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UK consumers to save 32 per cent of income this month

Britons are preparing for a financial storm by saving 32 per cent of their disposable income this month, according to findings from Alliance & Leicester&#39s new wealth tracker index.

A&L asked a sample of 2,000 to show despite many people splashing out on holidays abroad this month, three out of four Brits say they will be putting money away for a rainy day, which the lender believes could be evidence that fears of an imminent recession are rising among the British public.

Spokesman Simon Ripton says: “Despite low interest rates there are a large number of people putting money aside which may suggest fears of a UK slowdown are rising. But there are lots of people saving money, which could work harder for them if it was invested as part of a more balanced savings and investment portfolio.”


Stakeholder stand-off on initial commission levels

Product providers are locked in a commission stand-off following Scottish Amicable&#39s decision to scrap initial commission on regular-premium business with fears that a domino effect could sweep the market. Axa, Friends Provident and Scottish Mutual all say they will review their position on initial commission, depending on what action their competitors take. All eyes are […]

Pinnacle launches portable MPPI online policy

Pinnacle Insurance is launching a new portable mortgage payment protection insurance policy online. Available at, borrowers can view the policy’s terms and conditions, get a quote, apply and receive an immediate acceptance through the website. The policy provides cover for unemployment, accident and sickness and can be transferred to any mortgage or remortgage.

Teachers Building Society – 5.9 Per Cent Fixed Rate

Wednesday, 22 August 2001.Fixed term: Until November 2, 2004.Fixed rate: 5.9 per cent.Minimum loan: £20,000.Maximum loan: Up to 75 per cent of valuation subject to a maximum of £200,000.Income multiples: Three times joint.Arrangement fee: £295.Redemption fee: 4 per cent of amount repaid in year one, 3 per cent in years two and three, 2.5 per […]

Scottish Mutual launches new income bond

Scottish Mutual has launched a new income bond linked to the performance of 30 stocks from the FTSE 100 and the S&P 500. The stocks include Shell, Cadbury-Schweppes, British Telecom, Merrill Lynch and Microsoft and are divided equally between the FTSE and the S&P. Investors can choose between 8.25 per cent annual income, 0.67 per […]

Flexible reversionary trusts and estate planning

The suitability of different estate planning solutions will depend on the individual’s own circumstances, needs and objectives. When considering the different solutions available there is a trade-off between inheritance tax (IHT) efficiency and access. Overall a flexible reversionary trust provides a greater level of flexibility than a discounted gift trust and can offer individuals a […]


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