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.
Consumer confidence index at 11 month low
The GfK NOP index of consumer confidence fell to -22 in July from -19 in June, against analysts expectations of -20, and is now at the lowest level for 11 months. This is a very worrying sign for the UK government because essentially without consumer confidence there is no way that the UK economy can begin to build for the future with any real confidence. So why have consumers taken fright? The...Read More
Jobseekers to be given 14 days warning before sanction
23/10/2015 Jobseekers will be given a warning period of 14 days before they are faced with benefit sanctions under a new scheme that will be brought in next year, according to the government. At the moment, sanctions which result in the loss of benefits can be imposed immediately if a jobseeker has an issue such as not turning up for a job interview or not meeting their job adviser. The exte...Read More
Largest climate emission falls in 40 years
While the recession has had an impact on businesses and individuals around the world, a forecast fall of 2.6% in global carbon emissions would appear to be as a direct consequence of the recession. A significant reduction in business levels around the world and less "spending money" for individuals would appear to have led to what many governments were seeking, a marked reduction in damage to the...Read More
Uninsured driver claims starting to fall
For many years the problem of uninsured drivers in the UK has been a significant problem for the car insurance market. The Motor Insurers Bureau, which effectively looks after situations where uninsured drivers are involved in accidents, will this year take a £407 million levy from car insurance premiums, down from the £417 million figure last year. However, this is still a significant amount of...Read More
First-time buyers turn back on parental help
More and more first-time buyers in Britain are choosing not to turn to their parents for help purchasing their first property, a new report reveals.Figures from bank Abbey show that just 9.7 per cent of first-time buyers expect to get financial help from their parents when they buy a home, down from 23 per cent at the same time last year.The number of first-time buyers expecting their parents to a...Read More