Nationwide's Chief Economist, Robert Gardner, shares his views on the outlook for the UK economy, housing and mortgage market and interest rates, in this latest economic update video.
By the end of 2021, the 50-year-old interbank global borrowing rate, LIBOR, will be no more and the monumental changes will affect the way trillions of dollars of worldwide financial contracts are priced, including loans for property developments. Property developers need to be aware of this, because it is likely to impact the interest rate they pay on their loans.
Five million pension savers could be susceptible to the common tactics used by scammers to steal retirement savings, research suggests. Two-fifths (42%) of 45 to 65-year-olds with a pension could end up putting themselves at risk, according to a survey released by the Financial Conduct Authority (FCA) and the Pensions Regulator (TPR). Presented with six scam scenarios, they said they would act in one or more ways which could potentially leave them exposed to fraud. This could equate to five million people being susceptible to pension scams if the survey findings were projected across the UK.
Fund manager Neil Woodford will keep his flagship £3.7bn fund frozen for at least another month, leaving thousands of investors without access to their money. Mr Woodford, one of Britain's best known money managers, released a video - the second since the Woodford Equity Income Fund was suspended on 3 June - in which he said there was "no prescribed time limit" on how long it could cease trading for.
Hundreds of thousands of drawdown investors are unaware they can change or stop their withdrawals, according to new research for Zurich. Half (52%) of all over-55s taking an income in drawdown do not know they can reduce their withdrawals, and more than half (56%) are unaware they can stop them – despite income flexibility being a defining feature of the product.