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Homeowners’ average stay grows

Uncategorized

A new report, The Changing Shape of the UK Mortgage Market, shows that the number of years a homeowner stays in their property has lengthened to an average of 20 years, compared to eight years in the late 1980s. The study, from UK Finance and Hometrack, shows homeowners accounted for...

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SMEs hurt by invisibility

Business Market

Analysis from Experian says a lack of detailed information about their financial history means more than 1.6m SMEs may struggle to access growth funding or trade credit, with a lack of credit information seeing them deemed higher risk. Lisa Fretwell, managing director of Data Services at Experian, who notes...

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Retail sales on the up

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UK retail sales improved in the year to November, according to the latest CBI distributive trends survey, after six months of declines. Almost half (44%) of retailers now expect sales volumes to increase in the year to December, while just 23% expect sales to decline. Online sales growth slowed...

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October slowdown for mortgage market

Economy

Bank of England figures reveals that banks and building societies made 64,602 approvals for mortgages in October – 2% lower than the previous month and the weakest since March. The average rate on new mortgages is 1.96%, compared to the 2.39% average on existing home loans. Meanwhile, the pace...

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Pension transfer advisers among firms in default

Retirement

The Financial Services Compensation Scheme has declared 11 advice firms in default, including two that have lost cases at the Financial Ombudsman Service against claims of poor pension transfer advice. The FSCS declared a total of 35 failed regulated companies in default in the three months from August to...

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Chinese firm rescues British Steel

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Chinese industrial conglomerate Jingye has bought British Steel in a deal that will save up to 4,000 jobs and see £1.2bn of new investment in the company. The Official Receiver has been running British Steel since May when it fell into liquidation. The Chinese firm emerged as a buyer...

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Aston Martin reports Q3 losses

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Aston Martin slipped to a pre-tax loss in the third quarter of its financial year, according to new figures. The Warwickshire-headquartered company has posted a £13.5m loss for the period to 30 September 2019 after making a £3.1m during the same period in 2018. Its revenue also dipped from...

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Over half of firms still not GDPR compliant

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Research from document management firm Invu has found that over half of financial and accounting firms have not taken any precautions to become GDPR compliant, despite the regulation coming into force 18 months ago. Invu found that 57% of firms have chosen not to introduce any new procedures or...

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