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.
British Airways faces three-day New Year strike
Despite returning from the UK courts victorious this week, British Airways today faces the possibility of a three-day strike by cabin crew in the New Year. The Unite union has vowed to reopen the ballot regarding industrial action as soon as possible after the previous vote was blocked by an injunction from the courts. Whether or not this three-day strike goes ahead there is no doubt that the repu...Read More
Will the euro survive financial difficulties in the euro zone?
There is no doubt that the ongoing financial difficulties in Spain, Portugal and Greece are impacting upon the reputation and investment profile of the euro. While there are suggestions that the short-term fall in the value of the euro, against the dollar in particular, could slow as "short" positions are closed many feel that the end of the fall is not yet in sight. So what can the European Union...Read More
Irish government attempts to reduce the number of banks in the country
In a move which may yet be instigated in the UK it has been confirmed that the Irish government has been actively encouraging the merger of smaller banking operations with some of their larger counterparts. While no specific names have been mentioned the government has taken the decision that the sector can only survive with the assistance of the larger banks as many of the smaller operations are...Read More
Bankruptcy among pensioners sharply rises
01/09/2014 Pensioners in Britain are now more likely to go bankrupt than they were at the height of the recession, even though overall bankruptcy figures have gone down. Due to rising costs and low incomes, accountancy firm Moore Stephens have found that 5,672 pensioners went bankrupt in 2013, up from 4,727 at the height of the recession. There has been a 25% fall in the overall number o...Read More
Why are men suffering more than women during the recession?
A report by the Policy Exchange, a respected Conservative think tank, has today confirmed that within four years the workforce in the UK will consist predominantly of women with men playing "second fiddle". It seems as though the male employment population has been hit severely by the recession although this trend in reduced male employment has been in place since 1971. In 1971, 92% of men of...Read More