Recession on the way for UK Companies
July 8, 2008 · Filed Under Finance News · Comments Off
The UK is facing a serious risk of recession within months, the findings of a survey of almost 5,000 small, medium and large businesses suggest.
The British Chambers of Commerce’s (BCC) quarterly report found the credit crunch and rising costs had dented the most important sectors of the economy.
Plans to increase deposit protection
July 2, 2008 · Filed Under Finance News · Comments Off
The government plans to raise the maximum compensation for victims of bank failures to 50,000 pounds but banks will not have to pay money upfront into the deposit protection scheme, the Treasury said on Tuesday.
In a consultation document on reforming the banking system in the wake of last year’s run on mortgage lender Northern Rock, the Treasury concluded it would be wrong for banks to pay more money when they are rebuilding their capital positions.