£2bn bank charge claim back on cards
A pot of £2.12 billion is waiting to be claimed by consumers who have been charged by credit card issuers.According to uSwitch, 18.96 million British consumers has been charged a total of £4 billion in bank charges and more than half have not claimed their money back.The price comparison site estimates that 52 per cent of customers have not reclaimed money charged by their banks and credit card providers, equalling £2.12 billion in unclaimed fees. Campaigners claim that charges as much as £30 are unlawful, as banks are only supposed to charge fees to cover administration costs.Consumers are being urged to reclaim bank charges, for bounced cheques and exceeded overdraft limits, as banks have been automatically refunding fees rather than see potentially damaging test cases taken to court. Thousands of pounds has already been paid to consumers in overdraft and other fees, with many people downloading pro-forma letters from internet sites.Nick White, director of financial services at uSwitch, said: "While the majority of banks are bending over backwards to refund bank charges to those consumers that take the initiative to fight back, this is not because the banks have gone soft in the last couple of months."Banks are reported to be considering imposing annual fees for standard current accounts, but 83 per cent of the 4,450 consumers polled by YouGov on behalf of uSwitch said that they would ditch their bank if annual fees were introduced.
British Chamber of Commerce upbeat on UK economy
The British Chamber of Commerce has today issued a surprising report in which the association has increased its forecast for UK economic growth in 2010 from 1.3% to 1.7%. The forecast for 2011 has also been increased from 2% to 2.2% although rather surprisingly the British Chamber of Commerce has also signalled its concern about the medium-term outlook for the UK economy. Over the next five yea...Read More
Is Union Power Making A Comeback?
The last few months has seen more strike action than we have seen for the last decade from public workers to oil delivery workers and everything in between. Unions have spotted a need for their services and they are more than happy to step into the breach. But what is their real angle? What are they really after?
It is no coincidence that the resurgence of the Union movement is co...
Young drivers lack basic car know-how
Young drivers fork out £140 million every year in car maintenance due to their lack of basic mechanical know-how, new research suggests.According to the study carried out by Direct Line, half of all drivers under 25 do not know how to jumpstart their car or replace a tyre, compared to 25 per cent of drivers aged 45 or over.Nearly one in three admitted to paying to have their oil changed, while 25...Read More
Has Barack Obama got his revenge on Gordon Brown?
Just 12 hours ago the UK government was openly suggesting that Gordon Brown's visit to the White House, the first EU PM to visit the new president, was the perfect opportunity to make political headway and reinvigorate the Labour vote in the UK. Whether the US authorities have taken umbrage with this or they are out for revenge after a number of comments emitting from the UK authorities angered US...Read More
Bank warned against ‘hasty’ rate rise
08/07/2014 The Bank of England has been warned against increasing interest rates in the short term by the British Chambers of Commerce (BCC). The Bank of England governor, Mark Carney, has recently stated that interest rates could be increased “sooner than markets currently expect”. However, a quarterly survey by the BCC has raised concerns that this could result in “more limited gr...Read More