spike's Blog

Consumers planning to apply for secured loans will find that they are increasingly difficult to come by, it has been revealed.

The Bank of England's quarterly Credit Conditions Survey asks lenders about their expectations for the coming months as well as their habits over the previous three.

And it has shown that the availability of secured loans was reduced by more than was expected in the third quarter of the year, with lenders predicting further declines to come.

But in the same period demand was also found to have decreased sharply, suggesting that less people are seeking loans in order to take out mortgages.

Unsecured loans have also dipped in availability - although these have dropped in line with what was predicted - and lenders expect this to continue towards the end of 2008.

The news followed yesterday's announcement by Nationwide that the average house price fell by 1.7 per cent last month, now standing at £161,797.

However, there was good news today as Six central banks, including the Bank of England, have cut interest rates by half a percentage point in an effort to steady the faltering global economy. No decision on UK rates had been expected until Thursday - and the move puts the interest rate at 4.5% from 5%.

The last time the Bank of England cut rates in a special meeting was on 18 September 2001 - when rates came down from 5% to 4.75%.

In the UK, some mortgage lenders also immediately passed on the rate cut to borrowers - trimming their variable rates.

European and US stock markets initially reacted well to the news but later turned lower as investors were unconvinced that the rate cuts would really solve the financial crisis.

If you are trying to find a secured loan, it is worth trying a reputable loan broker as they will have access to most loan products available on the market.

Flybe, Europe’s largest and most successful regional airline, is delighted to have received the ‘Special Merit for Commitment to the Environment’ award at the influential Budgie Awards during a ceremony held last night at the World Low Cost and Regional Airline Congress in London.

 The Budgie Awards recognise the leaders, innovators, creative talents and pioneers in the global low cost airlines industry, its mission being to identify and reward those individuals, teams and airlines who have demonstrated an unparalleled ability to succeed.

Mike Rutter, Flybe’s Chief Commercial Officer says the airline is extremely proud to have received such prestigious recognition for being a leading industry innovator.

“Flybe has become known as being a leader rather than follower in the global aviation sector and this award is proof of just how far we have come.  Our commitment and $2bn investment in a dual type, state-of-the-art environmentally sensitive fleet, and more especially our launch of the world’s first and only ecolabel for the aviation industry last year, have both also made a significant contribution towards the record financial results we announced last week and to our strong growth in the first quarter of this financial year.”

By the end of 2009, Flybe will have one of the youngest and most environmentally fleets in the world comprising Embraer 195 jet and Bombardier Q400 turboprop aircraft both of which attract impressive ecolabel ratings.

Under the ecolabel scheme, which was subject to an assurance process by international consultancy firm Deloitte, Flybe passengers are provided at the time of booking via the Internet with a detailed but user-friendly breakdown of the fuel consumption, carbon emissions and noise patterns of the aircraft type to be used on their journey. The ecolabel is not intended to compare aviation with any other form of transport, rather it provides transparent information to a customer who has made the decision to fly.

Concludes Mr Rutter: “Flybe would again urge other airlines to adopt a responsible attitude to climate change and accept that human activity, including aviation, is having an impact on climate change. Political opinion formers are also waking up to the potential impact of the ecolabel scheme. In January 2008, the influential House of Commons Treasury Select Committee suggested other airlines should also adopt a system of eco-labelling that would at least provide customers with the environmental information they need to make a choice between providers. To date, there has been a deafening silence from our industry colleagues. We again throw down the gauntlet and hope that the global recognition we’ve just received will help spur them into action.”

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