Debt Time Bomb? New Record Sum 'On Tick'

Mortgage approvals have hit their highest level since February 2008, while total household debt reached a new record last month, according to the Bank of England. The Bank said 67,701 home loans worth £10.5bn were dished out in October - just 24 hours...

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Bankers' Pay: Top Earners Net 35% Rise

The number of high earners in British banks rose 11% last year, with more than 2,700 people raking in above €1m (£833,000) at an average £1.6m - a rise of 35%. The revelation from the European Banking Authority (EBA) threatens to reignite the row on...

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BoE Boss Warns Homeowners Over Rate Rise

Homeowners must find a way to pay their mortgages if interest rates rise because they will not be guaranteed a helping hand, the governor of the Bank of England has warned. Mark Carney's message came after BoE figures showed mortgage approvals hit their...

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Maternity Leave: New Shared Rights Unveiled

By Darren McCaffrey, Sky News Reporter Fathers will have the option of sharing parental leave under proposals to be announced by Nick Clegg, who has branded the current system antiquated. The Government has published final details of a significant...

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Energy Bills: Govt Price Freeze Plea Denied

The Government is not asking the big six energy companies to freeze prices, Downing Street has insisted. Sources had suggested the firms were being pressed to keep tariffs the same until after the 2015 general election. It had been claimed the call...

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Bankers' Pay: 'Explosion' In €1m Earners In UK

The number of high earners in British banks rose 11% last year, with more than 2,700 people earning above €1m (£833,000). The revelation from the European Banking Authority (EBA) threatens to reignite the row on bankers' pay in the wake of the financial...

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Student Loans: £5bn Unaccounted For Says NAO

More than £5bn paid out in student loans is unaccounted for because the Government does not have enough information about the recipients. There are 368,000 student borrowers for whom there is no current employment record, or other details on earnings,...

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Bank Acts To Curb Debt Risks To Economy

By Ed Conway, Economics Editor The Bank of England has taken its first major step to clamp down on rising house prices and ballooning household debt levels, cutting the incentives for banks to lend to consumers. The Bank's Financial Policy Committee...

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Npower Confirms 1,460 UK Job Losses

The big six energy firm npower has confirmed it is cutting 1,460 UK jobs, just days before its latest increase to household bills takes effect. The supplier said a proposed restructuring was aimed at boosting its customer service activities and would...

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Payday Loans To Be Capped By Government

The cost of payday loans will be capped under new laws by early 2015, the Government has announced. The industry has been criticised over the affordability of the loans and the way they are marketed, with critics claiming the firms take advantage of...

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Student Loan Sale Nets Government £160m

The Government has sold off student loans totalling almost £900m to a private debt collection agency for £160m amid warnings of an impact on every taxpayer. The sale, revealed over the weekend by Sky's City Editor Mark Kleinman, covers loans...

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RBS To Probe Claims It Drove Firms To Collapse

The Royal Bank of Scotland has hired a law firm to investigate allegations the bank deliberately drove small businesses to collapse for its own gain. The claims are contained in a dossier, compiled by government adviser Lawrence Tomlinson, which has...

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Royal Mail Fails To Meet Delivery Targets

Royal Mail has been warned it faces an investigation and possible fines if it does not improve services after missing key performance targets. The postal regulator Ofcom said the recently-privatised company missed a requirement to deliver 93% of all...

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Ex Co-op Bank Chairman Paul Flowers Arrested

Former Co-op bank chairman Paul Flowers has been arrested in connection with a drugs supply investigation, police have said. West Yorkshire Police said officers detained the 63-year-old in the Merseyside area on Thursday night and he is being questioned...

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Energy Bills: Ofgem Targets Power Operators

The energy regulator has moved to help cut household energy bills in future by rejecting business plans from five of the six companies that own and operate Britain's local electricity network. The five firms, whose activities form below 20% of an annual...

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Co-op: Flowers In £75k Charity Expenses 'Scam'

Disgraced former Co-op bank boss Paul Flowers claimed £75,000 in false expenses from a drugs charity, it has been alleged. Mr Flowers, a former Labour councillor, totted up the claims over five years during his time as the chairman of the trustees at...

