Royal Bank of Scotland joins UK asset protection scheme
Despite attempting to wriggle off the hook, which is the UK government's asset protection scheme, the Royal Bank of Scotland has been forced to sign up and confirmed that this happened on 26 November. While there's no doubt that the scheme will protect the company's assets in the short to medium term, like Lloyds bank, the company had been attempting to negotiate an exit rather than pay the multibillion pound premium.
In a bizarre quake of fate, if the UK economy does take a further downturn, as some people believe it will in 2010, the scheme will become vital for Royal Bank of Scotland and Lloyds bank may well have made a mistake negotiating its own exit. The agreement which was signed by Royal Bank of Scotland is conditional upon approval by Royal Bank of Scotland shareholders and overall approval by the European commission which is now heavily involved in the UK banking sector and the restructuring of businesses such as Lloyds bank and Royal Bank of Scotland.
Now that the saga surrounding the asset protection scheme looks to be over there are hopes that the Royal Bank of Scotland management can look ahead to the future even though markets are still very difficult. This is a company which was the largest banking operation in the world at one stage, after a massive expansion programme, but has now come back down to earth with a bump and will need to rebuild from a very low base.
Gordon Brown's social housing programme under scrutiny
When the UK government announced a £1.5 billion social housing programme which would see 20,000 new homes built across the UK for those on low incomes and council house waiting lists, traditional Labour voters clapped their hands with enjoy. However, as Parliament goes into recess it has been revealed that the £1.5 billion required to fund his social housing programme in the future is not availa...Read More
What Is The Underlying Driver Of Any Economy?
When you take a look at the economies of the world it can be very difficult to see exactly what makes them tick, what is the main driver and what should be the first target in signs of trouble. Have you guessed what drives markets? What turns economic cycles? It is you............
The main driver for any economy is human nature and how those who participate in the economy feel abou...
House prices up by 8.4% in 2013
03/02/2013 The UK housing market continued its recovery throughout 2013, with prices rising by an average of 8.4%, according to the Nationwide Building Society. Prices in London and the south-east have given the biggest boost to the market, but the last quarter of the year saw rises across all regions of the UK, bringing the price of the average home up to £175,286. However this price is st...Read More
Lehman Brothers fallout knocks £50 billion off FTSE100
Who would have guessed that a move which had been flagged late last week could turn into a disaster for worldwide stock markets? Who could have seen the turmoil and knock on affect from the failure of Lehman Brothers to agree a lifeline?
A massive £50 billion pounds was knocked of the value of the UK's premier stock market index as traders ran for the hills after the Lehman Brothe...
New council tax band hikes for 465,000 homes
A local government review published yesterday proposed the introduction of two new bands of council tax, G2 and H, which would mainly affect more expensive properties in London and southern England.The review advised that properties worth more than £545,000 would in future fall into band G2, and would face an annual tax of £2,500 - affecting about 460,000 homes in total.The proposed H band would...Read More