UK Economy
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FSA a Closed Chapter – New Regulators for UK Financial Services
The Financial Services Authority has been officially replaced by the Financial Conduct Authority and Prudential Regulation Authority. The aim was of reducing the number of mis-selling cases through reduced red tape. 26,000 businesses, including building societies, banks, insurers and other financial groups will be overseen by the FCA. The FCA’s goals are to increase competition [...]
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Cameron Promises Action on Corporate Tax Evasion
Prime Minister David Cameron has promised he will turn the screw in an effort to clamp down on what seems to be rampant corporate tax evasion by multi-nationals in the UK. Tax avoidance schemes appear to be plentiful, with major companies such as Google, Amazon and Starbucks having recently come under fire for utilising them, [...]
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Virgin Money Blows Whistle on RBS PPI Pullout
Jayne-Anne Gadhia of Virgin Money told the banking commission that she knew that RBS was mis selling PPI during her term. She says she tried to stop its selling since the early 2000′s, but was warned that it could reduce profitability and market share prices. Gadhia says she discussed with an RBS “senior” that PPI [...]
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Banking, Euro Zone, UK Economy
UK Economy Fix Needs Creative New Ideas – Adair Turner
Financial Services Authority (FSA) Chairman Adair Turner stated that debt cutting and the eurozone crisis are only challenges that would introduce new, unconventional ways to deal with the economic situation of the United Kingdom. He states that a new package of measures may be needed to accelerate the economic growth of the economy. Turner stated [...]
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Libor Manipulation Led to Libor System Re-Setting
Martin Wheatley, the Financial Services Authority’s managing director in the United Kingdom, states that the overwhelming events in the Libor scandal has forced the FSA to re-set the entire system as it is broken. With Barclays fined billions of pounds for their offenses, other banks are soon to be subject to Libor manipulation investigation. Wheatley [...]
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Banking, Euro Zone, UK Economy
Bank of England Still in Status Quo Despite Economic Woes
The Bank of England (BOE) recently stated that UK’s economic growth this year drops to zero this year caused by the drowning effect of the Euro Zone crisis. Sir Mervyn King, governor of BOE, states that BOE will not print more money and cut interest rates. He also remarks that the United Kingdom is to [...]
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“Economic Recovery Is Very Slow” – Cameron
UK Prime Minster David Cameron stated on Wednesday that UK is progressively having economic success, but the improvement is frustratingly slow. However, even while frustrated, Cameron still continues to uphold his promise to place government support behind house-building and other infrastructure projects to help the economy. Prime Minister Cameron had just arrived from Mexico following [...]
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National Farmers Union Leader States That UK Needs More Super Farms
The National Farmers Union Leader, Peter Kendall, states that the United Kingdom should have more super farms to lower the food prices in the country and to ensure that the UK’s standards of animal welfare are properly observed. Kendall compares the UK’s farmland problem is parallel to that of the shortfall that happened in China. [...]
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Bank of England Opens Doors To Save UK Economy
The escalating dangers of the Euro Zone crisis had alarmed the Bank of England Governor Mervyn King. The money printing press had been stopped due to concerns of high inflation. King is asking for support to help Britain’s economy maintain balance as many economical threats are on the rise, especially the euro zone crisis that [...]
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Fall In Factory Output Threatens Economic Recovery
A surprise fall in factory output has tempered hopes the UK economy enjoyed of a new year resurgence, contrasting with the upbeat tone of recent business surveys. Official data showed manufacturing output suffered its biggest fall in almost a year in February, defying expectations for a small rise. The weakness was across the sector and left [...]
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