Former Prime Minister and Chancellor Of The Exchequer Gordon Brown has claimed the world is ‘sleepwalking into the next financial crisis’ while current Chancellor Philip Hammond says we are still feeling the after-effects of the last.
A new poll has found that two-thirds of Britons still don’t trust their banks, a decade after the financial crash.
Royal Bank Of Scotland (RBS) has agreed to pay a $4.9 billion (£3.61 billion) civil penalty to close a long-running investigation into their financial dealings in America in the lead-up to the financial crisis.
The size of the penalty came as a surprise to many experts who had predicted the final settlement would be much higher. RBS said it has already set aside $3.6 billion in anticipation of the size of the penalty.
The Serious Fraud Office (SFO) has charged Barclays with ‘unlawful financial assistance’ relating to billions of pounds raised from Qatar at the time of the financial crisis.
It’s the second time the same charges have been brought against the bank in relation to financial deals with the Middle East country in 2008.Read More
The Bank Of England has raised interest rates for the first time in a decade and governor Mark Carney has said the banks should pass the rate rise on to savers.
Base rate has been at a record low since August 2008 when it was slashed from 5.25% to the then record low of 0.5% as an emergency measure to stimulate the economy in the aftermath of the financial crisis.Read More
The government is lining up the sale of another £3 billion worth of Bradford & Bingley loans after selling off a massive £11.8 billion worth in April.
The sale is the latest step in the government’s plan to recoup as much money as possible from the bail-outs they were forced into at the height of the financial crisis.Read More
Chancellor Philip Hammond has admitted that the government could face a multi-billion pound loss by selling off its 73% stake in the Royal Bank Of Scotland (RBS).
Mr Hammond has told MPs that ‘we have to live in the real world’ in returning the taxpayer-owned bank to private ownership.Read More
The government’s stake in Lloyds Banking Group (LBG) has now dropped to below 2% from a figure of 6% in January.
The Treasury has continued its policy of selling down the shares to institutional investors and it is understood this batch of shares was sold to several buyers under the government’s trading plan.Read More