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.
Energy bills have increased by 75% in last decade
10/12/2014 A government report has shown that household bills have increase by 75% from 2004 to 2014, much higher than the rate of general inflation, 23%. Government advisers have now warned that poor families in the UK will need more help to pay for heating their homes as energy bills rise this winter. A report from the Committee on Climate Change (CCC) has revealed that subsidies for...Read More
London Stock Exchange See Tough Trading Ahead
After being the subject of takeover and merger offers for the last few years it seems that the sustained period of growth at the London Stock Exchange (LSE) is now over. Clare Furse, the chief executive of the Exchange today announced that trading levels were down some 11% for the month of May so far and the value of trades was also under pressure.
The move seems to be the result o...
Budget Headlines : UK National debt will not fall until 2016
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Google enters the UK property market
Search engine giant Google has today confirmed that residential property listings will be added to its Google maps service. The company claims that "hundreds of thousands" of homes are already being advertised for sale or rent on the Google maps service which is proving to be one of the more popular initiatives of late. In a rather clever way, which does not alienate any area of the market, Goo...Read More
UK trade gap narrows in November
Figures from the Office for National Statistics show that the UK trade gap with the rest of the world narrowed from £7 billion in October to £6.8 billion in November. Analysts had been expecting a figure of around £7 billion so the reduction in the gap has been well received. But what does this mean for the UK economy? It is interesting to see that exports increased by 0.1% during November w...Read More