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.
Why won't the UK government protect ALL of your savings?
As news that Gordon Brown has increased protection for savers to £50,000 per institution is released it seems as though calls for 100% protection of savings have been ignored. This has prompted many to ask why the authorities are not able to guarantee all savings and what they may fear?
While on the surface it may look as if Gordon Brown is not prepared to help, in reality it woul...
Yorkshire Building Society to refund £8.4 million
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Dunfermline Building Society rescued by government
The UK government was today forced to bail out the Dunfermline Building Society with a £70 million hit for the UK taxpayer. There have been rumours for some days that the building society had hit trouble with losses of over £26 million from alleged risky lending in the commercial sector and sub-prime loan market. The society itself has 250,000 savers and 35,000 borrowers although the UK governme...Read More
Barclays Bank customers hit by computer problem
A number of Barclays Bank customers were unable to withdraw money yesterday after a power outage caused the company's LINK ATM service to go down for a 20 minute period. This comes only days after the company announced a deal to outsource handling of its ATMs to NRC Corporation although the company furiously denies claims that the "outage" is in any way connected to the outsourcing deal. A numb...Read More
European bank hit by cyber criminals
25/06/2014 Internet security company, Kaspersky Lab, has claimed to have found evidence of cyber-criminals stealing over £400,000 from 190 customers of a European bank. The attack is thought to have happened in January 2014, mainly affecting Turkish and Italian banking customers, who are believed to have lost between 1,700 euros and 39,000 euros each. However, whilst the authorities have...Read More