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The government is in a desperate race to try and refloat the UK economy before we see a major collapse in the UK employment market. A recent flurry of announcements from various recruitment...
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Tuesday 7th October 2008
At the open of the markets today it was Royal Bank of Scotland which seemed to be the centre of attention with the shares falling by nearly 30% in early trade. This was despite the fact the group had already confirmed a meeting with the Treasury last night, which was also attended by Barclays and Lloyds, to discuss a possible bailout for the sector. However, wires seem to have got crossed and rumours began circulating that the group had asked the government for emergency funding.
Thankfully the Royal Bank of Scotland came out as early as it could to deny the reports and confirm that there are no funding issues with the operation. The sector itself is under serious pressure yet again with Lloyds and Barclays also down, although to a lesser extent, as trader digest the massive concerns in countries such as Iceland which is literally on the brink of collapse. So what next?
It seems as though every man, woman and child in the UK is waiting for the government to announce its next step in the fight against the worsening credit crunch. As each day goes by is seems as though other countries are stepping up their attempts to avert a serious crisis while the UK authorities sit on their hands. Surely we will hear news soon? |
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