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Archive for the ‘UK economy’ Category

Bank of England warns QE could hit sterling

Posted by seumasach on March 20, 2013

Telegraph

20th March, 2013

Bank of England policymakers have warned that more quantitative easing could lead to “an unwarranted depreciation of sterling” if markets interpreted the move as evidence that the central bank was abandoning its commitment to low inflation.

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Ignore their howls of protest

Posted by seumasach on March 6, 2013

If bankers leave the country, it would be no loss

Simon Jenkins

Guardian

6th March, 2013

The peasants are revolting across Europe. They want bankers’ blood and mean to get it. Until now, public response to the credit crunch has been one of general bafflement and wrist-slapping. The banks persuaded the world it was all an act of fate. As it was, they were too big to fail and their leaders too saintly to atone for it. For four years, British banks were showered with nearly half a trillion pounds of public and printed money. They duly recovered and stayed rich, while everyone else went poor.

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Negative interest rates – a ruse to ease QE fears?

Posted by seumasach on March 4, 2013

“While American QE has so far amounted to 14pc of annual GDP, with the eurozone’s at 4pc, the Bank of England has made asset purchases (overwhelmingly gilts) out of money created ex nihilo to the tune of 26pc of our national income”.

Liam Halligan

Telegraph

2nd March, 2013

‘I’m sorry Liam, we’re losing you,” said John Humphrys on BBC Radio 4’s Today programme last week. “Oh what a shame, we can’t hear him,” the grand inquisitor continued. “It’s a very bad line.”

Explaining the implications of “negative interest rates” on the UK’s most influential news bulletin is tough at the best of times. Doing so when the communication link between you and the studio drops out, making you incommunicado 15 seconds after you’ve started speaking, makes the task more difficult still

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Is Europe tearing apart the City?

Posted by seumasach on March 3, 2013

We will fight them on the beaches, we will protect our “banking talent” and continue to bail them out, we will oppose outrageous tax impositions and FTT— we will never surrender!

Telegraph

2nd March, 2013

As the British are often first to point out, Europe is responsible for some pretty odd rules. Brussels has banned bendy bananas, said water can’t be promoted as a rehydration product and even outlawed marketing prunes for the “maintenance of normal bowel function”.

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UK defeated as EU agrees to cap bankers’ bonuses

Posted by seumasach on February 28, 2013

UK has been battling to stop the Basel III accord on capital requirements, fearing the impact on the City of London as the EU’s leading financial capital.

City of London interests- that’s what our anti-European stance is really about

Independent

28th February, 2013

European Union chiefs have agreed a package of financial laws that includes capping bankers’ bonuses at a maximum of one year’s basic salary.

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RBS losses breach £5bn

Posted by seumasach on February 28, 2013

Asked on ITV Daybreak if the taxpayer would ever get back its money, RBS chairman Sir Philip Hampton said: “I don’t know. We’ll do our best”.

I know. The answer is no.

RBS boss admits ‘chastening’ year as losses breach £5bn

Guardian 

28th February, 2013

Stephen Hester, the boss of Royal Bank of Scotland, admitted 2012 had been a “chastening” year as losses at the bailed-out bank widened to more than £5bn – and still paid out more than £600m in bonuses.

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Global banks shun UK Gilts on ‘stagflation’ risk

Posted by seumasach on February 24, 2013

Ambrose Evans-Pritchard

Telegraph

“Systematically forecasting a disinflation that never materialises has exposed the bank to ridicule,” said Nomura, Japan’s biggest lender and a conduit for Asian investors.

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RBS plans cuts to investment bank in push to stem losses

Posted by seumasach on February 24, 2013

The bankrupt banks continue to be a drain on the UK economy- bailout time is approaching. Any further bailout, overt or covert, must be resisted and the only other alternative, bankruptcy proceedings effected

Telegraph

24th February, 2013

The Royal Bank of Scotland is to reduce the size of its investment bank by as much as £30bn and cut hundreds more jobs as the taxpayer-backed lender attempts to head off growing government pressure to close down the controversial division.

The lender will announce that it will reduce the size of the investment bank’s balance sheet, as well as scaling back the amount of capital allocated to the business and continuing its redundancy programme.

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Bank of England governor outvoted in bid to launch fresh QE boost

Posted by seumasach on February 20, 2013

QE or not to QE- that is the question. These latter-day financial Hamlets face a dilemma: to sink the economy or to sink the pound. In the end it amounts to much the same thing: in the final denouement Claudius(Mervyn King) drinks the poison but Hamlet(the real economy) is fatally wounded as well as just about everyone else.

Guardian

20th February, 2013

Sterling fell sharply on the foreign exchanges after news that the governor of the Bank of England, SirMervyn King, voted for fresh stimulus to boost the UK economy.

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David Cameron embarrassed over bribery scandal during Indian trade trip

Posted by seumasach on February 19, 2013

India is, not unnaturally, cautious in its dealings with the one-time great power

Telegraph

19th February, 2013

Manmohan Singh, the Indian prime minister, publicly challenged Mr Cameron to provide British help to a corruption investigation involving AgustaWestland helicopters.

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Mervyn King warns George Osborne

Posted by seumasach on February 13, 2013

“You can not go on indefinitely. It’s as if you are running up an ever steeper hill.”

Exactly, Britain is hopelessly bankrupt. This analysis makes things look good: it hugely underestimates inflation and hugely overestimates our capacity to benefit from a falling pound to boost exports.

Mervyn King warns George Osborne the BoE can’t do much more as he urges reforms

Telegraph

13th February, 2013

The Governor of the Bank of England has piled pressure on George Osborne to deliver radical economic reforms in his Budget next month as he warned that monetary policy would not be able to buy the Chancellor much more time.

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