Iceland buys Woolworths stores

It seems that Iceland, the frozen food retailer that we all know and love from the 1990s, is buying 51 former Woolworths stores.

Good news, finally, for the high street.

Iceland bosses say they want to help communities that have lost their Woolies, as well as creating 2,500 jobs.

An interesting time for Iceland to invest, since their parent company, Bauger, perhaps unsurprisingly, is Icelandic. Let’s hope the money isn’t coming from Icelandic banks.

Interest Rates Cut to 1.5%

The Bank of England has cut the base rate to 1.5%.

It’s the lowest the base rate set by the bank in its 315 year history. Manufacturers’ associations said the move was “too timid”, and that the rate should have been cut even further.

Is it good news or bad news?

Homeowners with a £150k tracker mortgage will save around £45 per month. Repayments on a £250k mortgage will drop by around £77 per month.

But what about all of those who have been saving, those people who saw recession on the horizon and put some money away to weather the storm? What about pensioners, who aren’t affected by mortgage rates and live off the money they’ve saved their whole lives?

The simple fact of the matter is, saving money in UK banks and building societies has never returned so little.

Isn’t it time the Government offered help to people who saw the storm coming?