The Government has been warned of a “regulatory fiasco” in which British banks have apparently adhered to flawed reporting standards for more than five years. An influential watchdog has written to the Department of Business listing a catalogue of staggering regulatory errors that allegedly contributed to the collapse of several banks in 2008 – and [...]
Confidence in the economy is waning among businesses and households, suggesting the economy will slow in the second half of the year as the Coalition’s austerity measures begin to bite. Record numbers of households fear their standards of living will suffer as inflation outstrips pay rises, according to research from Markit and YouGov, while ICAEW [...]
UK Government borrowing fell sharply in July, although the country continued to sink further into debt. The Government borrowed £3.8bn over the month, down from £14.7bn in June, £18.4bn in May and 6.1bn in July last year, according to figures from the Office for National Statistics (ONS). It brings public borrowing for the four months [...]
Britain faces a weaker economic recovery and higher inflation for longer than previously hoped, the Bank of England forecast today. Economic expansion will peak at 3pc next year, weaker than the 3.6pc the Bank was expecting just three months ago. Today’s Inflation Report also forecast that the level of prices will remain above the Bank’s [...]
BP, the embattled oil company, has confirmed that a test on the cementing operation needed to plug its leak in the Gulf of Mexico had been successful. The company said that tests had indicated that there was an effective cement plug in the blown-out pipe, “which was the desired outcome”. The success – almost four [...]
The number of people declared insolvent has risen as the credit crisis marks its third anniversary. A total of 34,743 people were declared insolvent during the three months to the end of June, 5 per cent more than during the same period a year earlier, according to the Insolvency Service. The figures are lowered than [...]
Barclays profits jumped 44pc to £3.95bn in the first six months of the year boosted by a sharp drop in bad debts and its investment banking division. The investment bank, Barclays Capital, once again produced the majority of the profits with a trebling in earnings to £3.4bn. Charges for debts that have turned sour fell [...]
Interest rates will have to rise earlier and more sharply than expected to keep inflation under control, two former Bank of England policy-makers have warned. Sir John Gieve, an ex-deputy Governor, and Charles Goodhart, a previous member of the Monetary Policy Committee, are the most senior economists yet to have opposed the current orthodoxy that [...]
Northern Rock’s so-called ‘bad bank’ made profit from its toxic mortgages in first half of the year while its ‘good bank’ posted a loss. The “bad bank” – Northen Rock (Asset Management) – made a £349.7m profit in the six months to June 30, compared with a £724.2m loss in the same period last year. [...]
Mervyn King is looking for a new breed of regulators focused on public service and not huge banking-style pay packages when responsibility for financial regulation transfers from the Financial Services Authority (FSA) to the Bank of England in 2012. The governor said it was time to move away from the model where people take two [...]
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