Is George Osborne about to hit the UK banking industry?
Many believe that George Osborne will use his Mansion House speech this evening to launch a number of new initiatives aimed at the UK banking arena. He will warn them that they need to pay for the damage which "they inflicted" on the UK economy and indeed there will be talk of new banking taxes and a banking levy discussed.
It is also believed that many Liberal Democrat politicians are pushing George Osborne to instigate an investigation into integrated banking arrangements such as Barclays Bank, which operate both commercial banking activities and investment banking operations. Some of the more radical moves discussed include splitting commercial banking and investment banking into two separate entities thereby reducing the risk to an overall company from any one of these operations. This is not something which will go down well in the City where the likes of Barclays Bank, one of the integrated banking giants, has operated relatively successfully for many years.
Even though it may seem like a knee-jerk reaction to a once-in-a-lifetime event, i.e. the credit crunch, the UK banking arena could be about to change forever with many people concerned that the financial industry has become too powerful and too influential.
Online security is simple yet essential
As more and more people join the online community, monitoring their financial assets on a regular basis, there are concerns regarding online security. The vast majority of people are known to use the same username and password for a variety of their online services and very few people seem to change their password on a regular basis. Do you fall into this particular group?
Lloyds TSB Named Head Of The Overdraft Charge League
In a move which will cause many consumers to sit up and take notice it has been announced that Lloyds Bank is the worst offender when it comes to charging customers for brief dips into the red. A survey found that a Lloyds TSB Classic Plus account holder who over ran their overdraft limit by £50 for just two weeks would receive a bill for £195!
This compares with the likes of HSB...
How Inflation Could Erode Your Savings
Today's news that year on year inflation has risen to 4.4% and looks set to hit 5% in the later part of 2008 does not bode well for the legion of savers in the UK. This dying breed of careful savers will soon be hit with a worrying scenario, the fact that rates available on their savings will be less than inflation and result in their spending power being reduced in real terms.
Sir Fred Goodwin comes to the rescue of the regulators
When the going gets tough it seems that another attack on Sir Fred Goodwin fits the bill of diverting attention away from the UK economy and the UK regulators. Yet again, we have seen unconfirmed reports that Sir Fred Goodwin "employed" somebody at the Royal Bank of Scotland head office to fill cash machines with banknotes which only he had signed. While this has grabbed much attention in the medi...Read More
Lloyds TSB launches Muslim business account
Lloyds TSB is today launching the UK's first-ever business and corporate account for Muslim customers.The bank says its product fully complies with sharia law and as such does not offer credit interest or an overdraft facility.In addition, under Islamic law Muslims are not permitted to invest in certain industries such as alcohol or gambling.The new account, available to the 100,000 Muslim busines...Read More