Royal Bank of Scotland joins UK asset protection scheme
Despite attempting to wriggle off the hook, which is the UK government's asset protection scheme, the Royal Bank of Scotland has been forced to sign up and confirmed that this happened on 26 November. While there's no doubt that the scheme will protect the company's assets in the short to medium term, like Lloyds bank, the company had been attempting to negotiate an exit rather than pay the multibillion pound premium.
In a bizarre quake of fate, if the UK economy does take a further downturn, as some people believe it will in 2010, the scheme will become vital for Royal Bank of Scotland and Lloyds bank may well have made a mistake negotiating its own exit. The agreement which was signed by Royal Bank of Scotland is conditional upon approval by Royal Bank of Scotland shareholders and overall approval by the European commission which is now heavily involved in the UK banking sector and the restructuring of businesses such as Lloyds bank and Royal Bank of Scotland.
Now that the saga surrounding the asset protection scheme looks to be over there are hopes that the Royal Bank of Scotland management can look ahead to the future even though markets are still very difficult. This is a company which was the largest banking operation in the world at one stage, after a massive expansion programme, but has now come back down to earth with a bump and will need to rebuild from a very low base.
Record numbers switching electricity providers
21/01/2014 A record number of electricity customers changed their supplier in November, according figures measured by ElectraLink. ElectraLink, which measures data for the industry has released figures showing that more than 615,000 people switched electricity suppliers in November. The highest number since records began. However, the figures regarding the number of those switching their gas...Read More
Only a third of motorists play the switching game
Brits are not switching as much in the car insurance sector as they are when it comes to their electricity and gas suppliers, research by TescoCompare.com reveals.Only a third (32 per cent) of car owners have switched their car insurance within the last year and as many as one in ten motorists have never switched or have been with the same insurer for over ten years.Despite the annual renewals on...Read More
Road Tax Increase For 9 Million Drivers
Even though the Conservative Party has been in the news of late with regards to expense scandals and problems with the new Lord Mayor of London, it seems that Gordon Brown is always there to bail them out. News that 43% of drivers will suffer under the governments new road tax plans (9 million drivers in total!) and only 33% will benefit has again taken away much of the heat from the Conservative...Read More
Traffic Delays Down As Car Journeys Tumble
News that traffic on the UK roads in the second quarter of 2008 was 2 percent down on the same period in 2007 has caught the eye of many road user groups with the AA fairly vocal on the reasons for the fall. A survey of the AA membership shows that over half of car owners are making fewer journeys than this time last year with more expecting their hours of travel to fall in the second half of 200...Read More
Spanish government looks to reduce budget deficit
The Spanish government is today in talks with unions in relation to a number of proposed changes to taxation and labour regulations in the country. Last week the government announced a 5% reduction in public sector pay as the challenge of reducing the country's soaring budget deficit continues. While there are concerns that we could see an increase in union unrest within the country, in many ways...Read More