The Organisation for Economic Co-operation and Development has published its latest list, which revealed that Britain slipped seven places between 2005 and 2011, pushed lower by a weakening pound.

The Office for National Statistics said that the plunge from 5th to 12th place by the UK was in part due to a devalued currency, leaving income higher but without any growth in real terms. This fact was highlighted by the painful levels of inflation seen in the UK since 2009, especially when compared to some of the other countries in the 30-strong list, including the US, Germany and France.

The debt of the UK also rocketed higher, moving sharply upwards between 2010 and 2011, as the amount owed in relation to GDP increased twofold.

And just to complete the rather gloomy picture of Britain’s finances, personal income also dropped, whilst many of the other countries on the list managed to remain stable in the face of the global economic crisis.

Part of the reason for the freefall in fortunes was a sharp increase in the number of unemployed, with the UK nosediving a worryingly high 12 places in the league table. Despite this statistic, the ONS said that the results were not as bad as initial analysis might suggest, as many of the countries which performed better were far smaller economies and therefore relatively untouched by the global credit crunch. Britain had to suffer an unemployment rate of 8% during 2011, but this was still vastly better than some of the other troubled economies, such as Greece – 17.7% – and Spain – 21.6%

Of the 22 European nations, the UK now ranks the seventh most indebted (when measured in 2011), compared to its previous position of 15th place.

London Mutual Credit Union (LMCU) has more than 16,000 members and is the largest credit union in the capital but is actively seeking for more affluent individuals to join their ranks.

Credit unions work in a very different way from banks; only members may save or borrow and the amounts involved are usually much smaller. LMCU became the first organisation of its kind to start offering payday loans, which it launched last year. However unlike other commercial payday loan providers, its rates are just 28.6% APR, compared to the eye-watering 4000%+ APR that many firms charge.

By joining the credit union, Camilla will be eligible to apply for one of their payday loans but she could also take advantage of their savings products, such as their ISA, which offers a 3% return on capital.

Credit unions work by lending out the savings of other customers, in a non-profit making manner. Loans are only granted to those who have a track record of putting some money aside and care is taken not to allow individuals to borrow money they have little chance of repaying.

Although anyone who qualifies can join a credit union, regardless of how much money they have, extra work is being carried out to attract individuals with more money, to ensure there is enough money to meet demand for loans.

LMCU is one of five credit unions that Camilla has visited. The Duchess admitted that before she went to the organisations, she had no idea how credit unions worked. However, having been to the branches, she praised the work being done and said it was ‘very important’ to spread the word about the services which are available.

In a bizarre move which highlights the pressures on household pockets, the shops which are known for their cheap and cheerful approach are now at war with their competitors over just a few pence.

Poundland is one of the largest chains of pound shops in the UK and it is known for its ‘everything is £1′ price tag, making it simple for customers to work out how much they are spending. However, in several locations, rival budget retailers charging 99p are also wooing customers, leading to the cut price discount war.

So far, Poundland has reduced its prices in four of its locations around the UK and has also offered vouchers, giving customers special deals such as half price goods, when you buy a minimum number of items.

Poundland has 400 outlets around the UK and has admitted a change in its pricing structure for ‘tactical reasons’. It has declined to confirm whether the prices will be a permanent change or whether the rest of the UK will also see the switch.

The credit crunch has left many retailers struggling, but Poundland has gone from strength to strength, recording sales of £780 million in its annual accounts, filed last year. A Channel 4 programme accused the chain of misleading customers by shrinking packets in order to make more money but, despite this, customers have continued to flock into the stores.

The chief executive of the chain, Jim McCarthy, insisted that Poundland always strives to provide ‘great quality products for amazing value to all its customers’.

James Ferguson, 48, from Bingley was investigated by both the Insolvency Service and the Department for Business, Innovation and Skills, after he moved money to his partner to try and escape paying what he owed.

Bradford Crown Court heard how Ferguson had transferred a total of £21,920 to Gillian Calvert, his partner, just a fortnight before he declared himself bankrupt, effectively making sure that his creditors wouldn’t be able to make a claim on the cash.

