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FTSE closes down over 5% this week

The FTSE 100 has fallen by over 5 per cent this week amid continued concerns over Greece and Spain.

The blue-chip index ended the week down 5.52 per cent, to stand at 5267.62. European markets also suffered with the German Dax down 4.7 per cent and the French Cac 40 down 3.9 per cent this week.

European banks took a major hit yesterday after ratings agency Moody’s cut the credit ratings of 16 Spanish banks. It also cut the debt rating on Santander UK, a subsidiary of the Spanish banking giant.

Markets have also been hit by the political crisis in Greece where politicians are preparing for the second election in six weeks. Greece announced on Wednesday that it is set to hold fresh elections on June 17. Council of State president Panagiotis Pikramenos will head the caretaker government until the election.


House-builders report slow sales under NewBuy

Six of the UK’s biggest house-builders have sold just five homes between them under the Government’s NewBuy scheme in the two months since its launch. The Telegraph reports figures from Canaccord Genuity, which contacted the top 10 house-builders in the UK to find out how many homes have been sold. Six responded, revealing that just […]


Peer slams FSA’s ‘loss of proportion’ over Solvency II

Conservative peer Lord Ashton has attacked the FSA’s approach to implementing Solvency II, accusing the regulator “losing its sense of proportion”. Speaking in a debate in the House of Lords yesterday, Ashton, who also works in the insurance industry said Solvency II has created a “tidal wave of bureaucracy and expense” for firms. He added […]

Abbey offers fixed deals for NewBuy scheme

Abbey for Intermediaries has launched a range of products for the Government’s housing initiative NewBuy. AFI is offering three and five-year fixed rates at 5.49 per cent and a seven-year fixed rate at 5.99 per cent. All three products are available for a £99 fee. Only brokers who are on the panels of the four […]

Retirement - thumbnail

A downhill stroll?

The Department for Work and Pensions (DWP) has recently published new research, which once again demonstrates how the prospect of retirement is changing for older workers.


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