The top ten real causes of the crisis February 9, 2011 IN the end, Merlin turned out a damp squib. This is goodish news, because the deal is based on a faulty interpretation of the crisis. Here are the ten most important causes of our problems. 1) Loose, ultra-interventionist monetary policy from central banks that kept stepping in whenever growth slowed or the stock market fell. [...]
Merlin claims to boost lending to businesses February 9, 2011 HOUSTON, we have an agreement.” So joked one of the chancellor’s key allies yesterday, clearly relieved to have finally signed a deal of sorts with the four Merlin banks. But the government has got precious little for the weeks it has spent locked in negotiations with HSBC, RBS, Lloyds and Barclays. Here City A.M. looks [...]
PERSONAL FINANCE NEWS February 9, 2011 42 PER CENT PREFER DOG TO PARTNER It is a sad day for British romance when 42 per cent of British people prefer their dog or cat to their partner. A survey conducted by M&S Pet Insurance shows that when it comes down to the “me or the dog” question, 42 per cent would always [...]
VAT shock yet to be passed to consumers February 8, 2011 INFLATION in UK shops rose to 2.5 per cent in January – from 2.1 per cent in December — despite retailers absorbing much of the hike in VAT, a comprehensive survey revealed today. Even more price pressure could spill through to consumers in the coming months, the British Retail Consortium warned. “Retailers generally took the [...]
Yorkshire and Clydesdale Banks deliver “sound” quarter February 8, 2011 Yorkshire and Clydesdale Banks are on track to deliver £10bn of new lending to business and mortgage customers by October, its owner said today. Trading in the three months to the end of December was “sound and resilient” although “subdued demand for credit and low interest rates continue to restrict balance sheet and income growth”, [...]
For some, it’s a borrower’s market February 2, 2011 FANCY a new car, luxury holiday or that longed-for loft conversion but don’t have the cash? This could be the moment for you to bag a bargain. As businesses struggle amid the economic downturn, they are offering some very good deals, at least to certain clients. With care, you may be able to net an [...]
WHAT THE OTHER PAPERS SAY THIS MORNING February 2, 2011 FINANCIAL TIMES LLOYDS DROPS MORTGAGE BROKERS OVER SUSPECTED FRAUD Concerns over suspected fraud have prompted Lloyds Banking Group to cull the list of brokers it allows to sell its mortgages. The UK’s largest mortgage lender has removed some 900 individuals over the past four years from its “approved panel” of brokers, including 300 in the [...]
Davos is over but volatility for the Swissie carries on February 1, 2011 WITH the end of the Davos conference last week, the Swiss franc lost 1.27 per cent of its value. While it would be nice to think of that as the direct result of thousands of politicians, financiers and journalists leaving, and so ending their spending on hotels, booze and so on, the reality was more [...]
UK subprime mortgages vulnerable to shocks January 31, 2011 REPOSSESSIONS could begin to grow again in the UK due to a stubborn core of subprime mortgage-holders who are still falling behind on their payments, according to research by Standard and Poor’s. Despite an overall improvement among subprime mortgage-holders, those with the lowest credit ratings, accounting for around £7bn’s worth of mortgages overall, show little [...]
FED HAS DONE A GOOD JOB ON US EQUITIES January 31, 2011 THE Federal Reserve has so far done an excellent job of goosing US equities through its ongoing asset purchase programme. As Fed chairman Ben Bernanke has intimated, boosting stock prices is now one of the Reserve’s aims, on top of its officially mandated dual role of ensuring price stability and full employment. So investors were [...]