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.
HBOS shares dive bomb on fears for future
Despite having just raised £4 billion to shore up its balance sheet it seems that the future of HBOS is very much in the balance with traders not convinced that the group is on a firm financial footing. There are concerns that the group will be forced to return to investors for more funding in the near future, something which has seen the shares fall by near a third this morning to around 190p,...Read More
Contactless payments treble
06/02/2015 The number of UK debit card holders using contactless technology to make payments has more than tripled in a year, according to data from the UK card association. During 2014, people using contactless technology spent a total of £2.32 billion via contactless payments. This is compared to £653 million spent in 2013. One of the most popular places to use contactless technolog...Read More
Who broke Lloyds bank?
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Yorkshire Building Society to refund £8.4 million
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Banks win latest stage of charges case
Banks' overdraft fees should not be challenged by customers through common law for most cases, a High Court judge has said.Mr Justice Andrew Smith announced his decision after a three-day hearing in July, part of the penalty fees case involving seven banks, a building society and the Office of Fair Trading (OFT).The test case is to decide whether or not the OFT can rule on the fairness of the char...Read More