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.
Royal Bank of Scotland ordered to sell off branches
In line with European Union state aid rules, Royal Bank of Scotland is rumoured to be on the verge of receiving a request to reduce the company's UK market share by around one sixth. The situation has evolved because of the significant state aid received from the UK government, something which was paid out before it was rubber stamped by the EU Competition Commissioner, and the market share the co...Read More
Do you know how much it costs to run your bank account?
Over the last few months, as profitability in UK finance sector has become harder to come by, a number of charges have been introduced to the mix, with very few hitting the financial headlines. Many financial operations, such as Halifax, have used the introduction of new European laws to amend their small print and introduce new charges and potentially expensive changes to customer agreements.
Is the building society sector as safe as you think?
The ongoing problems at the Dunfermline building society together with a number of smaller societies which were taken "in house" by larger institutions have added to an intriguing debate about the safety and the future of the building society sector. A number of experts are suggesting that banking operations such as supermarkets, ethical banks, Islamic banks and National Savings and Investments co...Read More
No windfall for Chelsea building society customers
The £35 billion merger between the Yorkshire building society and the Chelsea building society will disappoint many Chelsea building society customers as there will be no windfall for them. The...The £35 billion merger between the Yorkshire building society and the Chelsea building society will disappoint many Chelsea building society customers as there will be no windfall for them. The Yorkshir...Read More