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PoliticsHome | Only the latest five entries on the PhiWire are visible to non-subscribers
PoliticsHome | Only the latest five entries on the PhiWire are visible to non-subscribers
PoliticsHome | Only the latest five entries on the PhiWire are visible to non-subscribers
PoliticsHome | Only the latest five entries on the PhiWire are visible to non-subscribers
PoliticsHome | Only the latest five entries on the PhiWire are visible to non-subscribers
PoliticsHome | Only the latest five entries on the PhiWire are visible to non-subscribers
PoliticsHome | Only the latest five entries on the PhiWire are visible to non-subscribers
PoliticsHome | Only the latest five entries on the PhiWire are visible to non-subscribers
PoliticsHome | Only the latest five entries on the PhiWire are visible to non-subscribers
PoliticsHome | Only the latest five entries on the PhiWire are visible to non-subscribers
PoliticsHome | Only the latest five entries on the PhiWire are visible to non-subscribers
PoliticsHome | Only the latest five entries on the PhiWire are visible to non-subscribers
PoliticsHome | Only the latest five entries on the PhiWire are visible to non-subscribers
PoliticsHome | Only the latest five entries on the PhiWire are visible to non-subscribers
PoliticsHome | Only the latest five entries on the PhiWire are visible to non-subscribers
PoliticsHome | Only the latest five entries on the PhiWire are visible to non-subscribers
PoliticsHome | Only the latest five entries on the PhiWire are visible to non-subscribers
PoliticsHome | Only the latest five entries on the PhiWire are visible to non-subscribers
PoliticsHome | Only the latest five entries on the PhiWire are visible to non-subscribers
PoliticsHome | Only the latest five entries on the PhiWire are visible to non-subscribers
24/05/2012 in Financial Services
Free banking is a "dangerous myth" which the Government needs to act on, according to a director at the Bank of England. Andrew Bailey, who is set to become the City's top regulator, warns that banks may mis-sell other financial products to recoup losses from offering free services.
News BBC - Free banking 'a dangerous myth'
News Reuters - BoE's Bailey says free banking may have to end
News (£) The Financial Times - Only one MPC member voted for QE
Blog Comment is Free - This call to end free banking is an insult | Phillip Inman
Chris Leslie MP, Labour’s Shadow Financial Secretary to the Treasury, responding to Andrew Bailey’s comments about free banking, said: “Millions of ordinary bank account customers will be concerned by these comments from the Governme... Continue to article
CWU today welcomes research by postal watchdog Consumer Focus which shows a strong case for making credit union services available through the post office network. The postal union believes this reinforces the case for a Post Bank which wou... Continue to article
Free banking is a "dangerous myth" which the Government needs to act on, according to a director at the Bank of England. Andrew Bailey, who is set to become the City's top regulator, warns that banks may mis-sell other financial products to recoup losses from offering free services.
Stella Creasy has suffered a blow to her campaign to tackle legal loan sharks after her amendment to the Finance Bill was defeated.
The Labour amendment, which would have given the Financial Conduct Authority given the power to cap the cost of credit, was defeated by 266 votes to 225.
Earlier today Ms Creasy, who has been campaigning on this issue for many months, warned in an exclusive PoliticsHome opinion piece that the Government could not “plead ignorance” about the impact of short-term loan companies.
Stella Creasy has suffered a blow to her campaign to tackle legal loan sharks after her amendment to the Finance Bill was defeated.
The Labour amendment, which would have given the Financial Conduct Authority given the power to cap the cost of credit, was defeated by 266 votes to 225.
Earlier today Ms Creasy, who has been campaigning on this issue for many months, warned in an exclusive PoliticsHome opinion piece that the Government could not “plead ignorance” about the impact of short-term loan companies.
