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.
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UK gas bills hit a record high
It is estimated that the average quarterly winter gas bill for UK households will be something in the region of £616 having been boosted by £120 due to the cold snap at the beginning of 2010. This 20% increase in the average gas bill will see many people pushed into energy poverty spending more than 10% of their monthly income on their utility bills. So where will it all stop? In a nightmare...Read More
Royal Mint releases faulty 20p coins worth possible £50 each
In a remarkable turn of events the Royal Mint has today confirmed that a batch of faulty 20p coins have been released into the UK economy. However, while the coins are faulty they are still legal tender but if you are lucky enough to find one then perhaps you should consider retaining it for the future!
It has been revealed that the coins, which bear no date of issue, are the first...
2013 saw 1.1m people with mortgage debt 4.5 times their income
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BP shares hit 14 year low
Shares in BP fell to a 14 year low yesterday amid concerns the company may well have to go cap in hand to shareholders for additional funding. There is also speculation that if BP was forced into the money markets to raise funds then the company would likely pay a premium over and above the average interest rates at the moment. So when will this nightmare end? When you consider the damage to no...Read More