The shadow chancellor, George Osborne, has stated that the Prime Minister will saddle the next two generations with debt. Mr Osborne was critical of Mr Brown’s economic strategy and his attempt to stave off recession with an Old Labour style reckless spending spree. Mr Osborne attacked Mr Brown on the Today programme on [...]
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Monthly Archives: October 2008
A Strong, Independent Bank
With all the talk of recession, international debt and governments bailing out banks it was nice to hear that one bank has actually decided to resort to banking methods to tide itself over!
Barclays Bank have apparently decided to raise £7.3billion to shore up their balance sheet. However, unlike other banks, they have decided that they [...]
Repossessions On The Increase
The FSA, Financial Services Authority, have announced that the number of people having their homes repossessed is on the rise. The figures, released by the FSA, show an increase of 71% over the same period last year. Total repossessions in the second quarter of this year numbered 11,054.
The FSA also confirmed that there [...]
Firms In Debt
As the economic downturn continues, it is feared that unmanageable debt problems, and the lack of available credit to meet these debts, could force many companies to the wall.
One of the conditions of the multi-billion pound bailout, by the government, of the nations biggest banks, was that they should lend money to business at 2007 [...]
Hopes Of Rate Cut For Consumers In Debt
Expectations of another interest rate cut, by the Bank of England, have led to a sharp rise in UK share prices. It is anticipated that the cut will be replicated by the European Central Bank and the US Fed.
This news will be welcomed by many UK homeowners, struggling to maintain mortgage payments, whilst trying [...]
What is interest
People or businesses in debt pay interest on borrowed money which is a fee Interest can be thought of as “rent on money”. For example there is a certain rate you have to pay if you want to borrow money from a bank, according to how much you want loaned to you.
Other useful investments [...]
Public Struggle With Debt Problems As Oil Company Profits Soar
Many Britons will wake up today with the prospect of an unsure economic future, out of control debt problems, increased fuel and petrol costs, higher food costs and the news that BP has made gigantic, multi-billion pound profits.
The executives will no doubt claim that we should all be proud that a British company is doing [...]
Third World Debt
Developing countries’ debt is external debt incurred by the governments of Third World countries generally in quantities beyond the political ability to repay. When the interest on the debt exceeds what the country’s politicians think they can collect from taxpayers it becomes “unpayable debt” so the debt is prevented from being repaid.
Increases in oil prices [...]
A Shot in the Foot
The Bank of England has released its latest Financial Stability Report and guess what? It says there may be a ‘need for a fundamental rethink of how to safeguard against systemic risk’! How much did they pay some genius to work that one out I wonder?
Joking aside it does come up with some sobering [...]
Debt in football
Under plans being drawn up by UEFA three premier league teams could face exclusion from the Champions League – on the grounds that they hold excessive debt.
The European game’s governing body has set up a working group to discuss how to extend its licensing system and restrict the levels of debt that clubs are permitted [...]
Where's the 'D' Notice?
I cannot help but wonder whether or not the present recession is the result of sub-prime lending, as we are led to believe, or whether it is the result of irresponsible media coverage. Let’s face it, the falls on the Stock Exchange are the result of a lack of confidence.
We all thought something was [...]
The Shrinking Economy
According to the ONS, the Office for National Statistics, output has fallen by 0.5% between July and September. This is the first time that the economy has shrunk, during this period, since 1992. The news had a dramatic effect in the city with big drops in the value of Sterling and on the [...]
Property rentals up 50 per cent
In the last year, property rentals in the UK have increased by almost 50 per cent according to the second largest lettings agent Your Move.
Their figures show that the number of leases commencing in September rose 4.34% from the previous month, and rose 45% in the nine months previous compared with the same period the [...]
Northern Rock
Following problems in the credit markets Northern Rock sought and received a liquidity support facility from the Bank of England during September 2007. This led to a run on the bank with many customers queuing outside branches to withdraw their savings.
On 22 February 2008 the bank was taken into state ownership. The nationalisation was a [...]
Debt Ridden Small Firms Unhappy With Banks
A plan to bring together bank bosses and representatives of small business in order to deal with the differences between them has been hatched by the government.
The Chancellor, Alistair Darling and Lord Mandelson, the new Business Secretary agreed the plan after meetings with CEO’s of the main high street banks.
HBOS, Lloyds TSB and RBS [...]