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.
Water bills set to be reduced by 5% in 2020
12/12/2014 The average household water bill is set to fall by 5% in 2020, following a decision from industry regulator Ofwat. In real terms, this means household water bills will fall on average from £396 to £376 over the next five years. Ofwat worked with the 18 water companies throughout England and Wales, and set prices and profits for them for the five year period. The new charges will...Read More
Gordon Brown shocked as recession continues
Today's GDP (Gross Domestic Product) figures for the UK issued a shock to Gordon Brown with confirmation that the UK economy fell by 0.4% in the third quarter against analysts hopes of a rise of 0.2%. A growing number of economists were certain that the UK was pulling out of the recession and would finally wave goodbye to the bad times and return to the growth path. So what does this mean for the...Read More
Hopes rise for solution to Greek debt problems
In a further extension of the uncertainty surrounding the Greek debt problems, stock markets within Europe have rebounded today amid hopes that there will be a "quick" solution. It seems that contradictory statements are being released on a regular basis and investment markets in the UK, Europe and the rest of the world have no clue what is going on under the surface. As we have mentioned on nu...Read More
UK government puts aside £388 million for housing projects
The UK government has today confirmed that £388 million has been put aside to provide funding to 115 private sector housing projects in England. The "Kickstart scheme" has begun with a £62 million payment to an array of private sector developers who had been caught short by the recession and were forced to mothball some of their developments. So what does this mean for the industry?
Gordon Brown backtracks on international banking tax
After Gordon Brown's proposal of a "Tobin tax" on all financial transactions around the world was ridiculed by fellow G20 members, the Downing Street PR machine has been in full swing this afternoon with a suggestion this was merely an idea which Gordon Brown had discussed rather than recommended.
To all intents and purposes this is a serious U-turn by Gordon Brown as for some he ha...