Royal Bank of Scotland set to wield the axe
It has been revealed that Royal Bank of Scotland boss Stephen Hester is set to announce one of the most severe cost-cutting exercises in the history of the UK banking sector. If the rumours are correct, this week could see between 10,000 and 20,000 job cuts at Royal Bank of Scotland which would decimate the workforce. The company is set to announce losses rumoured to be approaching £30 billion after severe write-downs on its loan book and a marked constriction of its business activities.
Royal Bank of Scotland is another UK institution which is under government control in all but name with taxpayers by far the largest shareholder in the group. As we see tens of thousands of job cuts announced by the likes of Royal Bank of Scotland and the other leading UK banks many people are starting to wonder how business could collapse in such a short space of time and affect so many people.
Unfortunately, this is the world we live in today, a world where the economy of the UK is under severe threat and on the verge of a possible depression if rescue packages and stimulus programs do not kick in very soon. While mention of the "D" word has effectively been banned by the authorities, more and more analysts are starting to look at the comparisons between now and the 1930s (the great US depression).
Share this..
Related stories
How can the authorities force lower energy bills?
As the great energy cost debate continues to roll on more and more UK consumers are starting to ask how and when the government can actually push through lower energy costs. The last few weeks has seen a major fight between the government and the energy companies with energy regulator Ofgem also entering the fray. Despite threats of legal action and increased regulatory powers for Ofgem the energy...
Read MoreIs the UK turning its back on a free market policy?
The UK stock market has for many years been a haven of interest for overseas companies and overseas investors due in the main to its "light touch regulations" and free market policy. However, it is becoming more and more apparent that regulations will need to tighten in the short term and indeed we could see a reduction in the freedom afforded to investors, investment companies and businesses in t...
Read MoreCan we afford to let banks regulate themselves?
Earlier this week a number of prominent UK banking leaders came forward to suggest that excessive regulatory changes in the UK could potentially force the UK banking sector into a possible credit crunch part two. It is believed that extra capital adequacy requirements could well take away much-needed liquidity from the UK money markets and effectively cut-off the supply of finance to the UK consum...
Read MoreChanges in the UK property sector
A report by the Halifax has highlighted the fact that more and more people are living alone with an increase in sales of terraced houses and flats in the UK. The report has also highlighted the fact that just 19% of those acquiring properties in the UK are looking for a home which does not need any alterations whatsoever. It seems that more and more people are now willing and able to carry out the...
Read MorePost Office chain under threat
The National Federation of SubPostmasters has today issued a report on the Post Office network with claims that around 3,000 of the current 11,500 post offices could close in the short to medium term. The federation believes that an imposed wage cut will leave many post offices on the verge of collapse and impact upon many local communities up and down the country. This situation in the UK Post...
Read More