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.
Complaint over Lloyds TSB cash exchange charge
A Merseyside teacher has criticised Lloyds TSB for what he sees as its excessive handling fees.Arthur Williams used a branch of the bank in West Kirby, in order to convert two £20 notes and a £10 into a new £50.This note was then to be used as a Christmas gift for his 15-year-old niece.However, the bank informed him that there would be a handling fee of £5 for the conversion - which the teache...Read More
HBOS reduces overdraft fee to just five pounds a day
As we covered in one of our earlier post, more and more banks in the UK are reducing their overdraft charges as we await the announcement of a legal challenge to historic overdraft fees. HBOS, via its subsidiary Halifax, is the latest such bank to reduce its charge to just five pounds a day for those making use of unauthorised overdrafts.
Previously Halifax had charge £35 for refu...
Irish government claims banks will honour their obligations
The Irish government has today confirmed that it fully expects Irish banks to honour their obligations because a failure to do so would seriously jeopardise the government's ability to raise finance in the future. There is no doubt that concern regarding the Irish banking situation continues to grow and with Anglo Irish Bank's senior debt downgraded by three notches today it is easy to see why som...Read More
Donald Moffat receives £100 billion overdraft bill from Barclays!
When 38-year-old Donald Moffat logged onto his Barclays bank account yesterday morning expecting to see his account in the black he was astonished to say the least when he encountered a £100 billion deficit on his current account!
While the UK economy and savings rates may be under pressure the Scottish student was shocked when he realised he had apparently spent enough money to ba...
Is there a gap in the market for a long-term state-controlled bank?
While you could argue that the likes of Royal Bank of Scotland, Northern Rock and Lloyds Bank are effectively state-controlled at this moment in time, although they will be sold off in due close, an interesting discussion is formulating in the investment arena. With the mainstream UK banks unwilling at this moment in time to increase liquidity, especially for the small business arena, is there a g...Read More