Britons have sacrificed £19bn of savings in a bid to drastically reduce their debt mountain as the credit crunch bites, research suggests.

The Bank of England's Monetary Policy Committee has cut the UK base rate by 100 basis points to 2%.

The Bank of England has made a further dramatic cut in interest rates, down to 2%, the lowest level for more than half a century

The consolidation of Britain's independent financial advisers will accelerate at record pace as the sector undergoes a radical transformation, experts say.

The latest Halifax House Price Index has revealed a 2.6% decline in November, with the average price now £163,605 - the same level as July 2005.

Gartmore's fixed income co-head Karl Bergqwist and UK Focus fund co-manager Ashley Willing are likely to leave the firm following discussions with the company this week.

The Bank of England is set to follow a wave of interest rate cuts as countries around the world seek to avoid recession.

A £3bn property investment company with a host of celebrity investors, including Sir Alex Ferguson, Sir David Frost and Simon Cowell, has collapsed into administration, The Telegraph reports.

Canada Life Group Insurance is increasing its group life product's free cover level (FCL), removing the need for medical underwriting for many members.

Skandia will close its MultiFUNDs platform to new business at the end of the year as the company shifts emphasis to its Selestia Investment Solutions proposition.