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Tube Row As Modernisation Will Cost Jobs

Unions and Labour have attacked plans to modernise London's Tube operations which will include a 24-hour service at weekends but result in 750 job losses. Mayor Boris Johnson and London Underground (LU) managing director Mike Brown said their proposals...

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Public Finances Boosted By Housing Recovery

The Treasury's coffers improved last month as stronger economic growth and the housing market recovery helped boost tax revenues. Stamp duty revenues surged by nearly half to more than £1bn in October to help knock nearly £200m off public sector borrowing...

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Debt Crisis: Poorest Enduring 'Perfect Storm'

A report is warning of the impact of a debt trap on the poorest in society, with unsecured debts nearing £160bn in the UK. The Maxed Out study by the right-leaning think tank the Centre for Social Justice (CSJ) charted a "perfect storm" of rising living...

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Co-Op: Paul Flowers' Home Searched By Police

Police have searched the home of former Co-operative Bank chairman Paul Flowers. Mr Flowers, a Methodist minister who led the bank for three years, is under investigation after being filmed allegedly buying and using illegal drugs including crystal...

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Energy Bills: Npower Deal Creates 'Big Seven'

A new player in the UK energy market is to be created after npower agreed a deal to offload 770,000 customer accounts. They form part of npower's Electricity Plus and Gas Plus subsidiaries, which were sold today for £218m to Telecom Plus, a supplier...

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Co-op Chair Quits Amid Flowers Drug Scandal

Len Wardle, chair of the Co-operative Group, has resigned after "serious questions" were raised by the scandal over its former banking chairman Paul Flowers. Mr Wardle had announced last month that he planned to step down amid the wider financial crisis...

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Supermarkets Taken To Task Over Offers

By Poppy Trowbridge, Business And Economics Correspondent Some of Britain's biggest supermarkets have been accused of running so-called special offers that often see customers "paying over the odds". Consumer group Which? analysed more than 70,000...

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OECD Growth Upgrade Is Boost For Chancellor

By Ed Conway, Economics Editor George Osborne has been handed a further fillip as the Organisation for Economic Co-operation and Development upgraded its forecast for UK economic growth by more than any other major economy. The OECD said it expected...

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Aberdeen Shares Soar On Scottish Widows Deal

Aberdeen Asset Management has seen its shares surge 11% after it agreed a deal to buy its rival Scottish Widows Investment Partnership (SWIP) from the taxpayer-backed Lloyds Banking Group. The deal, valued at up to £660m, would increase the value of...

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Emirates Airlines In Boeing And Airbus Spree

Emirates Airlines has gone on a 200-plane spending spree, as its home base of Dubai reiterates plans to become the world's biggest aircraft hub. The airline has agreed to buy 150 Boeing 777 mini jumbos and confirmed purchase of 50 Airbus A380 superjumbos....

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Burton's Biscuits Bought By Canadian Fund

The Ontario Teachers' Pension Plan has agreed to buy the British maker of Wagon Wheels and Jammie Dodgers. Burton's Biscuits is the UK's second-largest biscuits manufacturer, employing 2,000 people around the UK with annual sales of £340m. The deal...

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Clegg Calls For New Tax Cut To Help Millions

Deputy Prime Minister Nick Clegg is calling on his coalition partners to raise the income tax threshold for a fifth time so the Government can "reward" voters for years of austerity. The Liberal Democrat leader wants Chancellor George Osborne to take...

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Unions Probe: Review Into Intimidation Claims

David Cameron has set himself on a collision course with the unions by announcing an independent review into allegations of intimidation and bullying. The move follows claims of sabotage and harassment related to the bitter industrial dispute which...

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Banks Urged To End Expensive Phone Charges

High street banks, credit card companies and insurers are being urged to cut high-rate customer lines after a study found almost three quarters are costly 084 or 087 numbers. Which? found that 177 out of 242 customer or complaints lines for financial...

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