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.
Payday lenders need to do more to improve practices
30/09/2014 Just 1 in 5 people struggling to pay back a pay day loan have had their interest frozen and only a quarter of pay day loan customers feel like that are being treated sympathetically, according to the Citizens Advice Bureau (CAB). The charities online payday loan tracker has highlighted how pay day lenders are still not working hard enough to improve their practices, despite regul...Read More
Bank of England faces dilemma
Yesterday's confirmation that the Bank of England MPC expects to retain UK base rates at 0.5% for the foreseeable future was not a surprise for the UK economic arena. However, a report expected next week is set to show that while inflationary pressure in the UK is growing in the short to medium term, the economic recovery is stalling. Against this background the Bank of England faces a very diffic...Read More
Students splash more cash on rent
Average rent rates for students in the UK have risen by seven per cent compared to last year, according to a new report by Accommodation for Students.Social housing website 24dash published the report findings showing that an average UK student would pay £60 per week for their digs in 2007, which is four pounds more than 2005. Yet this figure does not reflect the experience of all students, as re...Read More
The gap between public and private sector pay continues to widen
In a damning indictment of the ever-growing size of the U.K.'s public sector it has been revealed that on average workers in the public sector are paid £2,000 a year more than their counterparts in the private sector. The average public sector worker now brings in around £23,660 year compared to £21,528 year for those in the private sector. This is the first time that the gap between the two se...Read More
Equitable Life competition scheme condemned
The Parliamentary Ombudsman has today issued a damning indictment of the U.K.'s proposed £400 million payout to Equitable Life suffers, many of whom lost their life savings during the company's near collapse back in 2000. The £400 million compensation scheme, yet to be rubberstamped by the government, equates to just £266 per policyholder despite the fact that a recent report suggested losses f...Read More