News Headlines for 5th August

Understandably, the papers are absolutely coated in stories on the Olympics, but there were a few other stories…

Economics

Some of Britain’s best-loved music, films and landscapes (such as: James Bond, the Beatles and the Scottish Highlands) are going to be used to lure tourists back to Britain in a global marketing campaign, which is set to be launched within hours of the end of the Olympics. VisitBritain, the government-funded tourism agency, has admitted to being “worried” by claims that parts of the capital have become like a “ghost town”, and is hoping to make the most of the “after-glow” of the Olympics and Paralympic games to give British tourism a boost. P28 of The Independent on Sunday

Property

The mortgage price war has entered a new phase, with an increasing number of loans providers slashing rates across their ranges, prompted by lower bank borrowing costs and the government’s new Funding for Lending scheme. Those who took out a long-term tracker mortgage more than three years ago will be the biggest beneficiaries. Back then, many lenders were offering mortgages that tracked only marginally above the base rate, so a drop could mean that many of these people will be paying next to no interest on their loans. P43 of The Observer

Personal Finance

The company in charge of collecting student loan repayments for the government has apparently taken tens of millions of pounds extra from unwitting graduates. Tens of thousands of people have been advised to apply for refunds from the Student Loans Company (SLC) after it emerged that the firm had collected an additional £36.5m from them in 2010-11 alone. More than 63,000 former students carried on repaying from their salary, often for many months, after they had paid off the full amount of their student loans. The average amount overpaid was £577, although several claim that they paid significantly more than this. P32 The Independent on Sunday

Benny Higgins, the Chief Executive of Tesco Bank has revealed his plans to use data from the supermarket’s Clubcard loyalty scheme in order to rate its customers. Over 15m British households are currently signed up to the Clubcard scheme, making it the most comprehensive database of the country’s spending habits. Tesco Bank, which revealed this weekend that it will start selling mortgages tomorrow, is planning the use data cuilled from grocery bills to judge whether or not to grant a loan. P2 of the Business Section in The Sunday Times

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