Loans

Britain's biggest retailer announced a major push into banking and other services with a 950 million pound deal to buy Royal Bank of Scotland.

There has been increase in the homes repossession by almost 50 percent, which is the highest since 1999.

The Bank of England held interest rates at 5.0 percent for the fourth straight month while, borrowing costs are expected to remain on hold.

Sir John Gieve, Mervyn King's number two at the Bank of England, declared that inflation in the country is poised to accelerate at close to 4 percent.

Recommending some consumer friendly initiatives from the 8 billion pound personal bank account market, the consumer watchdog has observed that present arrangements are not favorable for the consumers.

Beating the Central Bank's 2 percent target for June, the rate of inflation almost doubled up. It has put doubts regarding the Bank of England's ability to cut the interest rates to avoid a recession in the economy.