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.
Posts Tagged ‘bankrupt Britain’
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 »
Welfare to work ‘fraud scandal’
Posted by seumasach on May 27, 2012
23rd May, 2012
Written evidence submitted to Parliament by a former chief auditor at A4e shows how an “unethical culture” led to “systemic fraud” at the company, which holds major government contracts. When concerns were raised about wrongdoing with senior managers, little was done to address the widespread abuse of taxpayers’ money, the whistleblower alleged.
Posted in Uncategorized | Tagged: bankrupt Britain | Leave a Comment »
Qu’attendent les British pour quitter l’Union européenne ?
Posted by seumasach on May 27, 2012
Jean-Paul Baquiast
20th May, 2012
Lorsque l’on constatent les agressions verbales voire diplomatiques incessantes auxquelles se livre le Premier ministre conservateur David Cameron contre l’euro, la France et même son nouveau président, on serait tenté de lui demander ce qu’il fait en Europe, alors qu’il serait si bien dans le rôle si fécond de caniche des Etats-Unis.
Posted in Battle for Europe | Tagged: bankrupt Britain, Whither Britain? | Leave a Comment »
G8 summit: French €57bn financial tax plan rejected by UK
Posted by seumasach on May 19, 2012
Quelle surprise!- Cameron, as Hollande has correctly pointed out, stands for City of London interests. His ability to exercise a veto on the FTT is another illustration of why Britain must be sidelined from the Euroland core. At the same time, Cameron knows that the UK economy, in as far as it exists, is doomed. He, therefore, needs Euroland as a scapegoat, blaming them for blowing “the recovery” off course. Behind all this, US/UK still hope to knock out the eurozone, or, at the very least, provide more of a breathing space for the dollar. This is why Obama tries to present Hollande’s strategy in neo-Keynesian terms- quantitative easing in Europe would allow Obama and Cameron scope for more of the same without precipitating dollar devaluation against euro. Interestingly SYRIZA echoes Obama’s calls and Tsipras praises Obama’s “stimulus measures” in a Wall Street Journal feature. But Hollande knows that off-loading the euro crisis onto the Global South through a money printing spree is a non-starter and seeks other means such as project bonds, enhanced role for European investment bank to rebuild real economy. Hollande is the man of the moment and will be subjected to almost unbearable pressure from the Wall Street/ City mob. In response, he will reach out to the BRICS countries for support: only this can safeguard his political future and that of Europe.
19th May, 2012
Barack Obama was caught between two competing European visions of how to solve the financial crisis at the G8 summit when David Cameron rejected outright a French proposal to raise €57bn (£46bn) through a tax on financial transactions.
Posted in Battle for Europe | Tagged: bankrupt Britain, financial transactions tax(FTT), hollande agenda, Obama agenda | 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 »
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.
Posted in UK economy | Tagged: bankrupt 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.
Posted in UK economy | Tagged: bankrupt Britain | Leave a Comment »
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 »
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 