Is George Osborne about to hit the UK banking industry?
Many believe that George Osborne will use his Mansion House speech this evening to launch a number of new initiatives aimed at the UK banking arena. He will warn them that they need to pay for the damage which "they inflicted" on the UK economy and indeed there will be talk of new banking taxes and a banking levy discussed.
It is also believed that many Liberal Democrat politicians are pushing George Osborne to instigate an investigation into integrated banking arrangements such as Barclays Bank, which operate both commercial banking activities and investment banking operations. Some of the more radical moves discussed include splitting commercial banking and investment banking into two separate entities thereby reducing the risk to an overall company from any one of these operations. This is not something which will go down well in the City where the likes of Barclays Bank, one of the integrated banking giants, has operated relatively successfully for many years.
Even though it may seem like a knee-jerk reaction to a once-in-a-lifetime event, i.e. the credit crunch, the UK banking arena could be about to change forever with many people concerned that the financial industry has become too powerful and too influential.
More than a third of Brits bank online
A decade after the advent of internet banking, a report from Nationwide shows that 37 per cent of British people now manage their money online. Half of those who bank online said it was easy and 53 per cent said they found it convenient. One user in nine accesses internet banking as they can not always get to their local branch and one in 25 preferred the paperless process. Over half of online ban...Read More
Free bank accounts to ‘disappear within a decade’
A report from PricewaterhouseCoopers (PwC) has suggested that paid-for bank accounts will be the only option for consumers within the next decade, as they replace “unsustainable” free banking. The report predicts that customers who do not wish to pay a monthly charge for their account will see restrictions to their account introduced, such as limited withdrawals or a block on using branche...Read More
Webchat Thursday 2pm: Student Finances with Alvin Hall
FinancialAdvice.co.uk is proud to present a live webchat with Alvin Hall this Thursday at 2pm. The webchat will take place here: www.financialadvice.co.uk/webchat.html. Alvin will be offering his expert advice to parents concerned about keeping their children's university budgets in the black.
The new university term really...
Is Northern Rock heading back to the mutual sector?
The future of Northern Rock is shrouded in mystery today after the Labour Party issued a pledge in its manifesto which could see the company return to the mutual sector. It is believed that the Labour Party is in favour of allowing depositors to retain ownership of the company via a takeover by another mutual or indeed to encourage the likes of Richard Branson to adopt a mutual society model if he...Read More
Private equity giant applies for British banking licence
It has been revealed that US private equity giant Blackstone has applied for a UK banking licence and could become the latest in a long line of companies looking to take advantage of confusion and disappointment with the traditional UK banking arena. The company is one of the largest buyout operations in the world with experience in many areas of business and contacts aplenty. The rumour is tha...Read More