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Wake Up to Money

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News and views on business and the world of personal finance. Plus the very latest from the financial markets around the globe

Wake Up to Money: 17/12/2010

17/12/2010

BBC Radio 5 Live - Wake Up to Money, 17/12/2010

The Office of Fair Trading estimates nearly 300,000 people are vulnerable to loan sharks.

The Office of Fair Trading estimates nearly 300,000 people are vulnerable to loan sharks; the Financial Stability Report warns banks to cut staff bonuses; and petrol prices soar.

There is a timely warning from the Office of Fair Trading this morning about loan sharks who offer money at extortionate rates of interest and often use heavy-handed tactics to get their repayments. Sian Williams from the charity Toynbee Hall, which works to eradicate poverty in the London Borough of Tower Hamlets, explains how nearly 300,000 people are vulnerable to these loan sharks and whether it is possible to get credit from elsewhere.

The Bank of England's half-yearly Financial Stability Report warns banks to cut staff bonuses and continue to focus on boosting capital reserves. We ask David Owen, Chief European Financial Economist at the investment banking group Jefferies International, why banks are worried about inflation expectations.

More big demonstrations are planned on Saturday by the pressure group UK Uncut to highlight companies that it says aren't paying their fair share of taxes. The programme hears from David Rothenberg, who advises corporate and private clients on strategic tax planning at accountants Blick Rothenberg.

And the AA says the average petrol price has risen from 121.7 pence last week to more than 122.1 pence - and the cost of diesel is also soaring. Edmund King, president of the AA, explains who is hit hardest by the rises.

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Wake Up to Money

17/12/2010

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