Bank account exclusion 'rethink'

18 September 2012 Last updated at 08:26 ET Banks need to "look again" at financial inclusion after new bankrupts saw the end to a choice of bank accounts, a minister has said. The new consumer minister, Jo Swinson, said that the Co-op's withdrawal of basic bank accounts for undischarged bankrupts was "disappointing news". She said the government would continue discussions with the...

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Two-speed housing market persists

18 September 2012 Last updated at 06:33 ET House prices continued to accelerate much quicker in London than the rest of the UK, latest figures show. UK property prices rose by 2% in the year to the end of July - lower than the rate of inflation - according to the Office for National Statistics (ONS). However, prices increased by 5.7% in London over the same period, the figures show....

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Spanish bank bad debts at record

The value of bad debts held by Spain's banks in July rose to 169.3bn euros ($221bn; £136bn), according to latest figures from the central bank. The Bank of Spain said 9.9% of banks' total loans were in arrears, up from 9.4% a month before. It was the highest bad loan ratio since the central bank began compiling the data in 1962. Despite the news, Spain raised 4.6bn euros in 12-...

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Lawyers face tax dodging action

18 September 2012 Last updated at 05:52 ET Tax inspectors are to target the legal profession among others during their latest trawl for suspected tax dodging. Solicitors and barristers in London will be examined for a suspected shortfall in tax payments of £3m, HM Revenue and Customs (HMRC) said. Other sectors to be investigated include motor traders in Scotland and hair and beauty...

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Digital book sales soar in the UK

18 September 2012 Last updated at 00:49 A "huge increase" in the value of digital book sales in the UK has been announced by trade organisation the Publishers Association. The value of digital fiction sales in the first half of 2012 was up 188% on the same period in 2011. Physical book sales saw a drop in value, dipping 0.4% year on year. Industry experts said that while the figures...

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Inflation rate falls back to 2.5%

18 September 2012 Last updated at 04:45 ET The annual rate of inflation in the UK, as measured by the Consumer Prices Index, fell back to 2.5% in August after a surprise rise to 2.6% in July. The Retail Prices Index (RPI) inflation measure, which includes housing costs, fell to 2.9% in August, the Office for National Statistics (ONS) said. The fall was partly due to smaller rises in...

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Benefits inflation link may end

17 September 2012 Last updated at 15:53 ET The government is considering ending the automatic annual increase in benefits in line with inflation, sources have told BBC Newsnight. If implemented, the move would see many benefits frozen for two years, then rising only in line with average pay. In recent years inflation has risen at a far higher rate than average earnings - Whitehall...

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Debenhams sales rise bucks market

18 September 2012 Last updated at 03:31 ET Department store Debenhams has reported a rise in sales despite what it calls "extremely challenging market conditions". Like-for-like sales, which strip out the impact of new stores, rose by 3.3% in the six months to 1 September. The company said it expected full-year pre-tax profits to be ahead of last year. Rival John Lewis has also...

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Fortescue shares up on debt deal

18 September 2012 Last updated at 02:50 ET Shares in Fortescue Metals Group have surged after the Australian miner secured a $4.5bn (£2.8bn) credit facility to pay down debts and boost liquidity. The credit facility extends the company's repayment deadline for its debts to November 2015. Earlier this month Fortescue put its expansion plans on hold and announced job cuts amid slowing...

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Blacks knocks JD Sports profits

18 September 2012 Last updated at 02:31 ET Sports fashion retailer JD Sports has announced a sharp fall in profits due to losses at its newly-acquired Blacks Leisure chain and the cost of moving warehouses. Pre-tax profits for the six months to 28 July were £2.88m, down from £20.1m a year earlier. However, revenue was up 26% at £556m. The retailer had already warned that Blacks would...

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