Saturday saw millions of Royal Bank of Scotland customers unable to withdraw money from cash points due to a technical difficulty with the banks withdrawal system. While these things can happen, the most worrying element to this particular episode was the fact the Royal Bank were unable to pin point the problem - leaving many wondering if their personal detail were safe.
A recent survey has found that a staggering £3.5 billion is being held in homes around the UK, losing an incredible £174 million in interest payments a year. While surveys in the past have uncovered a number of the UK population who have a lack of confidence in banks, like to store money or hide money form the tax man, the figure of £3.5 billion has beaten all expectations.
In an alarming U-turn, the UK Government have been forced to “delay†the introduction of Home Information Packs (HIPs) although they have also relaxed the requirements - paving the way for a total withdrawal in due course?
Originally due to be introduced in England and Wales on the 1 June, the packs will now be available from the 1 August, but there is only a requirement to show a pack has been initiated, not produced, prior to marketing any property. Under new rules, many smaller properties will not require a HIPs at all, although the details have yet to be clarified by the Government.
While there has been an explosion in Individual Voluntary Arrangements (IVAs) over the last few years, many analysts believe that the cycle may have peaked in the short term. This situation was reflected in the recent fall in share prices in the sector, with warnings that growth would slow from the unrealistic rates of last year.
The public sector by a mile!
It has been revealed that public sector workers are receiving massive benefits over private sector workers with regards to national insurance contributions and pension arrangements. This figure has been calculated at some £50,000 over the span of a normal working life and is sure to cause massive resentment in the private sector.
While the Working Tax Credit system was a great idea in principle, in practice it has become the biggest “White Elephant†since the Millennium Dome. Having cost the tax payer £500 million in write-offs so far, it has been reported that there is a further £1.5 billion which has been earmarked as “not recoverableâ€, taking the total write offs to £2 billion!
