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.
Is the UK government about to be embarrassed over the Icelandic affair?
Amid claims that the government were aware of problems in Iceland prior to the collapse of the country's financial sector there are growing calls for a thorough investigation into the collapse where confirmation about what the government did and did not know would be requested. As we discussed yesterday there are claims that Gordon Brown knew about problems as far back as March 2008 although no ac...Read More
Is there a gap in the market for a long-term state-controlled bank?
While you could argue that the likes of Royal Bank of Scotland, Northern Rock and Lloyds Bank are effectively state-controlled at this moment in time, although they will be sold off in due close, an interesting discussion is formulating in the investment arena. With the mainstream UK banks unwilling at this moment in time to increase liquidity, especially for the small business arena, is there a g...Read More
Treasury plans fee free bank account
15/12/2014 The Treasury has announced plans to launch a new fee-free bank account on the high street. Nine lenders in the country will offer these bank accounts to millions of customers who have been locked out of the banking system due to bad credit. The participating lenders are Barclays, the Co-operative Bank, HSBC, Lloyds Banking Group, National Australia Bank, Nationwide, Royal Bank of...Read More
Who broke Lloyds bank?
With Lloyds bank rumoured to be on the verge of a £15 billion fundraising there can be few other companies which have suffered such a dramatic demise in their fortunes. This is a company which in the midst of the UK financial recession were seen as one of the stronger and more conservatively run in the industry until the fateful day when the call came to takeover HBOS.
UK Banks set to learn fate regarding overdraft charges
This week should see the UK Supreme Court issue its verdict on the overdraft charges saga which has been dragging on for some years now. In a nutshell, the ruling from the Supreme Court will confirm whether the Office of Fair Trading is within its remit to rule if bank overdraft charges are fair and what compensation should be paid out to those who have suffered. The situation has been ongoing...Read More