Banks crisis: Santander £11bn loss as Barclays readies for avalanche of loan defaults | City & Business | Finance

The Santander Group took a giant £11.4 billion loss from the impact of the coronavirus pandemic, which pushed the Spanish banking giant into a £9.8 billion slump for the first half. It comes as Barclays took a further £1.6 billion hit from the coronavirus crisis in the second quarter of the year even as the investment arm of the bank managed to keep it in profit. The bank said it would see a pre-tax profit of £1.27 billion in the first half of the financial year, down from £3 billion…

Spain quarantine: Can I claim Statutory Sick Pay if I have to self isolate after holiday? | Personal Finance | Finance

The Foreign and Commonwealth Office has reimposed strict measures amid an increase in coronavirus cases in Spain. Mainland Spain, the Balearic Islands – which includes holiday hotspots Ibiza and Majorca – and the Canary Islands, are covered by the quarantine rules and the FCO is advising against all but essential travel. The strict new rules were imposed just six hours after the news emerged, meaning a number of holidaymakers already in Spain will need to quarantine on their return to the UK. But, what options are available for those returning…

Couple get back £850 holiday deposit after finding hotel was shut | The Crusader | Finance

This followed weeks of worry about their luxury spa package trip to Lanzarote that was booked long before coronavirus changed everything. Although the pair had made repeated efforts to find out from their tour operator Loveholidays what was going on, they remained in the dark. The trip to the Secrets Lanzarote Resort & Spa had meant to be a special treat to mark the 35th wedding anniversary of assistant headmistress Caron and her husband, a key hospital worker. “We chose it specifically and once we had booked there was no…

State pension age: Women face ‘vociferous’ Government challenge over ‘astronomical’ bill | Personal Finance | Finance

Women born in the 1950s that have been affected by changes to the state pension age could present an “astronomical” bill to the Government, Which? Head of Money Gareth Shaw has told Express.co.uk. The pension age threshold finally equalised at 65 for both men and women around November last year, and is now on its next trajectory to 66. However, many women affected are still furious with the amendment and are mounting legal battles. Last year, the Backto60 campaign took the Government to a judicial review to get reimbursement on…

State pension age: ‘Men had freebies!’ Campaigner reveals men had 35 years free NI | Personal Finance | Finance

The state pension age for women rose to 65 to bring it into line with men and will go up to 66 by 2020, and 67 by 2028. But the Back to 60 campaign group have been working to get full restitution as they claim it is discrimination to women. Their latest evidence revealed that more than 4.6 million men aged over 60 have had the last five years of their national insurance contributions paid by the state, the Department for Work and Pensions (DWP) has disclosed. The “men only…

Debt: Over 55s to eliminate high debt due to lockdown related caution | Personal Finance | Finance

Debt is, of course, related to the amount people choose to borrow, but these trends are set to alter due to changing financial circumstances. The effects of COVID-19, have, for many, been particularly difficult to reckon with. Job losses, furloughing, and general loss of income have all had a strong effect on the way people are able to manage their money. These households are expected to owe £94,173, including their mortgage payments in 2021, compared to a 2019 average of £106,552. And for an older age bracket, there are also…

Savers may ‘not need to worry’ – what are the answers to the UKs biggest savings questions | Personal Finance | Finance

Savings and financial concerns have taken a dramatic hit in recent months. Coronavirus has forced consumers to adapt to a difficult financial reality, with the ONS recently revealing that household spending dropped by 2.9 percent in the first quarter of 2020. When adjusted for inflation, this was the largest fall since 1979. On top of this, UK GDP in volume terms fell by 2.2 percent, once again being the joint largest fall in UK GDP since 1979. These factors appear to have had an impact on savers as online searches…

Tax warning: New rules could add a ‘significant burden’ to the self-employed – how? | Personal Finance | Finance

Tax rules will be changed in the coming years to “modernise” the digital tax system and make it fit for the 21st century. Yesterday, the government revealed that the HMRC’s “Making Tax Digital” programme will be gradually extended. Currently, the system requires all businesses above the VAT threshold of £85,000 to keep digital records and provide VAT returns through software. According to the new extension, from April 2020 the programme will be extended to all VAT registered businesses with turnover below the VAT threshold (£85,000), and from April 2023, it…

Debt: Britons pushed into further debt due to lockdown crisis – how to manage yours | Personal Finance | Finance

The government put in place various support measures such as furlough and the Self-Employment Income Support Scheme, which helped millions. However, many others found themselves outside of the safety net of support due to various rules, and thus faced difficulty. As the government’s support measures draw to a close, however, there are concerns of mass unemployment. Sadly, this could only further entrench financial problems for many UK households. Source link

Martin Lewis Money Saving Expert: Over one million could miss out on a free TV Licence | Personal Finance | Finance

Martin Lewis, the Money Saving Expert, often explains money tips and tricks to help households across the country get the best deals, and manage their finances appropriately. He uses his various platforms to advise Britons, and offers further insight into their questions and queries. Today, appearing on ITV’s This Morning, Martin discussed the changes surrounding the free TV Licence rules. On August 1, the BBC will be scrapping the free TV licence – needed to watch live TV on any channel – for all those aged 75 and over. The…