Stella Creasy said Britons “overwhelmingly” want the costs on credit by payday loan companies to be capped. “It shows that the public overwhelmingly agree that payday lending is a problem and also that they want to see total cost caps. W... Continue to article
Stella Creasy said Britons “overwhelmingly” want the costs on credit by payday loan companies to be capped. “It shows that the public overwhelmingly agree that payday lending is a problem and also that they want to see total cost caps. W... Continue to article
The squeezed middle, once the butt of semantic jokes, has become a very real and very raw subject for many. Little wonder in a country where the cost of petrol has gone up 10p a litre since the beginning of 2012, household spending power ha... Continue to article
The squeezed middle, once the butt of semantic jokes, has become a very real and very raw subject for many. Little wonder in a country where the cost of petrol has gone up 10p a litre since the beginning of 2012, household spending power ha... Continue to article
The criminal insider-trading trial of former Goldman Sachs director Rajat Gupta is due to start this morning with jury selection and opening statements. Continue to article
CML press release Gross mortgage lending declined to an estimated £10.2 billion in April. Lending fell by 19% from £12.6 billion in March but was 2% higher than the total of £10.0 billion in April 2011, according to the Council of Mortgage... Continue to article
Number 10 has refused to advise Britons on whether to withdraw their money from Santander accounts on whether to withdraw their money from Santander after its UK subsidiary's debt forecast was downgraded. Asked for any message for Santan... Continue to article
The taxpayer could lose £2bn when the assets of failed bank Northern Rock are wound down, the public spending watchdog has warned.
The National Audit Office said the Treasury lost £480m last year from the sale of the bank, although they also pointed out that the recent sale of the bank to Virgin Money did save taxpayers money.
Stella Creasy said that many payday loan companies were guilty of not giving consumers adequate information. "Let's be clear - there's been a 50% rise in people complaining...about these companies, and two-thirds of those complaints have... Continue to article
With the economy hitting the buffers the Treasury could use some good news. Today no less than the National Audit Office appears to offer some with the publication of its report into the Treasury's management of Northern Rock. Appears to. Continue to article
The head of taxpayer-backed RBS says separating the bank's investment and retail branches will mean higher charges for its customers. Chairman Sir Philip Hampton told the Sunday Telegraph: "If it's expensive then either taxpayers will suffer in our case, or customers will suffer, because we'll have to eventually deal with our costs and reclaim some of our costs from customers."
Government banking reforms will remain on track after European Union talks next week despite opposition to its demand for more freedom from Brussels, a source has told Reuters. Chancellor George Osborne said he will see through recommendations from the Independent Commission on Banking for banks to be split into retail and investment arms and to hold more loss-absorbing bonds.
The cost of living has been rising faster for the poorest households because they spend a higher proportion of their incomes on energy and food bills, according to new research. The TUC said consumer price index inflation for the poorest 10% of households in February was 4.1%, compared to 3.3% for the richest 10%. The research comes as the Bank of England brought a halt to quantitative easing asset purchases because of fears of inflation.
Workers in London's financial sector will receive their lowest level of bonuses in a decade this year, according to a new study by the Centre for Economics and Business Research. This year's expected figure of £2.3bn is down from £4.4bn in 2011/12 as banks suffer at the hands of the eurozone debt crisis and recession in the UK.
Vince Cable said there was growing dissatisfaction with pay getting “way out of line with performance”. The Business Secretary argued there had been “pay escalation” among top executives that had had little relation to their responsibili... Continue to article
Lord Oakeshott said legislation to split the retail and ‘casino’ sections of banks would never have happened without the Liberal Democrats. “This is a Government decision, and a very good Government decision, to reform the banks, but it ... Continue to article
Why did govt let idea take hold that Queen's Speech would boost growth? You can't really LEGISLATE for growth: that's what Budgets are for..
Labour press release Chuka Umunna MP, Labour’s Shadow Business Secretary, commenting on business measures in the Queen’s Speech, said: “As Business Secretary Vince Cable has said, the Government lacks the compelling vision we need to ... Continue to article
The Government attempted to maintain its focus on rebuilding the economy in the Queen's Speech, with measures to reduce burdens on business and strengthen regulation of the financial services sector.
Retail and investment arms of banks will be separated under the new Banking Reform Bill, in line with the recommendations from the Vickers’ Report into banking.
Her Majesty stated: “My Ministers’ first priority will be to reduce the deficit and restore economic stability."
Outlining a Banking Reform Bill, she said: "Measures will be brought forward to further strengthen regulation of the financial services sector and implement the recommendations of the Independent Commission on Banking."
The Government will also introduce an Enterprise and Regulatory Reform Bill. "Legislation will be introduced to reduce burdens on business by repealing unnecessary legislation to limit state inspection of businesses," her Majesty said.
