UK government details loans under RBS insurance scheme
The UK government has today issued details of the Royal Bank of Scotland's participation in the asset protection scheme and there is some concern about the make-up of the loans in question. More than half of the £280 billion of loans in the scheme have been agreed with foreign entities, something which is causing concern within the UK government. In reality, the UK taxpayer is paying to ensure loans which were agreed with foreign entities.
The massive document which details the RBS participation in the scheme also confirms that the UK government has the power to "parachute in" experts if it believes that the loans in question are not being managed correctly. Nobody quite expected the amount of detail which has been published and indeed there will be some embarrassment to those involved in the loans in question.
The Royal Bank of Scotland's entry to the scheme is funded by the UK taxpayer and will see the government's share stake in the business increase from 70% to 84%. It is also believed that the UK government has obtained the authority to block any staff bonus payments from Royal Bank of Scotland although whether this particular power will be used in the short to medium term is open to debate.
Is the government trying to wriggle out of Equitable Life compensation
While we reported early in the week about the ongoing situation regarding Equitable Life and the compensation which many customers have been chasing from the government, there are grave doubts emerging about the proposed compensation package. More and more observers are suggesting the government will drag its heels as long as possible and try to eliminate more and more customers from the compensat...Read More
Should we believe the Nationwide forecast for the property sector?
Despite the fact that many analysts and economists are downbeat on the prospects for the UK economy in 2010, today's Nationwide report on UK property sector seems to offer a very different opinion of the prospects for the UK. The report suggests that UK property prices will increase by around 10% in 2010 which is something many people do not agree with. So who should we believe? There is no dou...Read More
House of Commons authorities call in police
It has been revealed that the House of Commons authorities have called in the Metropolitan police to investigate the leaking of expense claims by Cabinet ministers today. The claims were revealed by the Telegraph newspaper with suggestions with political circles that there is a political bias. However, even the Telegraph newspaper, traditionally a Conservative supporter, has revealed that more exp...Read More
Is NestlÃ© on the verge of buying Hershey?
Swiss food group NestlÃ© is rumoured to be looking at a potential acquisition of US outfit Hershey which recently backed away from a bid for UK giant Cadbury. Despite the fact that the Hershey Trust, a charitable organisation set up many years ago, effectively controls the company via its share stake and voting rights there is a feeling that market forces could at least force the trustees of the...Read More
Was the Robin Hood tax vote rigged?
Earlier this week we saw a number of prominent politicians and showbiz celebrities step forward in support of a so called "Robin Hood tax" which would see a levy introduced on every financial transaction in the world to create a fund of around £250 billion a year. Richard Curtis, perhaps best known as the creator of the movie Love Actually, launched an online campaign to see what the public thoug...Read More