Lord Turner issues warning to the European Union
Lord Turner, the chairman of the Financial Services Authority (FSA), has today issued his most direct warning yet to the European Union in relation to meddling within UK financial markets. He believes it is "vitally important" that the European financial supervisors did not intervene directly in the running of the UK financial markets or indeed the financial markets of any European countries. This is an issue which has been ongoing for some time now with the European Union more aggressive in its approach to the London markets because of the massive power London has in the worldwide financial arena.
There's no doubt that the European Union is looking to harness the power of London and use this for the "better" of the European Union although ultimately this will impact upon London which has everything to lose and nothing to gain. The coalition government is currently fighting against further European intervention although with the likes of Germany and France "ganging up" on the UK, this will certainly be a tough battle. However, there are literally millions of jobs at risk in the UK for those directly associated or indirectly associated with the financial arena. There are also billions upon billions of pounds of tax receipts at risk for the UK government which has made the situation even more vital.
Share this..
Related stories
UK stock market powers ahead again
The UK stock market has today pushed beyond the 5150 barrier as investors again latch on to optimistic economic data and comments from various companies. Despite the fact only a few days ago there had been indications that investors were running out of steam, the market has picked up again and appears to be going from strength to strength.
However, it is also worth remembering tha...
FSA to take action on Lehman Bros capital protected investments
When US financial giant Lehman Bros collapsed, a number of UK investors who had bought into the "capital protected" sector of the market were not overly concerned and under the impression there capital was actually protected. However, these so-called structured products are now worth only a fraction of the initial investment and the Financial Services Authority (FSA) is looking into this.
<...
National Savings and Investments income payments delayed
It has been revealed that around 8000 investors in National Savings and Investments (NS&I) income bonds have not received their January payment due to "technical issues". Those affected acquired their income bonds between 24 November 2009 and 28 November 2009 and were due to receive their latest income payment on 5 January. While the government has not been forthcoming with regards to reasons for...
Read MoreIs George Bush set to bail out the US car industry?
As the potential effects of yesterday's Congress no vote against a potential multi-billion-dollar rescue package for the US car industry starts to hit home, there is speculation this evening that George Bush is on the verge of announcing an 11th hour deal. He has received serious criticism in the US financial press where many people blame him for the current situation in the US car market.
...
Is an orderly bankruptcy of US car manufacturers on the cards
Today has been something of a turning point for the US car industry with news that the US government is looking for what has been termed "an orderly bankruptcy of the US car manufacturers". At this moment in time nobody quite knows what this plan means to the industry although it has been confirmed that the traditional two-week manufacturing break over Christmas will be extended to a minimum of fo...
Read More