She outlined a Groceries Code Adjudicator Bill to curb the power of large supermarkets: "My Government will introduce legislation to establish an independent adjudicator to ensure supermarkets deal fairly and lawfully with suppliers."
There will also be legislation to establish a Green Investment Bank.
IEA Press Release Responding to the Queen's Speech, Mark Littlewood, Director General at the Institute of Economic Affairs, said: "It is time this government stopped paying lip service to growth and did more about it. Measures to enco... Continue to article
Work and Pensions Secretary Iain Duncan Smith has said the Government will break the stranglehold of “predatory lenders”. He called for more credit unions to be opened to offer low-interest loans to the less well-off, and stop people going to payday loan firms where interest rates can be in excess of 6,000%.
The Co-operative has for several months been the preferred bidder for banking activities that Lloyds TSB is required to sell. Continue to article
Lord Mandelson said the Greek state had to accept the bailout it was being offered, or it would not be able to “meet its essential basic costs”. “Yes I think there will be, but Greece will be amongst them if its Government continues alon... Continue to article
22/05/2012 in British Business
Stella Creasy has suffered a blow to her campaign to tackle legal loan sharks after her amendment to the Finance Bill was defeated.
The Labour amendment, which would have given the Financial Conduct Authority given the power to cap the cost of credit, was defeated by 266 votes to 225.
Earlier today Ms Creasy, who has been campaigning on this issue for many months, warned in an exclusive PoliticsHome opinion piece that the Government could not “plead ignorance” about the impact of short-term loan companies.
News The Guardian - MP presses for cap on charges for 'payday' loans
News (£) The Times - Church calls for cap on payday loan interest rates
On air
PoliticsHome - Stella Creasy: Public overwhelmingly wants payday loan costs capped
PH Opinion PoliticsHome - Stella Creasy: End loan shark feeding frenzy
13/05/2012 in Financial Services
The head of taxpayer-backed RBS says separating the bank's investment and retail branches will mean higher charges for its customers. Chairman Sir Philip Hampton told the Sunday Telegraph: "If it's expensive then either taxpayers will suffer in our case, or customers will suffer, because we'll have to eventually deal with our costs and reclaim some of our costs from customers."
News The Sunday Telegraph - RBS boss: customers will have to pay for ring-fencing
News The Guardian - MPs consider RBS and Lloyds options
18/05/2012 in Financial Services
The taxpayer could lose £2bn when the assets of failed bank Northern Rock are wound down, the public spending watchdog has warned.
The National Audit Office said the Treasury lost £480m last year from the sale of the bank, although they also pointed out that the recent sale of the bank to Virgin Money did save taxpayers money.
News The Daily Mail - Rock rescue 'cost £4bn': Taxpayers left to pick up huge bill, warns watchdog
News The Daily Telegraph - Northern Rock could cost taxpayers £2bn, National Audit Office warns
Opinion James Moore - Treasury lucked out with Northern Rock and now might have to repeat the fluke
12/05/2012 in Financial Services
Government banking reforms will remain on track after European Union talks next week despite opposition to its demand for more freedom from Brussels, a source has told Reuters. Chancellor George Osborne said he will see through recommendations from the Independent Commission on Banking for banks to be split into retail and investment arms and to hold more loss-absorbing bonds.
News Reuters - UK confident on bank reform despite EU row
11/05/2012 in Financial Services
The cost of living has been rising faster for the poorest households because they spend a higher proportion of their incomes on energy and food bills, according to new research. The TUC said...
10/05/2012 in Financial Services
Workers in London's financial sector will receive their lowest level of bonuses in a decade this year, according to a new study by the Centre for Economics and Business Research. This year's...
09/05/2012 in Financial Services
The Government attempted to maintain its focus on rebuilding the economy in the Queen's Speech, with measures to reduce burdens on business and strengthen regulation of the financial service...
09/05/2012 in Financial Services
Work and Pensions Secretary Iain Duncan Smith has said the Government will break the stranglehold of “predatory lenders”. He called for more credit unions to be opened to offer low-interest ...
07/05/2012 in Financial Services
The Government will bring forward an enterprise bill to cut red tape, control excessive boardroom pay and strengthen competition in this week’s Queen’s Speech. Wednesday’s measures will incl...
24/05/2012
22/05/2012 on Today, BBC Radio 4
09/05/2012 on Newsnight, BBC2
09/05/2012 on BBC News
09/05/2012