Mervyn King turns on the bankers
Mervyn King, the governor of the Bank of England, yesterday hit back at the UK banking profession and admitted that UK regulators missed an opportunity to clamp down on excessive bonuses and remuneration packages during the depths of recession. As we covered in one of our earlier articles, Mervyn King was most certainly in apologetic mood yesterday and appeared to be attempting to curry favor with the unions.
Despite the fact that a number of union representatives turned their backs on the Mervyn King and walked out of during his speech he was given a far better reception than many had expected. When the governor of the Bank of England turns on the UK banking community then we know that the sector is most certainly public enemy number one. Quite why Mervyn King has taken this particular stance at this particular moment in time is something which is slightly puzzling.
However, the bottom line seems to be that the UK banking arena has been cut adrift more than ever before and historic friends that have defended the sector now appear to be turning against it. Whether the introduction of Mervyn King to the mix will make the UK banking arena think again is something which many people will be considering.
Is it time to look at the stock market?
As the likes of George Soros step forward to suggest the end of the global economic downturn is not far away, more and more investors are looking towards the UK stock market. While Mr Soros has a track record which few others can match it is worth remembering that he himself has made significant errors over the last few years and even the great man himself never saw the US credit crunch approachin...Read More
Bank of England and US Federal Bank play it tough
Those hoping for a short sharp drop in interest rates in the UK and the US have had their hopes dashed today with news that the threat of inflation growing in strength is greater than that of a further economic downturn. As stock markets around the world continue to tumble in the face of the Lehman Brothers bankruptcy and concerns about insurance giant AIG perhaps a drop in rates would have helpe...Read More
Over fifties supplement pensions with collectibles
Over-50s in the UK are investing in collectibles and antiques in an effort to supplement their pensions and in the hope that their hobby will help to pay for a more comfortable retirement.According to research from Direct Line, over the past five years, the age group has spent an enormous £2.5 billion on collecting items ranging from royal memorabilia to comic books to old records.A third of thos...Read More
RBS investment banking division saves the group
The headlines this week will focus upon an expected £7 billion loss for 2009 at Royal Bank of Scotland and many will comment upon the proposed £1.3 billion bonus pool. However, under the surface we will find that the "controversial" investment banking division is still delivering profits in the billions of pounds and is effectively carrying the group in the short to medium term. The vast majorit...Read More
How long can British Airways survive?
As the bitter dispute between the British Airways management and the Unite union continues unabated it appears that the two parties are nowhere near an agreement on the travel perks which are at the center of the disagreement. The strike is costing British Airways millions of pounds a day and with suggestions that the Union may well look to ballot members on further strike action it would seem thi...Read More