Fees that banks charge to businesses for processing credit and debit card payments are likely to be capped across the UK, that is according to new Government proposals, which the Chancellor George Osborne said should lead to lower prices for consumers.
It’s estimated by industry experts that the proposed rules could save UK businesses up to £480 million each year.
Sources at the Treasury have confirmed that they are currently in the process of consulting on the proposals,
Moody’s credit ratings agency has raise concern over the increasing levels of UK consumer debt, saying that it believes that this will leave the UK economy more vulnerable to future shocks within the global financial system.
The report from Moody’s found that unsecured lending, which includes the likes of credit cards and personal loans, have increased some 7% year-on-year since December 2012, something that the firm says was particularly worrying considering the decline in savings and wages seen in the UK over the same period.
A women has been arrested in connection to a bank card fraud case which saw a staggering £300,000 spent on a four day shopping spree in Manchester in July of last year.
As part of the shopping spree, gold bars were purchased, totaling £26,000, making them the most extravagant purchase on the stolen card. In addition to the gold, the fraudster also made off with rings, necklaces and two Rolexes, worth £18,000 each.