Exuberant British consumers have brushed aside fears of economic downturn to embark on a record-brea...
Exuberant British consumers have brushed aside fears of economic downturn to embark on a record-breaking borrowing spree, the Times reports.
A £1.7 billion surge in net consumer credit in April was double March's increase and marked the largest rise since the Bank of England's current records began in 1993.
Shares in Allianz, the German insurer, rose sharply yesterday as it finally unveiled terms for its 23 billion (£13 billion) takeover of Dresdner Bank, promising E1bn in merger benefits, adds the Times.
Investors reacted favourably to the greater than expected cost savings and income increases laid out under the terms of the deal, which could trigger a wave of consolidation in Germany's powerful financial sector.
Scottish Life members have backed the insurer's proposed £1.1 billion sale to Royal London, sparking windfalls of up to £3,500 for hundreds of thousands of policyholders, it is reported in several newspapers this morning.
And the debate over the UK housing market took a new turn yesterday when the Nationwide Building Society dismissed claims that prices were set to plummet, says the Daily Telegraph.
Nationwide reported a rise in average house prices of 0.8pc in May compared with April, a year-on-year increase of 7.7pc, which brings the cost of an average house to £87,267. It said it was sticking to its forecast of 7pc inflation for the current year.
The data coincided with other statistics showing that consumer confidence remained strong and that personal lending reached record levels last month.
Europe's embattled single currency fell to six-months lows yesterday after comments from senior figures at the European Central Bank suggested policymakers have shelved any ideas of intervening to support it, says the Guardian.
The wave of selling began after Wim Duisenberg, president of the ECB, dismissed worries that the euro's decline was pushing up eurozone inflation, contradicting the line taken by his chief economist last week.
‘Important to have an anchor’
Lack of innovation for solutions
Some 2,000 consumers affected
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