The Internet has become a vital element of the UK financial arena and offers the opportunity for immediate access to deals, offers and financial products which may not otherwise have been visible to you. However, many people fall into the trap of assuming that because new products and new services are detailed on the Internet there is no need to take financial advice. Oh how very wrong they can be!
There is no doubt that the UK benefit system is one of the most lucrative in the world but there is also no doubt that the system has been somewhat out of control for the last few years. However, Iain Duncan Smith has now been put in charge of reorganising the UK benefit system but many are concerned whether the Conservative Party has the bottle and whether it can actually afford to push through the changes being mentioned.
A report by Clydesdale Bank and Yorkshire Bank has cast a very depressing shadow across family life in the UK. The report shows that more than 1 million families in the UK are now arguing more than ever with regards to money and finance during these difficult financial times. The report also confirms that approaching 2 million families in the UK feel pressure on a daily basis and are struggling to make ends meet with regards to monthly budgets and spending habits.
Only last week we saw the disappointing news that more and more people in the UK are now using their credit cards to pay their household monthly bills. This comes at a time when UK credit card interest rates are at ridiculous levels, often in excess of 20%, and more and more people are struggling to cover their monthly obligations. There is a need for all of us to learn to budget otherwise we could face financial ruin!
Asda this week acquired the UK arm of Netto in a deal worth around £778 million with the intention of increasing the company's exposure to smaller convenience stores. The company has already confirmed that the pricing in the smaller stores will be comparable to large Asda stores which will place pressure not only upon competitors such as Tesco but also independent convenience stores. While the move will require the approval of regulatory bodies it is unlikely to be blocked on market share terms alone.
The AA has issued a damning report into the UK petrol market with a suggestion that despite increased competition on the supermarket forecourts will are unlikely to see the price of a litre of petrol fall below £1.10 in the short-term and indeed the AA believes the price of petrol will never again fall below £1!
It has been revealed that HM Revenue and Customs have inadvertently posted the financial details of 50,000 people in the UK. It is believed that a number of claimants have been sent their annual award notices which have seemingly included the financial details of other people in the system. This is not the first time that HM Revenue and Customs has been involved in data protection scare although David Cameron is unlikely to take this particular issue lying down.
In a repeat of the situation we saw last year, consumers and businesses in the UK may well become the centre of attention with regards to new Internet advertising systems which effectively track websites accessed by individuals and target adverts towards relevant subject matters. There are growing concerns regarding privacy issues and the fact that individual browsing activity could be used in a manner which users have not agreed to.
News that Albemarle & Bond, a prominent UK pawnbroker, is looking to add 15 new outlets to its portfolio in Scotland this year and a further 25 next year is a perfect reflection of the difficult environment in the UK. More and more people are now making use of the services of pawnbrokers, many of which had died a death during economic boom and were relatively unknown and very unpopular amongst the UK public.
There are many ways to save money but if you ask 10 different experts about the best money-saving tips they will give you 10 different answers. However, there are a number of guidelines which you can use which will save you significant money in the short, medium and longer term.
Short-term finance
Short-term finance is the most expensive on the market and should be avoided at all costs unless there is no other option. Perfect examples are credit cards and overdraft facilities which can attract interest rates of over 20%!
Live within your means
