The UK’s economy is not expected to grow at all in 2012 and it will take an “Olympic” effort and hard work to battle the eurozone crisis, domestic deficit-cutting and tight credit conditions.
Sir Mervyn King rejects suggestions that pressure was put on banks to misreport their lending rates, but admits pushing for Bob Diamond’s resignation as Barclays chief executive.
Following the resignation of Bob Diamond in the midst of the bank lending scandal , Barclays releases a memo of a phone conversation between Mr Diamond and Bank of England Deputy Governor Paul Tucker.
Ministers order an urgent review of the Libor bank rate after it emerged Barclays had tried to manipulate it. But Labour’s Ed Miliband calls for a full-scale independent inquiry into banking culture.
As the Governor of the Bank of England launches a scathing attack on banks, Bob Diamond, the embattled chief executive of Barclays Bank, says he will not resign.
Sir Mervyn King, the governor of the Bank of England, today used the continuing IT meltdown at RBS and NatWest to criticise the structure of the bailed-out banking group. He had stern words for RBS’s management, saying that the FSA should carry out a “full investigation” of the week-long computer problems.
Plans for a multi-billion pound emergency bank funding scheme are the latest attempt to spark the UK’s economy – but will they work?
Why has the Bank of England decided against printing more money despite a recession in Britain, an intensification of the eurocrisis and advice from the IMF that now is the time to act?
Sir Mervyn King has urged the Government not to delay reforming the financial sector and admitted more should have been done to avert the banking crisis.
Alongside increasing unemployment, there has also been a steady rise in the numbers of self-employed and part-time workers. Channel 4 News analyses the phenomenon.
It’s not just savers who can no longer live off paltry savings income. The retirement annuity industry has been hit by a fall of 20-30% in the annual income that pensioners will be obliged to live off for the rest of their lives.
When David Cameron travels to Berlin to meet Chancellor Merkel, top of the agenda will be coaxing the European Central Bank in Frankfurt to act as last resort lender to the Eurozone’s troubled nations reports Economics Editor Faisal Islam.
The Governor of the Bank of England Sir Mervyn King says this is the ‘biggest financial crisis’ the world has ever faced as the bank increases its quantitative easing programme to £275bn.