Archive for June, 2011
Chinese local government’s massive debts revealed
The first ever audit of China’s local government debt reveals it at a massive £1 trillion. A comprehensive review of regional spending uncovered the borrowing, equivalent to £750 per person. The Chinese audit office said future borrowing will be restricted. Although China is one of the world’s fastest-growing economies, with a huge currency reserve and [...]
June 29, 2011
Tags: borrowing, consolidate debt loans, Credit Crunch, Lenders, Loan calculator, loans, refinancing rates Posted in: Bankers, Borrowing Costs, Business Finance, Credit Crunch, Debt Management, Lenders, Loans Calculators, Uncategorized 
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Bank of England warns on eurozone crisis risk
The Bank of England’s new financial policy committee (FPC) has warned on UK banks’ exposure to the eurozone debt crisis. The Bank’s governor Sir Mervyn King said the debt problems of Greece and other countries posed “the most serious and immediate risk” to UK banks. The FPC also called for banks to divert their profits [...]
June 28, 2011
Tags: Bank of England, Bankrupcy, borrowing, Credit Crunch, euro, eurozone, Mervyn King, sovereign debt, uk recession Posted in: Bank of England, Bankers, Bankrupcy, Banks, Credit Crunch, Sovereign Debt, Uncategorized No Comments
Public should be given nationalised banks’ shares
Plans to give the public shares in the nationalised banks RBS and Lloyds have been backed by Nick Clegg. The idea is that individual taxpayers would benefit from any long term gains when shares in the banks are sold. The deputy prime minister said it was important British people were not overlooked after their money [...]
June 27, 2011
Tags: Bankrupcy, borrowing, Credit Crunch, debt management plans, Loan calculator, nationalisation, sub prime loans, uk recession Posted in: Bankers, Bankrupcy, Banks, Business Finance, Credit Crunch, Loans Calculators, Uncategorized, nationalisation No Comments
New Bank of England member votes to keep loans interest rates on hold
The new member of the Bank of England’s loans interest rate setting committee had voted to keep rates on hold at the record low of 0.5%. Minutes of its just published June meeting showed that former Goldman Sachs economist Ben Broadbent voted with the majority of the Monetary Policy Committee (MPC). It means he has [...]
June 24, 2011
Tags: Bank of England, bankers, banks, Interest Rates, Loan calculator, Quantitative Easing, sovereign debt, UK loans rates Posted in: Bank of England, Bankers, Banks, Credit Crunch, Debt Management, Interest Rates, Loans Calculators, Sovereign Debt, Uncategorized No Comments
UK public sector borrowing falls in May
The UK’s public sector net borrowing fell in May- reversing a surprise rise in government borrowing seen in April. The total borrowing requirement, excluding the cost of bank bail-outs and other interventions, was £17.4bn for the month, the Office of National Statistics (ONS) said. This was down 6% from a year ago, helped by a [...]
June 22, 2011
Tags: Bank of England, banks, borrowing, debt management plans, Loan calculator, refinancing rates, sovereign debt, UK loans rates Posted in: Bank of England, Bankers, Banks, Borrowing Costs, Credit Crunch, Lenders, Loans Calculators, Sovereign Debt, Uncategorized No Comments
Cheque use given backing by government minister
There is no “credible and coherent case” for the abolition of cheques before an alternative is fully tested, a government minister has said. The view of Mark Hoban, Financial Secretary to the Treasury, was discussed during a Treasury Committee hearing into the future of cheques. The UK Payments Council is planning to phase out cheques [...]
June 20, 2011
Tags: bankers, banks, online banking, telephone banking Posted in: Bankers, Banks, Business Finance, Lenders, Loans Calculators, Online Banking, Uncategorized No Comments
Banks must ring fence retail operations George Osborne demands
The Chancellor George Osborne is demanding new rules to force banks to ring fence retail from risky investment banking. In a speech to the City on Wednesday he said that banks must be set up so that their High Street branches and savings and loans would not be damaged if their trading arms ran into [...]
June 17, 2011
Tags: Bankrupcy, consolidate debt loans, Credit Crunch, nationalisation, sub prime loans, UK loans rates Posted in: Bankers, Banks, Borrowing Costs, Credit Crunch, Lenders, Loans Calculators, Uncategorized, nationalisation One Comment
Stricter red tape for debt management firms warns OFT
Debt management companies helping people in financial difficulty will have to abide by much stricter rules or face being closed down. The Office of Fair Trading (OFT) is consulting on the new rules to make such firms treat their clients fairly. The companies will have to make it absolutely clear what services they offer and [...]
June 15, 2011
Tags: Bankrupcy, consolidate debt loans, Credit Crunch, debt management plans, sub prime loans, UK loans rates Posted in: Bankrupcy, Banks, Credit Crunch, Debt Consolidation, Debt Management, Lenders, Loans Calculators, Uncategorized One Comment
Bank of England can do better claims banker
The Bank of England “can do a lot better job” of regulating the financial system claims it’s deputy governor Paul Tucker. The Bank’s new Financial Policy Committee will meet for the first time this week. It’s job is to take action if it decides that banks and other financial institutions are taking too much risk. [...]
June 13, 2011
Tags: Bank of England, bankers, banks, Credit Crunch, Loan calculator, UK loans rates, uk recession Posted in: Bank of England, Bankers, Bankrupcy, Banks, Credit Crunch, Lenders, Loans Calculators, Uncategorized One Comment
Debt experts warn about rising bankruptcy costs
The latest rise in the cost of going bankrupt could discourage people with financial problems from seeking a solution debt experts warn. The fee for petitioning for bankruptcy rose by £75 to £525 at the beginning of June. With the court fee added on, the total upfront cost is £700. The Insolvency Service said the [...]
June 10, 2011
Tags: bad debts, Bankrupcy, banks, borrowing, consolidate debt loans, Credit Crunch, debt management plans, personal loans, sub prime loans Posted in: Bankrupcy, Borrowing Costs, Credit Crunch, Debt Consolidation, Debt Management, Lenders, Loans Calculators, Sovereign Debt, Uncategorized No Comments
