UK Finance News

So far Northern Rock has not managed to pass on the Bank of England’s quarter
per cent base rate cut to variable rate customers – those on 7.59%.
Whilst the emperor’s clothes of interest rates have become apparent to the wider public – that banks base their borrowing on LIBOR, not the BoE base rate – and [...]

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In an attempt to head off the risk of pension buy-out firms removing scheme profits and thereby leaving members more heavily exposed to the chance of schemes falling into deficit, the Pension Regulator is planning tougher new powers. 
The trend towards companies outsourcing their pension schemes to “for profit” suppliers, allows surplus assets to be sold off, leaving members [...]

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Banco Santander the ever-growing owner of Abbey and sponsor of Lewis Hamilton’s F1 efforts, have bought GE Money’s UK Motor finance  and card operations along with those in Austria, Finland and Germany.
On a Part-ex basis GE have taken Italian commercial bank, Interbanca, off Santander’s hands. In total the two companies have agreed mutual acquisitions valued at around [...]

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The City watchdog are expected to be called upon to investigate the loss of a computer disc holding the account details of 370,00 HSBC customers, that went missing four weeks ago.
The disc was last seen leaving the HSBC offices in Southampton with an external courier, en route to a re-insurer. The disc contains the names, [...]

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The UK nuclear power company British Energy saw its shares jump by 6pc today following reports that French energy giant EDF were planning to buy the company.
Reports in the French newspaper La Tribune said that EDF were set to make a bid for the UK company which is valued at around £7billion. The news comes [...]

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