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Money Box: Falling savings interest rates; New tax powers for Scotland

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29/11/2014

Falling savings interest rates; New tax powers for Scotland

BBC Radio 4 - Money Box, Falling savings interest rates; New tax powers for Scotland

Falling savings rates, new tax powers for Scotland, plus an official credit card inquiry.

Savings interest rates are falling to microscopic levels. What will Scotland's new tax powers mean for taxpayers north and south of the border? Plus a credit card inquiry.

Net Interest Margin (NIM) is something which features more and more often in the financial reports of our banks. That's because it represents the difference between the interest rate financial institutions charge on loans and the interest rates they offer to savers. The higher NIM is, the more likely it is that banks' profits will be high too. With Quantitative Easing, and then Funding for Lending, banks don't need to attract the funds of ordinary savers which explains why saver accounts pay such low levels of interest. So NIM is high, you can guess the rest.

More than a dozen listeners tell us that their credit card has been used by fraudsters shortly after they have reserved a hotel room through booking.com. We talk to a security expert about problems of keeping data secure in the travel industry.

The Financial Conduct Authority says it has three worries about credit cards: Is there effective competition? Are all different types of cardholders being treated fairly? Is there anything to stop credit card firms providing expensive and unaffordable lending? Christopher Woolard, the FCA's director of policy, risk and research, explains why it's embarked on a study of the credit card market and we ask when the findings will be implemented.


Scotland will get almost full control over income tax under devo-max plans by the Smith Commission published this week which all main parties are committed to implementing after the General Election (now barely five months away). Other things will devolve too, including some social security benefits, other taxes and voting age. The Institute of Chartered Accountants of Scotland tells us how leaky they think the the border will be?

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