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| Version 3 | Version 4 |
|---|---|
| Depositor protection proposed | Depositor protection proposed |
| (30 minutes later) | |
| BBC Radio 4's Money BoxSaturday 5 Julyat 1204 BST On Radio 4 and Online | BBC Radio 4's Money BoxSaturday 5 Julyat 1204 BST On Radio 4 and Online |
| New measures to increase depositor protection in the event of a bank getting into financial difficulty, have been proposed by the Chancellor Alistair Darling. | New measures to increase depositor protection in the event of a bank getting into financial difficulty, have been proposed by the Chancellor Alistair Darling. |
| They include the prospect of savers receiving some compensation within seven days of a bank closing, and for savings up to £50,000 to be fully protected. | They include the prospect of savers receiving some compensation within seven days of a bank closing, and for savings up to £50,000 to be fully protected. |
| The proposals are intended to increase public confidence in the banking system following the near collapse of Northern Rock last year. | The proposals are intended to increase public confidence in the banking system following the near collapse of Northern Rock last year. |
| While consumer groups have welcomed the suggested changes, they stress that they do not go far enough. | While consumer groups have welcomed the suggested changes, they stress that they do not go far enough. |
| Treasury Minister Kitty Ussher outlined the draft proposals, which we discussed with Eric Leenders, of the British Bankers Association and Vera Cottrell, Which? Personal finance campaigner. | Treasury Minister Kitty Ussher outlined the draft proposals, which we discussed with Eric Leenders, of the British Bankers Association and Vera Cottrell, Which? Personal finance campaigner. |
| Further information/related stories: | Further information/related stories: |
| Savers' cash safer if banks fail Q&A: Deposit protection plansBank triumphs in finance shake-upExternal links and helplines | Savers' cash safer if banks fail Q&A: Deposit protection plansBank triumphs in finance shake-upExternal links and helplines |
| Rules govern what happens to your estate if you die without a will | Rules govern what happens to your estate if you die without a will |
| Making a will | Making a will |
| More money should be allowed to parents with dependent children if their spouse dies without leaving a will, according to senior legal experts. | More money should be allowed to parents with dependent children if their spouse dies without leaving a will, according to senior legal experts. |
| In England and Wales husbands, wives and civil partners are eligible for the first £125,000 of the estate and are due the interest on half of the remainder. | In England and Wales husbands, wives and civil partners are eligible for the first £125,000 of the estate and are due the interest on half of the remainder. |
| The rate has not been changed since 1993. | The rate has not been changed since 1993. |
| Some surviving parents say the income is not sufficient and they may be forced to sell the family home to pay the inheritance tax bill. | Some surviving parents say the income is not sufficient and they may be forced to sell the family home to pay the inheritance tax bill. |
| We talked to Geoffrey Shindler, president of the Society of Trust and Estate Practitioners. | We talked to Geoffrey Shindler, president of the Society of Trust and Estate Practitioners. |
| Further information/related stories: | Further information/related stories: |
| Have Your Say: Making a will Call for inheritance law change Inheritance tax and wills: your questionsDangers of not making a willWhere there's a will, there's a wayExternal links and helplines | Have Your Say: Making a will Call for inheritance law change Inheritance tax and wills: your questionsDangers of not making a willWhere there's a will, there's a wayExternal links and helplines |
| What are the chances your mortgage payments will rise by 1%? | What are the chances your mortgage payments will rise by 1%? |
| Mortgages and housing | Mortgages and housing |
| There has been a raft of figures this week showing the continuing downturn in the housing market. | There has been a raft of figures this week showing the continuing downturn in the housing market. |
| According to the Bank of England, the number of new mortgages approved has dropped heavily for another month - 42,000 new home loans were given the green light in May, a 28% fall compared with the previous month. | According to the Bank of England, the number of new mortgages approved has dropped heavily for another month - 42,000 new home loans were given the green light in May, a 28% fall compared with the previous month. |
