The Sunday Times reports Nationwide insurance customers are struggling to claim their travel insurance policy. The travel policy is underwritten by UK Insurance (UKI), this year customers made 1,030 new complaints to the Financial Ombudsman Service against UKI.
Meanwhile, Nationwide, Britain’s biggest building society, has scrapped a ban on gifted deposits, the so-called Bank of Mum and Dad policy. The ‘gift’ restriction ruled out 61% of buyers who rely on family for help. More good news for first-time buyers came last week when TSB and Yorkshire Building Society resumed low-deposit lending, though with higher rates as last year.
The Telegraph covers growing interest in Bitcoin among housewives and pensioners. According to eTorro more people bought Bitcoin for the first time this month since its previous market peak in 2017. The Telegraph echoes expert opinion that the cryptocurrency market is due for an imminent correction.
Harry Brennan reports freelancers face selling homes as MPs appeal to the Chancellor to offer more help. A growing number of directors are forced to borrow from their own company after seeing vast drops in their income. The article cites 3 million taxpayers that have fallen through cracks, ineligible for government support. The situation is bleak for many self-employed workers, with over a million falling into debt this year.
The Financial Times reports the Treasury enjoyed a £72 million boost in capital gains tax in October, as business owners sold assets for fear of potential tax rises. This figure rose from just £4 million in October last year, and £7 million in April of this year.
The FT also reports entrepreneurial opportunities found amidst the economic crisis have been numerous, and the pandemic has struck at a peak time for entrepreneurial activity in the UK. In November 2019 the UK recorded its highest rate of early-stage entrepreneurship since surveys began 20 years ago. The number new business registrations in the third quarter of this year increased 30% compared to the same period as last year.
This is Money warn Debenhams rescue ‘hanging by a thread.’ Growing nervousness among City sources suggest a wide-spanning rescue deal, including a raft of stores and the chain’s online business, may not come to fruition. If a deal isn’t made Debenhams is expected to shrink by more than a half by the New Year.
In other retail news M&S directors discuss the purchase of menswear brand Austin Reed. Discussions have included the potential purchase of Austin Reeds sister label, Jaeger, and wedding and occasion-wear brand Jacques Vert, the Mail of Sunday reveal.
