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Self-styled "king of the chavs" Michael Carroll (right), who won £9.7m on the National Lottery eight years ago while still wearing a prison tag is back on the dole after squandering his cash on drugs and prostitutes, the Mail reports.

Negative publicity should not dwarf the impact the National Lottery has had on the UK, from the individual winners through to support for grassroots sport and community development. Seven in 10 adults play the lottery.

Fidelity reveals multi-manager line-up

David Burrows
Feb 7th 2010

Filed under: Investing, Personal Finance

Fund manager looking at a market screen Fidelity has announced the names of those who will head its restructured mult-manager range.

Ayesha Akbar is to take charge of the Fidelity Multi Manager Growth portfolio; Stephen Gibson will take the reins of the Multi Manager Balanced fund and Eugene Philalithis will be lead manager of the Multi Manager Income fund.

Fidelity has made it clear that Richard Skelt and Kelli Elmer will remain jointly in charge of the company's investment solutions group.

New car sales leap but 2010 risks crash

Adrian Holliday
Feb 5th 2010

Filed under: Economy, Personal Finance, Manufacturing, Retail

January saw a 30% lift in UK new car sales. Society of Motor Manufacturers and Traders (SMMT) boss Paul Everitt however warns that the next year will be tougher.

There's several reasons for this. Last year's car market was hugely boosted by the scrappage scheme - a sort of quantative easing strategy for UK car sales supported by £400m of taxpayers' cash. This was due to be scrapped itself at the end of February but now runs to March.

First time buyers boosted - but SVRs rise

Adrian Holliday
Feb 4th 2010

Filed under: Debt, Personal Finance, Mortgages

Moneyfacts reports better mortgage deals are filtering onto the market - and there's been a 26'% leap in new deals for those with just a 10% deposit.

The news should give the housing market sentiment a small lift - first time buyers are the life blood of the British housing market. And a rash of new best buy rates should tempt some to shift from their current standard variable rate. Especially since many have upped rates recently.

How low rates save you tax

Helen Fowler
Feb 2nd 2010

Filed under: Economy, Investing, Personal Finance, Savings and Accounts, Taxes

Falling rates have hit elderly savers hard

Falling savings rates have hit many of us hard. And few more so than the elderly. With rates at record lows, many older savers have faced financial hardship.

But there is a way of cushioning the blow. Savers on low incomes should check whether they are eligible for tax rebates on their savings, suggests a leading personal finance firm. "At least if you don't have to pay the tax on your savings, it cushions the blow of low rates," said Andrew Hagger of Moneynet.co.uk.

LSE throws doors open to retail bonds

Adrian Holliday
Feb 2nd 2010

Filed under: Company, Personal Finance, Savings and Accounts, Banking , Retail

Pic of building blocks to illustrate savings

Have you given up on interest rates? Well, how does rates sound of more than 5%?
The London Stock Exchange (LSE) has launched a new retail bond market giving investors the chance to buy and trade bonds.

Up to 10 different bonds will be offered from a range of well-known brands including Tesco, BT, National Grid and GlaxoSmithKline. Investors can trade through private client brokers who will place orders on their behalf.

11,000 cars cloned in new DVLA scam

Adrian Holliday
Feb 1st 2010

Filed under: Debt, Guides And Tools, Personal Finance, Insurance, Credit Reports

In the market for a second-hand car? Be careful. I it could have a fake log book – and you could end up driving off in a write-off or clone.

A BBC investigation has revealed that vehicles worth £13m have so far been stolen thanks to a DVLA cock-up. Thousands of blank DVLA log books – known as the V5 – were nicked back in 2006 and have yet to be recovered.

Why you should avoid the TV gold rush

David Burrows
Jan 31st 2010

Filed under: Investing, Personal Finance

With gold prices recently at record levels, you'd have thought you would get a good price for that locket or bracelet that you never wear. Don't bank on it!.

A study by consumer group Which? reveals that cash-for-gold services can leave you scandalously out of pocket.

Free banking? Pull the other one!

David Burrows
Jan 31st 2010

Filed under: Personal Finance, Savings and Accounts

You would like to think that if you are sensible with money and stay in credit you will be offered free banking.

Most banks claim to provide such services but in reality what they offer with one hand they take back with the other.

Free banking doesn't really exist – whilst there may not be up-front fees and charges for those who stay in the black, banks are canny enough to make money from their customers in other ways.

Class has us all in its clutches

Helen Fowler
Jan 31st 2010

Filed under: Economy, Personal Finance, Job Focus, News

Class makes a difference from cradle to grave

It's official: we live in one of the most snobbish societies in the world. A restrictive class system has us all in its clutches. A report has confirmed what we all suspected: our parents' social class still counts most for our life chances.

"Deep-seated and systematic differences" persist between the social classes, according to a report commissioned by the National Equality Panel, set up two years ago by Harriet Harman. "Social background really matters," says the report.

Banking on Metro Bank

Adrian Holliday
Jan 30th 2010

Filed under: Company, Personal Finance, Mortgages, Savings and Accounts, Banking

Does your bank have a loo you can use? Is it open from 8am – 8pm seven days a week? Does it offer lockable deposit banks you can stash the odd valuable?

The answer is probably No to all three above. But that's all set to change with Britain's first new high street bank – Metro Bank - coming to a high street near you soon.

UK music lovers get the download blues

David Burrows
Jan 29th 2010

Filed under: Personal Finance, Insurance

Man holding his head in his hands Millions of us Brits have caught on to the benefits of music downloads but how many of us have our catalogue of music insured? According to research from Sainsbury's Home Insurance, very few of us.

Sainsbury's research reveals that UK music lovers have amassed an estimated £1.3bn worth of digital downloads from online stores such as iTunes and Amazon.

But the supermarket points out to online shoppers that almost three quarters of home insurance policies do not cover digital purchases.

A game plan to slash mortgage charges

Lucy Tobin
Jan 27th 2010

Filed under: Personal Finance, Mortgages, News

Mortgages are never going to be the sexiest topic, but they're vital to most Britons. So there was much to celebrate in the Financial Services Authority's (FSA) long-awaited announcement on loans for home purchase yesterday.

The City regulator said it is cracking down on mortgage providers who impose heavy charges on borrowers who fall behind on payments. That will help out the close-to-200,000 Britons who are currently in arrears - homeowners are still hurting even though UK PLC is out of recession.

The mortgage broking industry will feel the impact soon: in a bid to slash the number of fraud cases, the FSA is making each advisor register their services with its board. But the ways the changes will impact homeowners are perhaps more interesting .

Britain still divided by class and cash

Adrian Holliday
Jan 27th 2010

Filed under: Guides And Tools, Economy, Personal Finance, Savings and Accounts, News

Harriet Harman, deputy leader of the Labour Party

Britain remains hugely divided by wealth – and class. And by the most in four decades claims a new equality report.

The National Equality Panel report, originally commissioned by Harriet Harman, claims social class is still hugely powerful for determining a British child's future success.

In other words, the middle and upper classes still get the best deal for their kids.

House prices doubled in the noughties

Christina Jordan
Jan 27th 2010

Filed under: Economy, Personal Finance, Mortgages, Property

Average UK property prices more than doubled during the last decade, rising 105%, despite the nation suffering the longest, deepest recession since World War Two.

This represents a greater increase in real terms in the noughties than in any other decade in the last 50 years, according to mortgage lender Halifax.