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22 million set for income tax cut

An estimated 22 million people saw their income taxes cut, Tuesday, as the beleaguered Brown Government sought to put closure on the row caused by the scrapping of the 10p tax band.

Basic rate taxpayers will get an extra £120 this year - the initiative aimed at compensating 5.3 million lower paid workers who suffered after the 10p rate was canned. The move will be financed by an additional £2.7 billion of Government borrowings.

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Moneyextra - A trusted force in online finance!

Moneyextra, the UK's longest-established personal finance website, is now under new management committed to building the online brand. The website is being backed with fresh investment and a renewed commitment to presenting a compelling online solution to site users.

Tune in with your Citi card

Use your Citi Platinum MasterCard - charging 17.9% APR (variable) - and you can earn iTunes music points with your everyday purchases. You can then use these points for iTunes music downloads - or even save for an iPod nano!

Debit cards retain popularity at retailers

Figures released by APACS, the UK payments association, show that the debit card retains its popularity at retailers, with spending rising by 11% last year.

More home repossession pain

The number of mortgage possession claims (non-seasonally adjusted) brought to court by lenders increased from 34,689 in Q4 2007 to 40,442 in Q1 2008, according to new figures from the Ministry of Justice.

Bank of England - Base rate held at 5%

As expected the Bank of England has opted to keep base rate on hold at 5%. Indeed, last week only 5 of 65 economists polled by Reuters were forecasting a rate cut.

Bank of England - Credit crunch overplayed?

In its latest Financial Stability Report, the Bank of England says the economic fallout from the credit crunch may not end up being as bad as originally feared.

House prices - First year-on-year fall in 12 years

Latest housing market data from the Nationwide Building Society shows house prices falling by 1.1% in April. That's the sixth straight month of losses.

M&S offers 0%

M&S Money has confirmed it is offering 0% interest for 6 months on the M&S Credit Card for purchases and balance transfers - effective immediately.

Credit crunch takes further bite out of mortgage lending

Latest figures from the BBA (British Bankers' Association) show mortgage approvals falling to 35,417 last month from 43,147 in February. That's the lowest figure since September 1997 and represents an annual fall of 46.2%. Overall mortgage approvals, including refinancing and equity withdrawal, fell to their lowest since 2000.