Lloyd's Of London joins criticism of Lord Turner
Lord Turner has today come under further attack from Lord Levene of Portsoken who is the chairman of the Lloyds of London insurance market. Like so many people in the financial industry, Lord Levene appears to have lost patience with the FSA, and Lord Turner in particular, who appear to be trying to demonise the UK financial sector at every opportunity.
Many people seem to forget that the UK financial industry has been the main growth element of the UK economy over the last few decades and will almost certainly remain so for the foreseeable future. A number of commentators believe the UK government and the UK regulators are trying to blame the city for the recent recession when in fact both of these parties also had a part to play in the downturn in the UK economy.
This ongoing demonisation of the city and the UK banking sector in particular has great parallels with the relentless assault on Sir Fred Goodwin and his pension pot from the Royal Bank of Scotland. As we now know, the UK government actually authorised the pension payment to Sir Fred Goodwin and only started to complain after the figures were leaked to the press and the UK government was left with "egg on its face".
Share this..
Related stories
Are buyers returning to worldwide stock markets?
This week we have seen the takeover of Sun Microsystems by Oracle and the takeover of Stiefel by GlaxoSmithKline with many investors suggesting that UK and US markets could be on the turn. The above deals are multibillion dollar takeovers which only a few months ago would probably have been out of the question. So are we seeing investors return to stock markets or are these just one-off situations...
Read MoreKingfisher forced to issue indicative trading report
The UK retail giant Kingfisher, which owns DIY chain B&Q, was today forced to release a highly unusual indicative trading update to the city. This came about after the head of the company's investor relations division accidentally e-mailed a spreadsheet to a number of city analysts which detailed the forthcoming figures. So what exactly happened?
In a fairly run-of-the-mill investor...
Telephone scams see massive increase
02/12/2014 The amount of money fraudsters have gained by using telephone scams has risen to £23.9 million, three times as much as it was last year. Financial Fraud action has released a report, which showed a significant rise in the number of consumers who have been targeted by phone scammers over the last year. Now, an estimated 58% of people have received suspect calls, compared to 41% l...
Read MoreLloyds bank in line for £2.5 billion hit
Rumours in the city today suggest that Lloyds bank is in line for £2.5 billion hit in order to allow the company to withdraw from the UK government's toxic asset insurance scheme. This is a scheme which was originally brought together to allow troubled UK banks to insure their potentially toxic assets and effectively strengthen balance sheets in the short to medium term. However, a recovery in th...
Read MoreShop Vacancies Rising as Recession Continues
The amount of shops left vacant at the end of June has risen to have risen to around one in seven as retailers struggle to cope with the implications of the double-dip recession. A report from Local Data Company (LDC) made the findings, and revealed that vacancies of shops has increased in all regions across the UK in 2012, apart from London, while the rate of capital fell from 10.7pc to 10.1p...
Read More