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.
UK economic growth at four year high
Data released by the Office for National Statistics today shows that the UK economy grew by 1.1% in April and June 2010, nearly double analyst's expectations of a 0.6% increase. This is a welcome relief to the UK government at a time when budget cuts and investment issues are very much grabbing the headlines and taking away from the very difficult and very challenging situation which the UK govern...Read More
Government invests £4.5 million into scam busting
The UK government has confirmed that the Office of Fair Trading and Trading Standards will receive around £4.5 million in additional investment which will be used to equip these two prominent offices with teams, training and the technology to combat online crime. This is a major investment into this area of fraud which has grown enormously over the last few years resulting in millions upon millio...Read More
Repossessions up 8.5% in first quarter
UK lenders issued 8.5 per cent more repossession claims during the first quarter of this year, in a clear sign that borrowers are struggling with higher mortgage repayments and the rising cost of day to day living. Figures from the Ministry of Justice reveal that during the first quarter 38,688 possession claims were issued by lenders in the courts. This compares with the 35,662 mortgage possessio...Read More
Corus cuts 2500 steel jobs in dark day for industry
Steel giant Corus has today revealed plans to cut 2500 jobs from its UK operations and over 1000 jobs from its operations in Holland. While many people believe this was on the cards sometime ago, with the company looking at closing various steel plants around the world, the size of the redundancies has come as something of a surprise. However, when you consider that the worldwide economy has taken...Read More
Tesco introduces self-service store
There are concerns about the future of many workers in the retail industry after supermarket giant Tesco opened its first wholly self-service store in Kingsley, Northampton. While the group has defended the move and claimed it has created enormous job opportunities in the past, and will do so in the future, the unions have already presented representation regarding their concerns.