Property Rescue Blog

While the Office of Fair Trading (OFT) has its own take on irresponsible lending and does believe it is a widespread concern, campaigners wishing to stop irresponsible lending practices accuse the financial services industry of often luring consumers into taking loans they simply cannot afford.

In an effort to boost public finances, a new tax rate has been levied for top earners and will go into effect at the beginning of the new financial year.

According to a recent survey of lenders, in the next three months overdrafts and personal loans will only be made available to those who are considered “better quality” borrowers.

The 600,000 UK residents who earn in excess of £100,000 per year will see significant changes in their personal taxes over the next two years.

The budget deficit is expected to reach £178 billion this year, which is 12.6% of the Gross Domestic Product (GDP).

UK airports are seeing fewer passengers these days and the number of travelers continues to decline. A total of 216.8 million passengers took flights in 2009, which is a 7.4% drop from 2008 and the lowest number of UK air travelers since 2004.

Petrol prices are once again on the rise and poised to reach a record high over the next few weeks. Currently, the average petrol price is approximately £1.15 per liter, but that is expected to increase to a new record of £1.20 per liter.

It is no secret that personal debt has been steadily increasing for over a decade and that the number of people going bankrupt or being declared insolvent has risen alongside it.

Throughout 2009, and particularly in the last quarter, the number of residents in England and Wales declared insolvent rose to a record high. Figures released by the Insolvency Service show that 35,574 people were declared insolvent just in the last three months of 2009, showing the depths the recession has reached.

As we continue to see the effects of the economic downturn, we now have a better idea of the manner in which businesses have been affected.