Thrifty Loans

Northern Rock Bidders Line Up

The sale of Northern Rock is still up for grabs. It looked last week as though Richard Branson’s Virgin Money were on the brink of a deal, but it’s not done yet. Indeed it began to look at the start of this week as though there may be a competitive auction for the ailing bank. [...]

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UK Borrowing Higher Than Ever

Brits are clearly relying on borrowed money more than ever before The average Briton now owes £33,000 compares with £17,000 in 2000. That’s nearly a doubling of debt in seven years. The main reason for the increase in debt is because of rising house prices and increased mortgages. Gloomily, experts are predicting that tough times [...]

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New Fears In Financial Markets

Fears sprang anew in the financial markets this week as top banks were said to be hoarding money to cover the risk of further possible losses due to the sub-prime crisis. The three-month bank loan rate was up in London on Monday, to 6.45%, much higher than the Bank of England base rate of 5.75%. [...]

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OECD Says Things Will Get Worse

The Organisation for Economic Cooperation and Development (OECD) has said that the recent turbulence in share prices were just a ‘precursor of a more protracted downturn’ in world stock markets. The FTSE 100 index has been down and up by over a hundred points on various days this week. There was also news that only [...]

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