many people can aspire to in a lifetime. After building his own media empire, he shares the advice he gives to young people who want to start their own business - and why he believes it's still possible to break into the music industry without going on reality TV.

Alex Klein's mission to demystify computers led to the creation of Kano - a £149 do-it-yourself kit that claims to be as fun to make as Lego and so simple a child as young as six can do it.

This is Money was named Financial Consumer Website of the Year at the highly-regarded Santander Media Awards, last night.

Jaguar gets a Hollywood premiere as it plans to electrify the market

Jaguar had a host of stars to help launch its new 200 mph electric car in Hollywood this week. On the eve of the Los Angeles Motor Show, the Jaguar I-Pace car grabbed the most attention. Having long traded on its bad boy image, Jaguar aims to make electric cars desirable. It says it has 'torn up the rule book' with the I-Pace to create a svelte zero emissions five-seater that combines 'supercar looks, sports car performance and sports utility space' in one car that can be charged at home from the domestic mains.

In a statement on Friday, the carmaker said it was taking measures to return the brand to 'a path of profitable growth' after 14 months of crippling costs associated to steps it took to deceive official tests.

With Road Safety Week around the corner, we've scanned the strange regulations from around the world that drivers have to adhere to in different countries.

Trump victory in US election spurs investors to dump bonds

A sell-off of UK gilts and US treasuries was already under way but has accelerated since last week's US election, leaving holders sitting on capital losses as prices fall. But it's not all bad news as bond yields always move in the opposite direction to prices, so income seekers are getting better returns when they buy government debt.

The FCA says fund managers should publish an 'all-in fee' so investors can see what they are paying after uncovering devastating evidence of rip-off charges and weak price competition.

Hargreaves Lansdown has launched a low-cost fund with an ongoing charge figure of 0.6%. The fund is cheaper to invest in than 90% of the IA All Companies Sector, it claims.

Oxford, Cambridge and Richmond-upon-Thames are England's most 'vibrant' towns, research

Healthy lifestyles and social cohesion are as important as economic prosperity in determining how happy and vibrant a place is to live in, a study suggests. Across the country, urban areas with decent economic scores often scored worst for health, well-being and happiness levels, with parts of London, Birmingham, Manchester and Liverpool all performing poorly.

UK coffee drinkers would have to endure an 11 hour flight over 5,000 miles to be able to pick up the cheapest cup of coffee in the world, research has revealed.

Eoin Macleod and Sammy Bazini spent their teenage years selling cosmetics at market stalls in London in the early 1980s before going into business in 1992.

The top 10 places in Britain where house hunters would like to live

The Isle of Skye won the accolade following a survey of nearly 24,000 people by property website Rightmove. The Scottish island (pictured top left), where the average house price is £230,000, was among the seaside locations that featured heavily in the top ten, including Woolacombe (top right), in Devon, and the popular Cornish holiday destinations of St Ives (bottom right), Padstow (bottom left) and Newquay.

From next year Santander will place a cap on the amount of cashback customers with its 123 credit card can earn per month while increasing the interest rate it charges.

Treasury ministers will allow Bank of England officials to intervene by specifying how much landlords can borrow if they fear the market is overheating.

Aston Martin reveals Vanquish S packing near 600bhp

One thing the 6.0-litre V12 Vanquish really didn't need was more power, but Aston Martin has loaded it with some extra boot anyway.The £200,000 beast revealed at the LA Auto Show delivers a monstrous 595bhp - enough grunt to complete a 0 to 62mph sprint in 3.5 seconds.

The threshold at which personal injury lawyers can take cases to the small claims court would be raised from £1,000 to £5,000 - meaning legal costs are reduced.

Called the Stelvio, Alfa's SUV is named after the famous Alpine pass and is set to get head-to-head with the Jaguar F Pace and Porsche Macan when it goes on sale in the UK next year.

ASK TONY: Thomson won't give back money I lost when its website crashed

My wife and I tried to book flights to Menorca online with Thomson, but experienced problems with its website - it kept telling us we had been unsuccessful. So, later that day, we decided to book with another operator. Three days later, we noticed Thomson had taken £438 from our bank account.

Don’t buy car insurance on Saturday and other ways to cut costs

As a young and fairly new driver, Alicia Rouse expected to pay a little extra for her ten-year-old Vauxhall Corsa. But when it came time to renew her policy, it had increased by £58 despite a flawless driving record - and her mission to find cheaper car insurance unearthed insurers' tricks.

Lifetime Isas have provoked a barrage of criticism amid fears younger people will make poor decisions that leave them out of pocket in the long run.

NS&I;'s accounts are currently marketing leading with its Income Bonds, aimed at those who want to take their interest each month. paying 1 per cent.

50 ways to save money....

To clear the average national household debt of ?13,000 at 6% interest with a monthly repayment of ?100 will take around 17 years. There are, however, plenty of simple ways to make significant savings on your regular spending that could clear your debt - or boost your savings - in less than a year. This is Money's top 50 - updated - money-saving tips may appear light-hearted but are deadly serious.

Pick the best (and cheapest) investment Isa platform

Choosing the right DIY platform is crucial but a wealth of choice and changes to charges have left many investors scratching their heads. We pick some of the best. We also highlight why investing in an Isa makes sense, as it should protect your hopefully growing investments from tax forever.