| The difficulty of obtaining a mortgage and warnings that interest rates may need to rise in the autumn are having an impact on the house-building industry too. | The difficulty of obtaining a mortgage and warnings that interest rates may need to rise in the autumn are having an impact on the house-building industry too. |
| Both Barratt Developments and rival developer Taylor Wimpey are planning to cut jobs. | Both Barratt Developments and rival developer Taylor Wimpey are planning to cut jobs. |
| In this difficult economic climate a new financial product - "MarketGuard", a form of interest rate insurance - has just been launched. | In this difficult economic climate a new financial product - "MarketGuard", a form of interest rate insurance - has just been launched. |
| It is intended for homeowners on variable rate mortgages and offers protection if your repayments go up by at least 1% over an agreed policy period, due to an increase in base rates. | It is intended for homeowners on variable rate mortgages and offers protection if your repayments go up by at least 1% over an agreed policy period, due to an increase in base rates. |
| We talked to Chris Taylor, chief executive of MarketGuard, and also to Melanie Bien from Savill's Private Finance about the immediate prospects for the housing market. | We talked to Chris Taylor, chief executive of MarketGuard, and also to Melanie Bien from Savill's Private Finance about the immediate prospects for the housing market. |
| Further information/related stories: | Further information/related stories: |
| Mortgage squeeze 'will continue'UK spending power 'in heavy fall' Housebuilder may axe 1,000 jobs Taylor Wimpey woes hammer sharesExternal links and helplines | Mortgage squeeze 'will continue'UK spending power 'in heavy fall' Housebuilder may axe 1,000 jobs Taylor Wimpey woes hammer sharesExternal links and helplines |
| Bradford & Bingley was hoping to sell a 23% stake to Texas Pacific | Bradford & Bingley was hoping to sell a 23% stake to Texas Pacific |
| Banks' cash call | Banks' cash call |
| New money has been found to rescue the mortgage lender, Bradford and Bingley, after the American group that was crucial to the bank's current rescue plans - Texas Pacific - pulled out. | New money has been found to rescue the mortgage lender, Bradford and Bingley, after the American group that was crucial to the bank's current rescue plans - Texas Pacific - pulled out. |
| Emergency fund-raising was organised by the Financial Services Authority and leading City institutions rallied round to provide nearly £180m of equity. | Emergency fund-raising was organised by the Financial Services Authority and leading City institutions rallied round to provide nearly £180m of equity. |
| Now that the cash has been found, bankers say there is no reason for Bradford and Bingley's depositors or creditors to be concerned about its soundness. | Now that the cash has been found, bankers say there is no reason for Bradford and Bingley's depositors or creditors to be concerned about its soundness. |
| Barclays is also asking its shareholders for more money. | Barclays is also asking its shareholders for more money. |
| We talked to Georgina Mitchell Head of Investment Services at stockbrokers Redmayne Bentley about what this all means for small shareholders of the two financial institutions. | We talked to Georgina Mitchell Head of Investment Services at stockbrokers Redmayne Bentley about what this all means for small shareholders of the two financial institutions. |
| Further information/related stories: | Further information/related stories: |
| UK investors rescue B&B cash call Q&A: Troubles at Bradford & BingleyBarclays plans £4.5bn fundraising'Tough conditions' hit BarclaysExternal links and helplines | UK investors rescue B&B cash call Q&A: Troubles at Bradford & BingleyBarclays plans £4.5bn fundraising'Tough conditions' hit BarclaysExternal links and helplines |
| Other news | |
| Despite a recent age discrimination law, once an employee reaches the age of 65, their boss can still choose to force them to leave even if they do not want to. | |
| The Confederation of British Industry wants employers to keep this right but campaigners believe any upper age limit on work amounts to discrimination. | |
| The European Court of Human Rights began this week hearing a case bought by the charity Age Concern. | |
| The Treasury has announced that it is to "relax" the rules governing credit unions. | |
| Until now, although any area or organisation could form a credit union, they had to operate within their own communities - that's known as the "Common Bond." | |
| The Treasury plans to broaden this to allow the sector to expand and also to get rid of many restrictions on who credit unions can lend to. | |
| BBC Radio 4's Money Box was broadcast on Saturday, 5 July June 2008 at 1204 BST. | BBC Radio 4's Money Box was broadcast on Saturday, 5 July June 2008 at 1204 BST. |
| The programme will be repeated on Sunday, 6 July 2008 at 2102 BST. | The programme will be repeated on Sunday, 6 July 2008 at 2102 BST. |