Lloyds bank set to hit the headlines again
Lloyds bank is expected to write off around £13 billion on its loan book to commercial property, businesses and mortgage holders across the UK. This particularly disappointing news is set to be announced with results in three weeks time which will also show losses exceeding £6 billion for the first half of 2009 and total write-offs since the merger with HBOS in excess of £20 billion.
When you consider that Lloyds bank has now written off more over the last 12 months than it actually paid for HBOS, the situation becomes clearer. Prior to the acquisition of HBOS, Lloyds bank was one of the most conservatively run operations in the UK and appeared to, at least on the face of it, be faring better than most banks in the UK as the credit crunch took hold. However, as UK taxpayers continue to increase their stake in the operation there are concerns that the worst may be yet to come for one of the U.K.'s most respected and influential banking operations.
Even though the various authorities across UK have attempted to wash their hands of the disastrous HBOS and Lloyds bank merger there are still many questions to be asked about this deal.
Share this..
Related stories
Alistair Darling introduces 50% tax rate
With a blatant disregard to the Labour Party manifesto of 2005, which promised no income tax rises within this Parliament, Alistair Darling yesterday announced an increase in the planned 45% tax rate up to 50% for those earning in excess of £150,000 a year. As we covered in one of our earlier post, many people see this as a political move rather than a taxation issue as it has re-ignited the so-c...
Read MoreUnions confront Lord Mandelson over Royal Mail
UK postal unions have today confronted Peter Mandelson whom they believe has refused to enter the fray with regards to the ongoing strike action purely and simply because his privatisation plans were scuppered some weeks ago. The UK government has been firmly behind the reorganisation of the Royal Mail and had intended to sell off a significant portion of the profitable side of the operation to an...
Read MoreUK public dismayed over MP's expenses
The UK public and Parliament appear to have totally disconnected with news that four MPs charged over alleged fraudulent expense claims could well be tempted to use parliamentary privilege to escape court action. At a time when UK taxpayers are struggling to make ends meet on a monthly basis the headlines in newspapers do not make good reading for UK MPs. Overall MPs expenses were over £90 mil...
Read MoreUK government set to attack banking sector again
The UK government is today on a collision course with UK banking chiefs with news of a potential 60% tax rate aimed at those earning in excess of £500,000 a year. Banking chiefs have reacted with dismay to the suggestion in today's press, countering the proposals by confirming that the UK financial sector brings in around £7 billion a year in corporation tax. It seems that the UK banking sect...
Read MoreFTSE 100 sees 10th consecutive daily rise
Even though news on the GDP front was disappointing to say the least the UK stock market today racked up its 10th consecutive daily rise although there was a small bout of profit taking towards the end. Having risen above the 4600 level at one point the market ended the day at 4576.6 for a rise of 4.3% over the week. Why is the market so strong, when economic figures suggest the economy is struggl...
Read More