L Board sign on the rear of a blue saloon car , UK

If you are new to investing then the huge number of funds and investment trusts on offer can be confusing. Fortunately, This is Money's experts have some ideas to get you started.

On the up: Emerging markets such as Brazil are where much of the world's growth is expected to be over future years.

If you're looking to add some flair to your investing Isa with emerging markets, This is Money's experts have some ideas to get you started

Income investing: Dividends can deliver both a healthy boost to long-term growth and a way to earn from your investments.

Income investing can let you draw on your portfolio or reinvest dividends to build solid growth over time. Our experts give their fund and investment trust recommendations.

In this low-income world it can be hard to find mainstream investments paying a significant yield. Stifel has compiled a list of 19 investment trusts with a yield of more than 4 per cent.

Handy Brexit table explains the options for the UK's exit from the EU

Despite endless media coverage of the political wrangling and financial speculation, the average Briton can be forgiven for remaining confused about what 'soft' and 'hard' Brexit really mean. About the difference between the 'Norway model' for the UK's post-Brexit relationship with the UK and the 'Swiss solution'. But a clever table put together by HSBC in a report called 'Is Brexit Getting Harder?' cleaves some clarity from the murk.

It would have been nice to have a plan. Instead, after the Brexit vote we were left scratching our heads. But now it's time for some answers on trade and what we mean to the EU.

Pensions Road Sign against threatening clouds

We tend to put ambitious targets on our hoped-for income in retirement and then underestimate how much we will need to set aside to achieve that. So how much should you save?

When will UK interest rates rise?

An interest rate cut before the end of the year looks less likely following the plunge in the pound. However, the Bank of England has indicated that higher inflation driven by rising import costs won't make it lift rates.

What next for mortgage rates?

Several months after the Bank of England slashed the base rate to 0.25 per cent and lenders are still cutting mortgage rates on almost a weekly basis - but how low can they really go? The experts say not a lot lower and it's likely that if you get a mortgage at the moment, it's going to be a pretty cracking deal. 

Ten tips for buy-to-let

For many buy-to-let looks an attractive income investment in a time of low rates and stock market volatility. Climbing house prices, rising rents and improving mortgage deals are tempting investors - although they will need a big deposit. Read This is Money's top ten buy-to-let tips

TIPS, TOOLS AND HELP FOR LANDLORDS

Partner services

Landlord insurance

Quick, easy - compare and buy today

Find a mortgage

Check the best rate for your circumstances

Boiler cover

Insure your heating system for less

Let a property for £99

Save on letting agent fees - or sell from £475

Compare your pay to the UK average across 350 professions

Musicians have seen pay rises averaging nearly 20 per cent in 2015, while cleaners are getting 17.8 per cent more, and window cleaners 12.3 per cent. Artists in general are earning 14.6 per cent more in 2015 than 2014, according to the huge annual data dump of pay scales by the Office For National Statistics highlights.

Premium Bonds winners

November 2016
Prize value Winning bond No. Area
£1,000,000 64ST558712 Bristol
£1,000,000 196XC935430 Norwich
£100,000 73XC247749 South Gloucestershire
£100,000 209BT382482 West Sussex
£100,000 196QY362195 Tyne and Wear
£50,000 48QF456615 North East Scotland
£50,000 279LW728226 Shropshire
£50,000 254GR423814 North Yorkshire
£50,000 159NM557980 Suffolk
£50,000 140PB015876 Avon
£25,000 41VP618789 Somerset
More Premium Bonds winners
   

MOST READ MONEY

Tourist rates

Currency Rate Buy now
Updated 22 Nov 2016.
Euro 1.1375 Buy Now
US Dollar 1.2095 Buy Now
Australian Dollar 1.6444 Buy Now
Canadian Dollar 1.6323 Buy Now
Chinese Yuan 8.2219 Buy Now
Croatian Kuna 8.5023 Buy Now
Czech Koruna 30.666 Buy Now
Danish Krone 8.4143 Buy Now
Egyptian Pound 16.27 Buy Now
Hong Kong Dollar 9.3574 Buy Now
Hungarian Forint 347.12 Buy Now
Icelandic Króna 130.85 Buy Now
Israeli New Shekel 4.5873 Buy Now
Japanese Yen 134.76 Buy Now
Malaysian Ringgit 6.2624 Buy Now
Mexican Peso 24.31 Buy Now
New Turkish Lire 3.9818 Buy Now
New Zealand Dollar 1.7243 Buy Now
Norwegian Krone 10.288 Buy Now
Polish Zloty 4.9855 Buy Now
Singapore Dollar 1.7242 Buy Now
South African Rand 17.36 Buy Now
Sterling 1.0 Buy Now
Swedish Krona 11.096 Buy Now
Swiss Franc 1.2216 Buy Now
Thai Baht 42.48 Buy Now
UAE Dirham 4.4445 Buy Now

Monthly Or Lump Sum Savings Calculator

Monthly savings plan

Find out how much a regular monthly savings scheme could make me.

Results
Or lump sum investments

Calculate how much a lump sum investment could be worth.

Result

Mortgage Affordability Calculator

Your monthly payment

Enter how much you plan to borrow and find out your monthly bill. Assumes interest calculated annually.

Result
Your total mortgage

Enter the amount you can afford to pay monthly (eg. your current rent) to find out how much you can borrow...

Result
Are you over-stretching

How much of your income goes on your mortgage?

Result