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Consumer credit up 9 per cent

Total consumer credit outstanding increased 9 per cent to £128bn in 2000 from £115bn in 1999, equating to an average debt of £2,810 per adult in the UK, according to research published by Datamonitor.

The biggest increase was in credit card debt, which increased 46 per cent to £38bn in 2000 from £26bn in 1999. The increased borrowing is believed to have been caused by the strength of the economy and lower interest rates.

But the research concludes that apathy and fear of rejection prevent consumers from shopping around for the best rates on personal loans.


Henderson launches European absolute return fund

Henderson Global Investors is launching a European Absolute Return Fund for private banks, institutions, and high net worth individuals.The fund will be run by Henderson European equities director Stephen Peak, who has managed the TR European Growth investment trust since 1990.Domiciled in the Cayman Islands, the fund will be listed on the Irish Stock Exchange. […]

Pru bid for American General off

Prudential&#39s attempt to take over American General has failed after its £14bn bid was beaten by American International Group, the world&#39s largest insurance company.Pru will be receive an immediate termination payment of £419m from American General for breach of the takeover agreement reached earlier this year.A Pru spokesman says: ” American General has concluded the […]

MPs attack Edinburgh as merger HQ

MP for Halifax Alice Mahon has tabled an early day motion signed by 88 MPs over the £28bn merger of Halifax and Bank of Scotland, questioning the decision to site its headquarters in Edinburgh. Mahon gathered support last week after discovering that the headquarters of the merged company, HBoS, will be at BoS&#39 base in […]

Ferrans gets Halifax asset management post

Britannic Asset Management managing director Douglas Ferrans has been appointed as chief executive of the newly combined Halifax, Clerical Medical and Equitable Life asset management operations. Ferrans will take up his new position at the start of next month after which the company will decide on its name. Ferrans says his aim is to build […]


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