Ferguson worked in the business transfer market as an agent, specialising in the leisure sector where he bought and sold companies. However, economic pressures forced him to sell many at a loss, leading to financial difficulties.

When creditors chased Ferguson for payment of his debts, he claimed he did not have the funds to pay them, despite selling his own home. He transferred the money from the sale of his property as well as other cash to his partner, in an attempt to disguise his true assets.

The court found Ferguson guilty for one count of fraudulently attempting to dispose of an asset and he was ordered to pay a further £4,500 in costs. The court also imposed a six month jail sentence as punishment for the crime.

The deputy chief investigation officer, Mike Williams, described Ferguson’s actions deliberately attempting to ‘undermine the bankruptcy regime by circumventing an order of the court.’ Mr Williams highlighted the jail sentence as a ‘message’ to individuals who attempt to thwart the bankruptcy process by hiding or disguising their true finances, adding that it showed that any actions would have very serious consequences.

Despite the closures, Nationwide has insisted that customers of the three building societies will still enjoy a better service than before, because they now have access to the full network of its own branches.

The three small building societies were acquired by Nationwide after the banking crisis of 2008; Derbyshire and Cheshire almost immediately, whilst Dunfermline entered the fold in 2009, by which time it was nearing the point of collapse.

However, despite the purchase, up until now, the four sets of branches have been run independently with no integration of systems and no crossover between services. Nationwide has decided to scrap this approach and to offer a more joined up facility, allowing all customers to use the same network.

Nationwide had maintained the brands it had bought out originally for fear of alienating existing customers, as well as the practical difficulties of converting computer systems. But this approach is not cost-effective in the longer term and Nationwide has now taken the plunge and made the decision to combine all services for customers from the four different corners.

A spokesperson for Nationwide insisted that despite the branch closures, customers would be no worse off and, instead, many would have access to an improved network of services. The spokesperson went on to say that as it stands, 70% of customers of the three smaller building societies currently live within a 5 mile radius of their local branch. By the time the integration is complete, an estimated 85% of customers will have a branch within 5 miles of their home.

Whilst Nationwide undoubtedly has operational reasons for the closures, there is a move within banking to reduce the number of branches, with both HSBC and RBS shutting down many of their own premises.

A new report from credit agency, Callcredit, revealed that nearly three times as many women as men are resorting to borrowing money to make up for a lower income.

According to the results of a study which interviewed 2,000 participants, 72% of women have applied for finance in the last 18 months, compared to just 28% of men. In addition, many women admitted that the sole reason for applying for credit was to make up for the shortfall in their finances.

Overall, women were not only found to be the more likely to take out finance in order to cover general household costs, they were also more likely to take out a payday loan.

However, although women were found to be the more likely to have taken out finance, of the men that do, more opt to borrow multiple amounts of money, 50% admitting to applying for credit from several sources, compared to 41% of women.

The research comes as the Higher Education Careers Services Unit confirmed that there is still a significant pay gap between men and women entering the same kind of roles. According to a study released earlier this year, 70% of women who graduate from university go on to earn less than £24,000, compared to just 55% of men.

The managing director of Callcredit, Graham Lund, said the ‘financial pressures’ were causing individuals to seek out credit as a means of coping. However, he went on to add that it was vital for lenders to understand the fiscal responsibilities an individual already has and to carry out robust affordability checks, before agreeing to provide more credit.

However, there were significant regional variations, with Wales and London two of the worst affected parts of the country.

The overall number of repossessions was lower in January 2013, just 1317 compared to 1602 in January 2012, a drop of 18%. This trend was seen in many regions all over the country but, in certain hotspots, the pattern was reversed, with an increase in the number of homes being repossessed.

London was the worst affected area in the whole of England and Wales, with the number of repossessions increasing by 28%, jumping to 171 during January 2013 compared to 134 the previous year.

Wales was another region which performed particularly poorly, worse off by 24%, with 110 repossessions in January compared to just 89 twelve months previously.

At the opposite end of the spectrum, the north east had the least number of repossessions, just 39 versus 42 in 2012, a drop of 7%. The area with the biggest swing was the West Midlands, where repossessions fell from 165 to 86, a reduction of 48%.

