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The latest industry news and updates
According to a report by the Council of Mortgage Lenders, gross mortgage lending increased 10% to £10.5 billion in January 2012, up 10% from January 2011. Despite this good news, this figure still represents a 14% monthly decline compared to the £12.2 billion loaned in December 2011.
The Bank of England supported by the Markit Household Finance Index survey both indicate that consumers are gradually gaining confidence and that consumption may start to grow. Furthermore, a survey by the Chartered Institute of Personnel and Development (CIPD) reported that employers reached their highest level of pay intentions since spring 2009.
Finance ministers from the Euro zone are closer to agreeing Greece’s second, €130 billion rescue package but it doesn’t appear that this will solve more than the short term financial needs for the Greek economy.
The Financial Services Authority (FSA) has fined Santander £1.5 million for “failing to confirm under which circumstances its structured products would be covered by the Financial Services Compensation Scheme (FSCS)”.
The FTSE gained 0.68% to reach 5945 today; it’s highest level since July 2011 on positive news out of China and hope that there will be resolution with the Greek bailout deal.
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