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.
Should the state look after us in later life?
There has been much mention of the UK pensions industry over the last few weeks, in both the public and private sectors, with many changes forecast in the future. However, it is becoming more and more apparent that many people in the UK are unwilling or unable to put aside savings for their retirement and will become more dependent upon the state to fund their later life. But should the state look...Read More
MPs could face jail for expense irregularities
Under new regulations being considered by the UK government, MPs found fiddling expenses could find themselves liable to potentially one year in prison. The government is also looking to introduce similar penalties with regards to MPs who do not register commercial interests or potential conflicts of interest with their Parliamentary work. While there's no doubt that this type of legislation would...Read More
College Students Financial Assistance Is Delayed
First we had a delay in the marking of exam papers and now we have seen the collapse of a scheme which is designed to give those youngsters from low income backgrounds the chance to move on to further education. In an embarrassing move the government has been forced to confirm that the third party appointed by the authorities has seen a severe system crash leave the majority of 16 to 18 year olds...Read More
GDP figures are expected to show end of the recession
UK GDP figures (Gross Domestic Product) are due today at 9:30 AM with analysts expecting the figures to show a 0.2% growth in the UK economy quarter on quarter. This follows a 0.6% reduction in the second quarter of 2009 and many people believe this next set of figures could signal the end of the recession. However, there are growing concerns.
Some analysts believe that the disappoi...
Is the Bovis Homes and Barclays tie-up the way ahead?
Yesterday's announcement that housebuilder Bovis Homes has agreed a joint venture with Barclays which will see home buyers guaranteed a mortgage of up to 90% has set tongues wagging in the housebuilding arena. So is this the way ahead for the UK housebuilding sector? The structure of the deal between Bovis Homes and Barclays is such that Bovis Homes will put aside an agreed percentage of any pr...Read More