Mervyn King turns on the bankers
Mervyn King, the governor of the Bank of England, yesterday hit back at the UK banking profession and admitted that UK regulators missed an opportunity to clamp down on excessive bonuses and remuneration packages during the depths of recession. As we covered in one of our earlier articles, Mervyn King was most certainly in apologetic mood yesterday and appeared to be attempting to curry favor with the unions.
Despite the fact that a number of union representatives turned their backs on the Mervyn King and walked out of during his speech he was given a far better reception than many had expected. When the governor of the Bank of England turns on the UK banking community then we know that the sector is most certainly public enemy number one. Quite why Mervyn King has taken this particular stance at this particular moment in time is something which is slightly puzzling.
However, the bottom line seems to be that the UK banking arena has been cut adrift more than ever before and historic friends that have defended the sector now appear to be turning against it. Whether the introduction of Mervyn King to the mix will make the UK banking arena think again is something which many people will be considering.
Diversification Is the Name Of The Game
Diversification in the investment world is something which the professionals will always preach but few of the public actually follow. Some of the excuses include a lack of funds to invest, sticking to steady markets and 'I know what I am doing'. Never forget that pride comes before a fall!
Who would have thought that just over 12 months ago those with massive property gains would...
David Cameron champions the cause of entrepreneurs
Due to a mixture of higher taxes and more red tape than ever before the number of entrepreneurs operating in the UK has fallen dramatically over the last few years. However, David Cameron believes that entrepreneurs are the business leaders of the future and in line with policies brought in by Baroness Thatcher in the 1980s he will "free enterprise to compete". So what does this mean? It would...Read More
The banking pendulum swings back to positive
After revelations that US banks may not require additional funding from the US authorities, today saw a significant rise in the share price of many UK banks. This is the latest movement in the banking pendulum which appears to swing between negative news and positive news on a regular basis. While the growing opinion that US banks are fully funded for the future is most definitely a positive sign,...Read More
Barclays bank gives in to investors
The top four executives at Barclays bank have all agreed to forfeit their bonuses for 2008 in an attempt to appease investors deeply concerned at the terms of the Middle East fundraising. The fundraising has come under pressure because of the added expense over the UK government offer, all because Barclays bank did not want to be at the beck and call of the UK government.
There is a...
Investments income targeted by HMRC
Taxpayers with investment income will be targeted by HM Revenue & Customs (HMRC) in spring 2009 in a new compliance campaign, a chartered accountancy firm has claimed.UHY Hacker Young discovered the plans from documents obtained under the Freedom of Information Act and said that more people than any previous campaign could be targeted.In the past, HMRC mainly focused on taxpayers with offshore acc...Read More