Our weekly news digest is a compilation on easy-to-read snippets about finance and economy of the United Kingdom. ⭐Explore and keep yourself updated⭐
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£4000 -
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Norwich Trust
Loan Term
1 -
10 years
4.8/5
Representative APR
31.90%
Minimum Age
21 Years
Representative Example: £12,000 over 66 months, 31.9% APR fixed. Monthly payment £358.22 Annual interest rate 28.01% fixed. Interest payable £11,642.52. Total repayable £23,642.52.
4.8/5
Norwich Trust
Loan Amount
£4000 -
£20000
Loan Term
1 -
10 years
Representative APR
31.90%
Minimum Age
21 Years
Minimum Income
£2000 per month
Representative Example: £12,000 over 66 months, 31.9% APR fixed. Monthly payment £358.22 Annual interest rate 28.01% fixed. Interest payable £11,642.52. Total repayable £23,642.52.
Loan Amount
£5000 -
£100000
Evolution Money Loans
Loan Term
1 -
20 years
4.5/5
Representative APR
28.96%
Minimum Age
18 years
Representative Example: Loan Amount: £20950.00, Loan Term: 85 Months, Interest Rate: 23.00% PA Variable. Monthly Repayments: £537.44. Total Amount Repayable: £45,682.15. This example includes a Product Fee of £2,095.00 (10% of the loan amount) and a Lending Fee of £714.00
4.5/5
Evolution Money Loans
Loan Amount
£5000 -
£100000
Loan Term
1 -
20 years
Representative APR
28.96%
Minimum Age
18 years
Minimum Income
Not mentioned
Representative Example: Loan Amount: £20950.00, Loan Term: 85 Months, Interest Rate: 23.00% PA Variable. Monthly Repayments: £537.44. Total Amount Repayable: £45,682.15. This example includes a Product Fee of £2,095.00 (10% of the loan amount) and a Lending Fee of £714.00
Loan Amount
£1000 -
£10000
1Plus1 Guarantor Loans
Loan Term
1 -
5 years
4.4/5
Representative APR
39.90%
Minimum Age
18 years
Representative Example: Borrowing £3000 over 36 months with a representative APR of 39.9% (variable),the amount payable would be £134.21 a month,with a total cost of credit of £1831.56 and a total amount payable of £4831.56.
4.4/5
1Plus1 Guarantor Loans
Loan Amount
£1000 -
£10000
Loan Term
1 -
5 years
Representative APR
39.90%
Minimum Age
18 years
Minimum Income
Not mentioned
Representative Example: Borrowing £3000 over 36 months with a representative APR of 39.9% (variable),the amount payable would be £134.21 a month,with a total cost of credit of £1831.56 and a total amount payable of £4831.56.
Two Years from Now, Mobile Banking Is Likely to Overtake Branch Visits
According to recent forecasts, mobile banking is set to become more frequent than visiting a high street bank branch in two years. The UK already has an extensive mobile and internet banking network. About two-thirds of British adults used internet banking and 48% used mobile banking in 2018 – according to the UK Finance statistics. The swift acceptance of app banking has compelled the largest banks in Britain to re-evaluate their costly physical branch footprint.
Lately, a few of the start-up banks that do not run branches like Monzo, N26, Revolut, and Starling have been granted licenses to provide banking facilities. Their fast-growing number of users has prompted traditional banks to spend billions on technology. As per UK Finance: “This fast pace of technological change will continue over the next decade, as individuals are adopting the ever-increasing amount of ways of paying and managing their finances suiting their lifestyles”.
Read more here.
The United Kingdom for a Green Future: Announced Green Finance Strategy
Further cementing the place of a global climate leader, the United Kingdom Government announced its landmark ‘Green Finance Strategy’. Setting out plans to boost investment in sustainable projects and infrastructure. While ensuring that financial hazards and climate change possibilities are incorporated into the mainstream financial decision-making process for boosting funding. The UK Government has also committed to spend at least £ 5.8 billion on International Climate Finance, advocating other countries to work collectively on climate change. The Green Finance Strategy is a request for collective action, outlining how the UK will work with the sector, regulators, academia, and global partners – such as India.
Natalie Toms, an economic adviser at the British High Commission in New Delhi, said: “The Green Finance Strategy is an addition to the UK’s extensive list of actions – including the relationship with India for addressing climate change domestically and abroad. As a joint Force for Good, both the UK and India are working together on problems ranging from renewable energy to climate resilience.”
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UK Companies are Cutting Investment Plans as the Brexit Alarm is Striking New Heights – Survey
British businesses are more concerned about Brexit than back to the time when the referendum decision to leave the European Union was announced in 2016. They are planning to decrease investment and hiring, a study of Chief Financial Officers on Monday showed. There is a fall in Britain’s economy after a powerful beginning in 2019. The time when firms were rushing to prepare for the original Brexit deadline (March), which is now said to be October 31. Last week’s surveys proposed that the economy shrank in the second quarter. Bank of England Governor Mark Carney warned of the rising hazards from a no-deal Brexit. Throughout 2018, British businesses cut back on company investment – the longest since the global financial crisis. Thus, raising concerns about the long-term effect of the Brexit on the economy of the country.
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Opposes Retail Crypto Derivatives Ban – Financial Conduct Authority
In the interests to control the critical economic products, the UK Financial Services Regulator intends a ban on the retail sale of derivatives linked to crypto grants. The FCA has stated that cryptocurrencies have no reliable valuation base, while market harm and financial crime are common on the digital assets secondary business. According to a report, the FCA estimated that a retail ban could prevent losses between GDP 75 million ($94 million) and GDP 234.3 million per year. Cryptocurrencies and foreign-exchange scams boomed last year, losing over 27 million pounds to British investors, according to the FCA, which in May ordered consumers to look at the online trading systems. The regulatory climate for such purposes remains difficult, according to Portia Patel, an analyst at Canaccord Genuity.
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UK House Prices Are Picking up Speed: Halifax
Halifax, a mortgage lender, said that British house prices have increased at the highest pace of annual growth since the beginning of June 2017, adding to further signs that, after weakening Brexit concerns, the housing market has sustained. In 3 months through June, house prices were 5.7% higher than last year with an increase of 5.2% in three months through May. An economist’s Reuters survey showed a 5.9% increase. Smaller rises than Halifax lately have been shown by other house price policies — with prices decreasing in London — but also aimed a decline on the market following a slowdown related to Brexit concerns. Halifax’s measure of annual house price growth had been growing by nearly 10% a year at the time of the 2016 referendum. At the moment of the 2016 referendum, Halifax’s annual house price growth measure increased by almost 10% a year.
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In Five Years British Customers Are Increasing Loans, Adding Knock-down Signals
The Bank of England’s figures introduced signs of a slowdown in the economy, showing that the loans to British consumer grew at its lowest rate during more than five years in May. The annual growth rate of uncertain consumers’ lending – which helped to deal with the Brexit crisis has dropped from 5.9% a month ago to 5.6%, the lowest increase since April 2014. The home market of Britain declined in 2018 and continues to struggle for momentum. Data from the BoE show that net loans, which are often delaying behind approvals, decreased in May to £3.102 billion since April 2017. The figures in May alone show an increase in consumer loans of £822 million, compared to economists’ projections. According to the BoE, net income from overseas investors was $10.444 billion in May compared with $1.199 billion in April.
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