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Bundesbank to pull gold from New York and Paris in watershed moment Germany’s Bundesbank is to repatriate gold reserves held abroad to tighten control and combat currency crises in the future, pulling a chunk of its holdings from New York and all its bullion from Paris. The move marks an extraodinary breakdown in trust between leading central banks and has set off ferment among gold enthusiasts, with some comparing it with France’s [...] The cost of the weekly grocery shop has increased by a third since the credit crisis struck, and food inflation is expected to get even worse as a result of poor harvests and rising populations. Amid the general hand-wringing about the economy, the publication of something as innocuously named as the Food Statistics Pocketbookwent almost unnoticed last month. But this booklet from Defra, the Government’s agriculture department, tells a story as horrific as [...] The Post Office stepped up its bid to become a market leading lender on Thursday by announcing plans to offer specialist mortgage advice. Seven mortgage specialists will initially be available in Birmingham, Solihull, Walsall, Luton and Norwich, under a pilot scheme being rolled out in the coming months to include the larger branches across the Post Office’s 11,800-strong network. The Post Office hopes the number of specialists, who will give advice to [...] A defendant in a court case had to spend the weekend in prison because the RBS computer failure prevented his bail money being processed, The Daily Telegraph has learnt. The unnamed man was granted bail at Canterbury Crown Court in Kent on Friday, on condition that a surety was paid before his release. But the computer glitch that has affected 17 million customers at RBS and two of its subsidiaries, NatWest and [...] Branches opening early and staying open late to deal with surge of customers wanting to access their accounts. The banksters deny they are being hacked, but are unable to say when they can be accessed again: The banks, which are part of the taxpayer-owned RBS Group, said that “technical issues” with its computers meant that payments in or out of accounts had not been made since Wednesday. In a statement this [...] As the Eurozone crisis deepens more than 100,000 people could lose their homes if mortgage repayments rise by just £20 a month – a leading charity has revealed today. The Bank of England has warned that as UK lenders are hit by higher borrowing costs families should prepare to pay more as the increase is passed down to consumers. This could lead to thousands losing their homes if the hike results [...] Bank run started on Santander Bank UK: The high street bank also saw an increase in enquiries by worried savers to its call centres and in its 1,380 branches across Britain yesterday. Customers are worried that the bank will be dragged into the eurozone crisis because it is owned by Spain’s Banco Santander. On Thursday, Banco Santander, its UK subsidiary and 15 other Spanish banks had their credit ratings downgraded due to [...] Merkel and Sarkozy push forwards fiscal union. But some German economists are concerned about the possibility of hyperinflation as happened in 1920s Germany if quantitative easing continues and expands: German Chancellor Angela Merkel has said Europe is working towards setting up a “fiscal union”, in a bid to resolve the eurozone’s debt crisis. She told the Bundestag that a new EU treaty was needed to set up such a union and [...] http://www.telegraph.co.uk/finance/personalfinance/8831450/Matt-keeps-us-laughing-through-the-troubles-in-the-UK-economy-and-the-eurozone-debt-crisis.html With the average UK mortgage at £109,000 and average borrowing costs at 3.5pc, switching from repayment to interest-only saves households roughly £230 a month
Whilst this can be seen as a short term solution concerns are raising whether this may mean more families unable to ever repay their mortgages: Up to 300,000 cash-strapped households have switched more than £60bn of mortgage debt from repayment [...] by pinecarr It’s at: http://www.telegraph.co.uk/finance/personalfinance/savings/8028884/Savers-told-to-stop-moaning-and-start-spending.html. “Savers told to stop moaning and start spending Savers should stop complaining about poor returns and start spending to help the economy, a senior Bank of England official warned today. By Robert Winnett and Myra Butterworth 560 Comments Mr Bean said low returns on savings were part of the Bank of England’s strategy Photo: PA Older households could afford to suffer because they [...] HOUSE PRICES FALLING IN EVERY REGION OF ENGLAND AND WALES House prices have fallen across every region of England and Wales for the first time in over a year as the ‘mortgage drought’ continues to dampen demand from potential buyers. By Alastair Jamieson The average cost of a home dropped by 0.4 per cent during September, according to property intelligence group Hometrack which warned the property market was [...] Government desperation alert – Britain debases its coinage – moving to cheap steel instead of CuNi alloy. How much longer before the U.S. pulls this same desperate stunt once again like it did with the penny? Oh yeah, the Mint is already planning to replace the Nickel with cheaper materials. NEW STEEL 5P AND 10P COINS A ‘DISASTER —Britain’s 5p and 10p coins are to be substantially changed next year, causing potential [...] |
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