Royal Bank of Scotland goes on the offensive in its homeland
It has been reported that the Royal Bank of Scotland will be offering Scottish homebuyers mortgage incentives in the region £1.7 billion to help them acquire homes during 2009. This additional funding consists of a £500 million payment from the Treasury's asset protection scheme and other government support measures which have been introduced over the last few weeks. The move is sure to catch the eye of first-time buyers in Scotland where the market has remained frozen for some time and liquidity levels dangerously low.
Slowly but surely we are seeing signs that the Royal Bank of Scotland, greatly assisted by the UK taxpayer, is now starting to pump new money back into the UK property market. There has been particular criticism of the company north of the border and the £1.7 billion of mortgage incentives is sure to reduce the level of criticism seen of late. It will be interested to see what kind of incentive scheme is introduced south of the border where markets are as bad if not worse.
Whether this is the first sign that UK government controlled banks are starting to pump substantial money back into the economy remains to be seen but thankfully there is movement on the finance front which should in due course help the UK economy as a whole.
Share this..
Related stories
UK government renames pension initiative
The UK government made some amendments to the "Personal Accounts" pension system which has now been rebranded as the "National Employment Savings Trust" otherwise known as Nest. This is the government's initiative to try and head off the ever-growing and ever more critical pension crisis which is gripping the UK at the moment. This is a crisis that has been building for many years but which has no...
Read MoreWill the tax payer need to bailout the London Underground?
News that improvements to the London Underground which are planned for 2010 - 2017 will cost an extra £1 billion more than official estimates has led to suggestions that the UK taxpayer will be forced to bailout the project. This is yet another of the Labour led public private partnerships (PPP) which is set to leave the tax payer with a massive bill to pick up. So what has gone wrong?
<...
Wall Street trader arrested in Madoff affair
A Wall Street trader is today under house arrest after being arrested in connection with the alleged $50 billion fraud conducted by Bernard Madoff. The arrest came to light yesterday as regulators finally woke up to what is being hailed as one of the largest frauds of all time but few can understand how the regulator appears to have missed the tell-tale signs. Sources claim that the company has be...
Read MoreVirgin Money announces new Virgin Charity credit card
Virgin Money has this week announced the release of a credit card which will donate 1.02% of customer spending to good causes of the customer's choice. This compares to the average charitable donation from the charity cards of around 0.25% and immediately places the Virgin Charity credit card at the top of the pile. This is yet another high-profile move by the Virgin Money as the company continues...
Read MoreUK gas reserves down to just six hours
Extreme cold weather in Norway caused the closure of a Norwegian gas supply processing centre which has impacted on the UK. Yet another National Grid gas alert has been issued and this time the UK government is appealing in desperation for extra gas to be pumped into the UK system from overseas. There is now a real danger that the supply of gas to the UK could be crippled in the days ahead unless...
Read More