Banks stay strong

The 1-minute read to get the money news you need.

Carry on lending

British banks are in a good place to weather 2021, according to the Bank of England. The central bank has taken steps to keep the banks calm to carry on lending, in prep for economic instability caused by the pandemic and Brexit. They can handle up to £200 billion in credit losses, which is a lot - house prices would have to fall 30% for the banks to see that kind of loss.

New trade deals

The UK has signed free-trade deals with Vietnam and Singapore. They’re continuity deals, which means we’ll have the same relationship as when we were in the EU.

Travel ban

UK tourists have been banned temporarily from travelling to the EU from 1st January once the Brexit transition period ends. It’s because we have a high rate of coronavirus cases - many other non-EU countries are also banned for the same reason.

Cladding tax

Cladding repairs could be paid for by a new tax* on property developers, new home sales, and foreign buyers. That’s a new proposal by the Leasehold Knowledge Partnership to solve the cladding crisis affecting millions of homeowners. It says leaseholders should not have to pay for the repairs needed to make their homes safe.

Postie running late

Last- minute Christmas gifts might not arrive in time this year, as Royal Mail struggles with a high volume of parcels. It says the delays are despite their best efforts, as more people are doing their Christmas shopping online.

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