Around the rest of the country, repossessions in the East fell by 29%, the East Midlands by 27%, northwest by 17%, the south east by 18%, the south west by 22% and Yorkshire and the Humber by 26%.

However, whilst the overall picture for the country seemed to show an improving fiscal picture, experts warned that there could be false confidence with interest rates currently at rock bottom levels. Interest rates are not expected to climb for another couple of years but when they do, analysts have warned that repossessions could start to rise once again.

The research from credit reference agency, Experian, found that 19% of those asked admitted they had withheld payment on purpose in the last six years on a loan instalment which was due.

Out of the 3,000 adults who took part in the survey, nearly one in five confessed to deliberately missing their repayment due to a shortage of cash. The missed instalments related to a whole host of credit products, such as loans, credit cards, overdrafts and store cards.

More than one in four people said they had forgotten to pay a credit bill of some kind – a total of 28%.

However, Experian warned that missing or being late with a payment stays on an individual’s record for six years, before being wiped off for good. This means that during this six year period, it might be more difficult to get approved for finance.

The credit agency said the results also seemed to point towards the problem getting worse. Of the individuals who admitted to skipping a payment, nearly half – 45% – said the occurrence had taken place in the last year. One in four people said they missed a payment between one and two years ago, whilst one in seven said it was between three and four years ago.

One in three participants also admitted they constantly worry about money, whilst a further one in six said they feel stressed about opening their credit card statement when it arrives.

The managing director from Experian, Peter Turner, urged anyone who is having problems managing their finances to get professional debt help, sooner rather than later.

The current administrators of the club have confirmed that all the red tape and paperwork has been tied up, leaving the new owners ready to take the reins and re-establish Pompey as a fiscally viable entity.

Portsmouth collapsed into administration more than a year ago, on 27 February 2012, after the club’s owner, Vladimir Aleksandrovich Antonov, was arrested. The occasion was the second time Pompey had been plunged into administration in as many years and the last twelve months has seen a bitter fight over its finances and accusations flung wildly about who was to blame.

Last August matters appeared to have reached a head, after the senior players were all released from their contracts after wages were left unpaid and a takeover bid from Balram Chainrai failed as a result.

In a bid to save their beleaguered club which was looking increasingly likely to be going out of business, a consortium of fans joined forces, creating the Portsmouth Supporters Trust (PST).

One of the administrators from BDO, Trevor Birch, described the ‘turmoil’ the club had experienced over recent years and expressed his hopes that the new venture, Portsmouth Community Football Club, could now go on to enjoy ‘a period of stability,’ now the deal has been concluded.

However, with back to back relegations and beginning next year in lowly League Two, the new club has a big task ahead. There is a press conference planned for Wednesday, during which the new club will be officially unveiled and details of the management structure released.

The chairman of PST, Iain McInnes, said the journey to be granted ownership had been ‘very difficult’ but insisted the ‘right result’ had been reached.

Social networks such as Twitter were overflowing with individuals unable to access their money, with not just internet banking unavailable but also mobile banking and, reportedly, some cash machines too.

The ‘technical problem’ which hit the Nationwide system on Tuesday afternoon saw millions of customers frozen out of their accounts, unable to log into online banking or use the mobile banking facility.

With many businesses dependent on the services provided by the building society, many were left paralysed and unable to process payments whilst the system was down.

Visitors to the online banking site on Tuesday afternoon were greeted by a message, apologising for the lack of availability but with no more information about when the systems would be operational again. Many customers were unhappy, not just that the entire service had collapsed, but that Nationwide seemed to have no idea about when it would be up and running again.

However, although things looked gloomy earlier in the afternoon, by the end of the day, Nationwide had its system back online.

Nationwide customers may well be feeling frustrated by Tuesday’s events, but the hiccup is nothing compared to what NatWest and RBS customers have recently had to endure. In the worst melt down seen in recent times, millions of customers were left without access to their money for a prolonged period, leaving some stranded overseas with no means of payment.

The Financial Conduct Authority is set to investigate the collapse of RBS’ systems, with the bank poised to receive a substantial fine, on top of the £175 million it has already had to shell out in costs.