Brown hints at higher savings guarantee
Savers might soon gain extra government protection, Gordon Brown has suggested.The prime minister met with other EU leaders in Brussels yesterday.At the summit, a proposal was submitted to raise deposit guarantees in member states to £78,000 by the end of next year.In the UK, the limit was raised from £35,000 to £50,000 last Tuesday - in a bid to boost consumer confidence in the crisis-hit banking sector.Bradford & Bingley and Northern Rock have already had to be nationalised due to the credit crunch - the latter after savers queued outside branches to withdraw their deposits, due to concerns over the bank's financial stability.Mr Brown said: "We moved to £50,000 over the last few days. We said at the time we were prepared to look at any other proposals. "Obviously we will see what comes up in the discussions."The prime minister also unveiled a bank recapitalisation scheme on Monday.It promised to inject around £37 billion into RBS, HBOS and Lloyds TSB by purchasing equity stakes in the banks.
Share this..
Related stories
Setanta bites the dust
Despite days of renewed hopes and talks with an American investor, satellite TV channel Setanta has today succumbed to administration. The company was forced out of business due to lower than expected subscriber numbers, alleged outstanding tax payments in the tens of millions and the fact that the company missed stage payments to the Scottish Premier league and the English Premier league. After f...
Read MoreThe Retail Distribution Review (RDR) and how it affects you
28/10/2013 It’s been almost a year now since the Retail Distribution Review (RDR) came into affect on December 31st 2012. The RDR, although it may not sound so familiar, may have affected you more than you might think. To put it simply, the RDR was aimed at improving public trust and confidence in the market and avoiding recurrences of the mis-selling scandals of the last decade whilst fur...
Read MoreShareholders fight back at Punch Tavern meeting
In a sign of the times, shareholders at yesterday's meeting of Punch Tavern investors voted down the latest remuneration package for the company's directors. While there was a similar revolt last year, with 36% of investors voting against the remuneration package, this year saw a significant 55% vote against the package and hence the company has withdrawn the offer. So what is going on? A numbe...
Read MoreCurrency counterfeiting on the increase
As we have pointed out on a number of occasions, the ongoing recession in the UK has attracted a significant increase in criminal activity with currency counterfeiting one of the leading "benefactors". It is estimated that one in 20 one pound coins in the UK are counterfeit which equates to a staggering 73 million fake coins in circulation. When you consider that a fake one pound coin can cost bet...
Read MoreMobile users to be able to switch contracts without penalty
24/10/2013 Ofcom have announced changes which will mean mobile users will be able to switch contracts without paying a penalty in the event of their contract provider increasing prices mid-term. The regulator further announced that any price increases, even if their within the level of inflation, will have to be clearly communicated with customers a minimum of 30 days before the price change...
Read More