After the recent announcement from Bovis Homes that they were cutting back on the number of homes they planned to sell over the next 12 months, many believed this was a signal that the property market had peaked. However, Barratt Developments have today announced that they see plenty more life in the housing market, and are seeing no real signs of a downturn. How can this be?
While the headlines about the state of the pension industry, and company pension schemes in particular, may have calmed down, the situation is still getting worse behind the scenes. Research has shown that 8 out of 10 final salary schemes are now closed to new members, with many members being pressurised into considering a conversion to money purchase schemes.
In a move which is sure to inflame feelings of “big brother “ is in control, HM Revenue and Customs (HMRC) have announced plans to seek permission to freeze any bank accounts, where they believe that the owner has unpaid taxes. While the authorities stress that these powers will only be used in extreme cases, there is sure to be a major public backlash.
While a recent report highlighted the demise of the traditional cheque as a payment method, the value of cheques written was still well in excess of the value of credit card use. It may then come as a surprise to know that the London Underground have recently announced plans to stop accepting cheque payments from the 15 July. They now join a band of retailers who no longer take cheques which includes ASDA, Morrisons, Boots, WH Smith and Shell to name but a few.
It seems almost inevitable that Thursday’s meeting of the Bank of England committee will sanction a further quarter percent rise in the UK base rate. Recent comments by some members of the committee have led many to believe that a move upwards is almost certain, a view further strengthened by recent news confirming that property prices have risen again, and inflation is still fairly strong.
The FSA (Financial Services Authority) have announced that they plan to take action against 5 sub prime mortgages brokers operating in the UK. The sector has been under investigation by the FSA since April this year, after a number of complaints were received about inappropriate products being sold to clients who could not afford them.
