This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/programmes/moneybox/7767081.stm
The article has changed 11 times. There is an RSS feed of changes available.
| Version 2 | Version 3 |
|---|---|
| Rate cut ramifications | Rate cut ramifications |
| (10 minutes later) | |
| BBC Radio 4's Money BoxSaturday, 6 Decemberat 1204 BSTOn Radio 4 and Online About the programme | BBC Radio 4's Money BoxSaturday, 6 Decemberat 1204 BSTOn Radio 4 and Online About the programme |
| The Bank of England has cut interest rates by one percentage point, from 3% to 2% - the lowest level since 1951. | The Bank of England has cut interest rates by one percentage point, from 3% to 2% - the lowest level since 1951. |
| The move, which followed a dramatic rate slash in November, has been welcomed by many commentators who say this should help the slowing economy. | The move, which followed a dramatic rate slash in November, has been welcomed by many commentators who say this should help the slowing economy. |
| However, other economists argue this may not help in the long term. | However, other economists argue this may not help in the long term. |
| Prime Minister Gordon Brown has urged lenders to pass on the cut to homeowners and business. | Prime Minister Gordon Brown has urged lenders to pass on the cut to homeowners and business. |
| Howard Wheeldon, senior strategist at BGC Partners joins us to unpack the economic data. | Howard Wheeldon, senior strategist at BGC Partners joins us to unpack the economic data. |
| Further information/related stories: | Further information/related stories: |
| Bank cuts UK rates to 57-year lowQ&A: The Bank Rate cut and youExternal internet links | Bank cuts UK rates to 57-year lowQ&A: The Bank Rate cut and youExternal internet links |
| Many tracker and variable rate mortgage holders may benefitMortgages | Many tracker and variable rate mortgage holders may benefitMortgages |
| The prime minister is urging banks to pass on the full 1% cut in interest rates to their mortgage customers. | The prime minister is urging banks to pass on the full 1% cut in interest rates to their mortgage customers. |
| The UK's two biggest mortgage lenders - Halifax and Nationwide - are not passing the entire reduction on to homeowners with standard variable rate loans. | The UK's two biggest mortgage lenders - Halifax and Nationwide - are not passing the entire reduction on to homeowners with standard variable rate loans. |
| Borrowers with other banks including HSBC and Lloyds TSB will benefit from the full cut, while some lenders have yet to announce whether they will be passing the reduction on to their customers. | Borrowers with other banks including HSBC and Lloyds TSB will benefit from the full cut, while some lenders have yet to announce whether they will be passing the reduction on to their customers. |
| There has also been controversy over a different type of mortgage deal - the tracker which tracks the official bank rate. | There has also been controversy over a different type of mortgage deal - the tracker which tracks the official bank rate. |
| Melanie Bien, a director of the mortgage broker Savills Private finance and Michael Coogan, director general of the Council of Mortgage Lenders (CML) explain the latest developments. | Melanie Bien, a director of the mortgage broker Savills Private finance and Michael Coogan, director general of the Council of Mortgage Lenders (CML) explain the latest developments. |
| Further information/related stories: | Further information/related stories: |
| Banks face pressure on rate cutWho is set to pass on rate cuts?Lloyds to pass on any rate changeUK's mortgage market in graphicsHalifax pledge on tracker dealsExternal internet links | Banks face pressure on rate cutWho is set to pass on rate cuts?Lloyds to pass on any rate changeUK's mortgage market in graphicsHalifax pledge on tracker dealsExternal internet links |
| The CML says there could be 75,000 repossessions next yearMortgage help | The CML says there could be 75,000 repossessions next yearMortgage help |
| Meanwhile, Gordon Brown has announced further help for thousands of people struggling with mortgage payments. | Meanwhile, Gordon Brown has announced further help for thousands of people struggling with mortgage payments. |
| Some people hit by the downturn will be able to defer part of their mortgage interest payments for up to two years. | Some people hit by the downturn will be able to defer part of their mortgage interest payments for up to two years. |
| The plan is aimed to give those who lose their jobs or suffer a big cut in income, a breathing space if they are facing repossession. | The plan is aimed to give those who lose their jobs or suffer a big cut in income, a breathing space if they are facing repossession. |
| The scheme will cover mortgages worth up to £400,000. | The scheme will cover mortgages worth up to £400,000. |
| We hear more from Louise Cumming of Moneysupermarket.com, Melanie Bien, of Savills Private finance and Michael Coogan director general of the Council of Mortgage Lenders. | We hear more from Louise Cumming of Moneysupermarket.com, Melanie Bien, of Savills Private finance and Michael Coogan director general of the Council of Mortgage Lenders. |
| Further information/related stories: | Further information/related stories: |
| Brown unveils mortgage help planQ&A: Help for struggling homeownersReaction to the mortgage help planRepossessions 'to reach 75,000' External internet links | Brown unveils mortgage help planQ&A: Help for struggling homeownersReaction to the mortgage help planRepossessions 'to reach 75,000' External internet links |
