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.
Charity begins at home
The announcement that donations to Oxfam have suffered a fall of around 12% this year is bad news for the charity sector but in many ways inevitable. As the UK recession continues to bite, more and more of the UK population are taking on the philosophy that "Charity begins at home". However, a significant reduction in charitable donations will have a knock-on effect to many local communities as th...Read More
Popularity of last-minute holidays fuels insurance problems
The popularity of last-minute holidays has fuelled the number of tourists travelling abroad without insurance, according to research from Sainsbury's Travel Insurance.Sainsbury's found that around 8.8 million people or 18 per cent of the adult population will book their holiday two weeks or less before they travel in order to save money but that one in five (19 per cent) will not have purchased tr...Read More
Andrew Sentence spooks the currency markets
Andrew Sentence, a member of powerful Bank of England monetary policy committee, has today spooked the currency markets with a suggestion there is some risk of a double dip recession in the UK. The pound immediately lost 1.5 cents against the dollar and there are concerns about further weakness in the short to medium term. This is not the first time over the last two weeks that the Bank of Engl...Read More
Woolworths back under serious pressure this evening
It has been revealed that ongoing efforts to sell the Woolworths retail arm are continuing with Hilco UK which specialises in restructuring troubled businesses. As we covered earlier in the week the reported sale price is just one pound although this has not been confirmed by the Woolworths board.
Shareholders in the troubled pix and mix group have come forward to suggest that the b...
Stamp Duty Rumours Simply Untrue Says Treasury Spokesperson
A Treasury spokesperson has today come forward to blast suggestions that the government has come forward with a plan to suspend or delay the payment of stamp duty on house purchases. This seems to fly in the face of recent comments from the Chancellor Alistair Darling who seemed to indicate that a suspension of stamp duty was under serious consideration by the authorities. So what really is goin...Read More