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.
Gordon Brown strikes up a double act with French president Sarkozy
Gordon Brown will this week meet Nicholas Sarkozy to discuss the ongoing economic downturn and ways in which the worldwide economy can be stimulated. The two leaders have become fairly close over the last few months and struck up something of a double act which has surprised many people. The French president seems very much in awe of Gordon Brown's economic prowess and his innovative ways to comba...Read More
George Osborne set to target banks and property owners
In a move which will certainly upset the traditional core Conservative party support in the UK it would appear, from leaks emanating from 11 Downing St., that George Osborne is set to make UK banks and property owners pay the price for the depressed UK economy. There have been rumours for some time about a potential banking levy and the proposed increase in CGT could hit as high as 50%, on a par w...Read More
Homeowners advised to guard gardens
Homeowners need to review their garden security as summer fast approaches, Sainsbury's Bank has advised.Research from the financial services provider has revealed that summer sees an increase in the number of home insurance claims for stolen garden items.The average home insurance claim for garden theft is £291, with opportunistic thieves targeting furniture and expensive toys. Neil Laird, Sainsb...Read More
Is Kraft Foods set to increase Cadbury bid?
Irene Rosenfeld, the chairwoman and chief executive of Kraft Foods, is rumoured to be on the verge of sanctioning an increase in the company's offer for the UK chocolate giant Cadbury. Speculation in the market is rife that Kraft Foods is set to increase its offer to around eight pounds a share with Cadbury directors adamant they will not recommend an offer less than this figure. However, the situ...Read More
Saga predicts spike in home thefts
Home insurance firms are braced for a flurry of claims in upcoming months, Saga suggested today.New figures from the provider show that burglary numbers in November are 24 per cent higher than those in February.The report also said that thefts from homes are at their highest levels from October to December, with a particular rise generally seen after the clocks go back to GMT.This occurs on Sunday...Read More