| The FSA stopped London Scottish accepting depositsLondon Scottish | The FSA stopped London Scottish accepting depositsLondon Scottish |
| Earlier this week one of Britain's smallest banks - London Scottish - was put into administration after the city watchdog, the Financial Services Authority (FSA), stepped in saying the bank did not have enough cash to keep operating. | Earlier this week one of Britain's smallest banks - London Scottish - was put into administration after the city watchdog, the Financial Services Authority (FSA), stepped in saying the bank did not have enough cash to keep operating. |
| The Manchester-based firm has 10,000 depositors and 70,000 borrowers - either paying off mortgages or small loans. | The Manchester-based firm has 10,000 depositors and 70,000 borrowers - either paying off mortgages or small loans. |
| So what are the implications for the bank's customers? | So what are the implications for the bank's customers? |
| Jonathan Clark, director of claims at the Financial Services Compensation Scheme (FSCS) provides an update. | Jonathan Clark, director of claims at the Financial Services Compensation Scheme (FSCS) provides an update. |
| He also outlines the latest news on how many customers of the failed Icelandic internet bank, Icesave, have now received compensation from the FSCS. | He also outlines the latest news on how many customers of the failed Icelandic internet bank, Icesave, have now received compensation from the FSCS. |
| Further information/related stories: | Further information/related stories: |
| Bank forced into administrationLender moves to debt collection2005: Bad-debt levels batter loan firmExternal internet links | Bank forced into administrationLender moves to debt collection2005: Bad-debt levels batter loan firmExternal internet links |
| Andy and Katie risk being evicted due to their landlord's arrearsRepossession and tenants | Andy and Katie risk being evicted due to their landlord's arrearsRepossession and tenants |
| Anyone with a buy-to-let mortgage will not benefit from the government's announcement on delaying interest payments, and that could be bad news for tenants. | Anyone with a buy-to-let mortgage will not benefit from the government's announcement on delaying interest payments, and that could be bad news for tenants. |
| Landlords with buy-to-let mortgages are now falling behind with their payments more quickly than owner occupiers, according to the latest figures from the Council of Mortgage lenders. | Landlords with buy-to-let mortgages are now falling behind with their payments more quickly than owner occupiers, according to the latest figures from the Council of Mortgage lenders. |
| If that leads to repossession, tenants are often not told what is happening and can very quickly face losing their home through no fault of their own. | If that leads to repossession, tenants are often not told what is happening and can very quickly face losing their home through no fault of their own. |
| Bob Howard investigates. | Bob Howard investigates. |
| Further information/related stories: | Further information/related stories: |
| href="/1/hi/business/7733964.stm">Problems looming for buy-to-let class="bodl" href="/1/hi/business/7762627.stm">Repossessions 'to reach 75,000' Surviving the property turmoilRBS offers to delay repossessionsLenders given 'fairness' deadlineExternal internet links | |
| HM Revenue & Customs repaid £1.8bn in overpaid tax in 2005/06Overpaid tax | HM Revenue & Customs repaid £1.8bn in overpaid tax in 2005/06Overpaid tax |
| As the rate you get on your savings declines it is more important than ever to check that you are not having too much tax deducted. | As the rate you get on your savings declines it is more important than ever to check that you are not having too much tax deducted. |
| The bank or building society automatically takes 20% of the interest you earn and passes it to HM Revenue & Customs (HMRC). | The bank or building society automatically takes 20% of the interest you earn and passes it to HM Revenue & Customs (HMRC). |
| But what if you should not pay tax at all on your interest - as your income is below your yearly personal allowance? | But what if you should not pay tax at all on your interest - as your income is below your yearly personal allowance? |
| Most pensioners now fall into this category and an estimated 200,000 pay too much tax on their savings. | Most pensioners now fall into this category and an estimated 200,000 pay too much tax on their savings. |
| In the past the Revenue has said that up to £300m was waiting to be reclaimed. | In the past the Revenue has said that up to £300m was waiting to be reclaimed. |
| And this month it is launching yet another attempt to persuade people to reclaim their overpaid tax. | And this month it is launching yet another attempt to persuade people to reclaim their overpaid tax. |
| We hear from Claire Merrills of HMRC. | We hear from Claire Merrills of HMRC. |
| Web Extra: Claire Merrills extended interview | Web Extra: Claire Merrills extended interview |
| Further information/related stories: | Further information/related stories: |
| Tax refund limit cut by a thirdExternal internet links | Tax refund limit cut by a thirdExternal internet links |
| BBC Radio 4's Money Box will be broadcast on Saturday, 6 December 2008 at 1204 GMT. | BBC Radio 4's Money Box will be broadcast on Saturday, 6 December 2008 at 1204 GMT. |
| The programme will be repeated on Sunday 7 December 2008 at 2102 GMT. | The programme will be repeated on Sunday 7 December 2008 at 2102 GMT. |