Recent posts
Credit Action NewsCalling all budding marathon runners! 5 January
Happy New Year from Credit Action! 2 January
Credit Action's 2008/9 Student Moneymanual is now available 10 December
Credit Action launches Polish guide 19 November
Don't Cancel Christmas! 18 November
'Squeezed Out?' - Credit Action research available for download 2 October
Credit Action supports 'Keep the Promise' 24 September
Top Money StoriesBritish retailers in trouble 6 January
Homeowners offered help 5 January
Government does a U-turn on Social Fund reforms 22 December
Savers punished by banks 19 December
Homeowners falling behind 18 December
Unemployment now at 6 percent 17 December
Borrowers offered lifeline 16 December
Feeds 
What's this?
Christmas come early
Retailers slash prices
Some of Britain's biggest retailers have begun a fierce price war as they continue the struggle to boost their sales.
Marks & Spencer are holding a one day only 20% sale, with other retailers such as Debenhams, John Lewis, Dorothy Perkins and Selfridges following suit, also cutting prices for short periods of time. Not only high street retailers are feeling the effect of the credit crunch, with supermarkets also trying to entice the customers into purchasing early for Christmas with special offers on various products.
These moves by Britain's retailers comes despite figures released from the Office for National Statistics suggesting October's sales only fell by 0.1%, which was much smaller than the forecasted 0.9% decline.
Lloyds TSB shareholders approve HBOS takeover
Lloyds TSB shareholders voted 95.98% in favour of the HBOS takeover. This move will signal the creation of a ‘super' bank with 145,000 employees and 3,000 branches nationwide.
Members of the Unite union protested outside the venue in Glasgow against the probable job losses that will occur if the takeover takes place.
Mortgage lending picks up
According to the Council of Mortgage Lending (CML), mortgage lending increased slightly in October. The total lending rose by 7% from the previous month. Despite the slight increase, mortgage lending is down by 44% from October last year.
Banks urged to help businesses in return for their rescue package
Banks are likely to be forced to increase their lending to businesses and home owners under the plans that are due to be released on Monday in the Pre-Budget Report.
Many firms are struggling as loan rates rise and overdraft facilities are withdrawn in the credit crunch. Pressure for action comes in light of figures released from the Government Insolvency Service which confirmed that 4,000 firms collapsed between July and September, which is up 26%.
Write a comment
- Required fields are marked with *.
