Changes for savers.CHANCELLOR Alistair Darling was to announce new measures today aimed at protecting savers. Banking system changes were proposed after the near collapse of Northern Rock in September. Mr Darling could reveal a rise in the threshold of guaranteed deposits and may make banks pay into the scheme up front, so savers could receive immediate compensation from a prepaid fund. with prices falling by 6.4% since the beginning of 2008, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Nationwide Building Society. Nationwide said the pace of price falls had slowed "significantly" during June, following May's 2.5% dive, adding that prices were still 4% higher than they were two-years ago. Economists, who branded the data "absolutely dire", warned the housing market correction Market correction A relatively short-term drop in stock market prices, generally viewed as bringing overpriced stocks back to a level closer to companies' actual values. could be worse than previously thought. The number of mortgages approved for house purchase hit a new record low during May suggesting the current housing market downturn is intensifying, figures show. Loan approvals for people buying a new property fell by 28% during the month to just 42,000 - 64% fewer than in May last year and the lowest level since the Bank of England Bank of England, central bank and note-issuing institution of Great Britain. Popularly known as the Old Lady of Threadneedle Street, its main office stands on the street of that name in London. figures began in 1993. CAPTION(S): PROPOSALS: Alistair Darling |
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