Having recently been bailed-out by the government and announcing it’s first full year loss in it’s 300 years of trading, the RBS has confirmed that it is going to cut around 3,000 jobs over the next couple of months. The staff hit are likely to be those based in the City of London and abroad [...]
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Monthly Archives: November 2008
Solve Serious Debt Problems Today
Are you cracking under the pressure of your debts? What with credit cards, store cards, loans and everything else, it’s hardly surprising that there are literally thousands of people in the UK today who are genuinely struggling to meet their repayments on time. If this sounds like you, then you have a serious debt problem [...]
It's all gone Pear!
I was relieved to see that maybe the first seeds of common sense may be at last germinating in the erstwhile sterile consciousness of the European Commission for Agriculture and Rural Development as they are relaxing their crazy shape and size rules on 26 fruit and vegetable products. Yes, it’s emancipation time for the curvy [...]
British Telecom To Cut Jobs
British Telecom has today announced plans to axe up to 10,000 jobs, over the next six months. Agency workers and sub-contractors are expected to be the losers, in the shake-up, according to the company. They also confirmed that they are nearly half way through the process, having trimmed 4,000 from the workforce already. BT said [...]
Unemployment – highest since 90's
Britain’s unemployment figures rose to their highest level since the late 90′s, according to figures from the Office for National Statistics. Their report revealed that in the three months to September, unemployment in Britain reached its highest level since 1997. Official Labour Force Survey findings showed a rise of 140,000 in the third quarter of [...]
Unemployment Hits 11 Year High
The number of people out of work in the UK has reached 1.82 million, the highest it’s been since 1997. According to statistics released by the government, unemployment has hit 5.8%, compared with 5.4% in the previous quarter of this year. Some experts believe that the figure could exceed two million in the next couple [...]
Pound Falls Against Dollar And Euro
News from the Bank of England concerning the state of the UK economy was followed by a decline in the value of Sterling against the US Dollar and the Euro. The Pound hit a record low against the Euro of 82.2 pence and fell to $1.52 after the release of the gloomy financial news. In [...]
Alistair Darling
Alistair Darling has been Chancellor of the Exchequer since 28 June 2007. During September 2007 there was a run on a British bank, Northern Rock. Ultimate authority for deciding on financial support for a bank with debt problems rests with the Chancellor. The 2007 subprime mortgage crisis had caused a liquidity crisis in the UK [...]
Bank Confirms Recession Fears
The Bank of England has today confirmed that the UK has entered a recession, which started earlier this year, and is expected to continue into next year. The Bank of England releases an inflation report, four times yearly, and in the latest report they confirmed that the economic landscape had altered dramatically in the latter [...]
Armistice Day – Our World War 1 casualties
We owe an enormous debt to our heroes from World War 1 dwarfing the pain of the current liquidity crisis. The number of World War I casualties both military and civilian was over 40 million with about 20 million deaths and 21 million wounded including 9.7 million military deaths and about 10 million civilian deaths. [...]
Non Performing Assets
Non-performing assets are loans made by a bank or finance company on which repayments or interest payments are late. If they are not serviced for some time banks usually treat assets as non-performing. If payments are late for a short time a loan is classified as past due. Once a payment becomes really late (usually [...]
On the Ball?
I was somewhat bemused to be notified of a planned Five-a-Side Football Tournament, terminating in a Summer Ball, to be set up by and for the credit collection industry with proceeds going to a charity called Sherbert, set up by the credit collection industry, to relieve poverty amongst people who have been subject to enforcement [...]
Interest Rates Hit 53 Year Low
The Bank of England has slashed interest rates by one-and-a-half percent to 3%. The shock move by the bank today means that rates are at their lowest level since 1955. It was a reaction by the bank to the news that Britain is heading into recession, and it is hoped that the cut in rates [...]
Energy Prices Increase Personal Debt
Energy prices at home have increased at nearly twice the rate of our European neighbors. Electricity and gas prices rose by nearly 30% in the UK and only 15% in the rest of Europe, according to figures from OECD. The rises in France and Germany were only 14% and 12% respectively, which raises questions as [...]
Credit Cards Out Of Control
According to a uSwitch survey, nearly 5 million credit cards have been issued in the UK without proof of earnings or expenditure. With average credit limits of more than £3,500 the total credit on these cards exceeds £17 billion. Unsecured debt is on the rise in the UK, with new credit cards being made available [...]