5th June, 2012
PIRC, the shareholder advisory group, has analysed the 2011 accounts of the UK’s top five banks to calculate how much they expect to write off as bad debt in the coming years but have yet to take against profits.
Archive for the ‘UK economy’ Category
UK banks sitting on £40bn of undeclared losses
Posted by seumasach on June 7, 2012
Posted in UK economy | Tagged: bankrupt Britain | Leave a Comment »
David Cameron blames UK double-dip recession on eurozone
Posted by seumasach on April 30, 2012
“how we get our banks lending, how we make sure the money goes into infrastructure, how we make it easier for businesses to employ people, how we boost our exports, how we make sure that manufacturing and the rebalancing in our economy takes place”, adding: “All of those things are on the table.”
Cameron continues to raise the same problems without presenting any solutions. Britain is engulfed in a downward spiral, adrift without leadership. In this context, the Eurozone, which we have failed to destroy despite all our efforts, provides a convenient scapegoat.
29th April, 2012
David Cameron on Sunday held out the prospect of the UK economy being dragged down for years, as he predicted the euro crisis was “nowhere near half complete” and warned the single currency may yet break up. He also admitted efforts to move the UK economy away from dependence on the City and the public sector were not going fast enough.
Posted in UK economy | Tagged: bankrupt Britain | Leave a Comment »
Double-dip recession to trigger house price fall
Posted by seumasach on April 29, 2012
Telegraph
28th April, 2012
Fears for a slide in property values emerged after new figures revealed last week that the UK has “double-dipped” into a fresh downturn.
Posted in UK economy | Tagged: bankrupt Britain, housing slump | Leave a Comment »
QE quadruples FTSE 350 pensions deficit in one year
Posted by seumasach on April 28, 2012
27th April, 2012
The final-salary pensions shortfall of the FTSE 350 companies has swollen from £20bn at the end of March 2011 to £80bn at the end of last month, according to pensions firm Hymans Robertson.
Posted in UK economy | Tagged: dwindling pensions | Leave a Comment »
Britain to discover if it is in a double-dip recession
Posted by seumasach on April 22, 2012
The challenge for the Government will be to persuade the country that there are some potential bright spots in the economy, particularly in the services, retail and manufacturing sectors.
As this article reveals, it is not so much about persuasion as data management: lies, damned lies and statistics The economy is in a death spiral but this reality must be kept out of the public domain at any cost: the victims suffer in silence. Three things will expose the terrible reality: a run on the pound, a run on UK government bonds and a run on the banks.
21st April, 2012
The Chancellor will enter Tuesday morning’s Cabinet meeting armed with the knowledge of whether or not the economy shrank in the first quarter of the year. The rest of the world will have to wait a further 24 hours until 9.30am on Wednesday to find out.
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One Food Bank Opening In UK Every Four Days
Posted by seumasach on April 21, 2012
21st April, 2012
Food banks were almost unheard of just a few years ago – now they are being opened in the UK at the rate of one every four days.
Posted in UK economy | Tagged: food banks, poverty in britain | Leave a Comment »
Britain’s post-war tragedy in graphics
Posted by seumasach on March 22, 2012
Jeremy Warner
22nd March, 2012
Here’s my favourite graphic from the Office for Budget Responsibility “Economic and fiscal outlook”, published with Wednesday’s Budget, showing the scale of the fiscal challenge still to come in the UK.
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Further job cuts likely after bank profits take big tumble
Posted by seumasach on March 19, 2012
19th March, 2012
Further job losses in the banking sector are on the way, a report said today, after the eurozone debt crisis, compensation costs and higher taxes have slashed the combined profits of the UK’s five biggest banks.
Posted in UK economy | Tagged: bankrupt Britain | Leave a Comment »
UK economy worse than in thirties
Posted by seumasach on March 13, 2012
The UK and its banks
1. We give them cheap money and lots of it.
2. We bail them out if inspite of this they become insolvent ignoring that they caused the insolvency.
3. Now the banks raise mortgage rates to ensure a profit
4. We add to it by guaranteeing loans so that they can make low risk profits.
This is one of the most one-sided deals in history is it not?
The UK’s economic weakness is now worse than in the 1930-34 Great Depression as we see stagflation continue
Shaun Richards
12th March, 2012
I wish today to examine the UK economy as recent data and information have as a minimum challenged the consensus that had built up about it as 2012 has opened. The consensus in the media has been that we have found some solid economic growth and that inflation will soon be in line with the Bank of England’s target of 2% for Consumer Price Inflation. Many articles have treated the latter as a certainty.
Posted in UK economy | Tagged: hyperinflationary depression | Leave a Comment »
RBS raises mortgage rates
Posted by seumasach on March 3, 2012
Lying about the rate of inflation is OK when it comes to holding down wages- it’s a different matter regarding bank lending.
RBS raises mortgage rates as Halifax prepares to follow suit
3rd March, 2012
Halifax, which was Britain’s largest mortgage lender before the credit crunch, wrote to borrowers telling them that it was increasing the cap on its standard variable rate (SVR) from 3 percentage points above Bank Rate to 3.75 points in three months’ time.
Posted in UK economy | Tagged: bankrupt Britain | Leave a Comment »
Ireland, land of impairments for RBS and Lloyds
Posted by seumasach on February 25, 2012
Both banks raced headlong into Ireland in the run up to the 2008 crisis and have been left with loans that can no longer be repaid and in some cases on land that is no longer earmarked for development
24th February, 2012
Lloyds Banking Group and Royal Bank of Scotland have taken a combined hit of almost £20bn from bad lending inIreland since they were they were bailed out by the taxpayer in October 2008.
Posted in UK economy | Tagged: bankrupt Britain | Leave a Comment »
In These New Times 