In a dramatic U-turn, the state-owned bank will resume lending on a major scale after a year of driving away customers and slashing the number of outstanding loans.
The move will offer new hope to prospective buyers struggling to raise finance. It is now virtually impossible for would-be buyers to borrow more than 75% of […]
The FTSE crashed below 4,000 - down 129.31 to a three-month low of 3889.06 - as City trading screens flashed red.
It marked the end of a dismal week for the London market and left the blue-chip index down 16% so far this year.
The sell-off was mirrored across Europe today with the Dax down 4% […]
The Confederation of British Industry’s latest economic forecast says the economy will shrink by 3.3% in 2009, compared with its November forecast of a 1.7% contraction.
Net borrowing for 2009-10 is expected to reach £149bn, compared with the £118bn predicted by Chancellor Alistair Darling in his Pre-Budget Report last year.
It will rise to £168bn in […]
Lloyds, which is already 43% Government-owned, said its employees deserved ‘financial recognition’ for hitting targets.
But the decision will fuel charges of excess within the banking industry. It comes while Chancellor Alistair Darling refuses to rule out nationalisation and as the Treasury plans to pump in more taxpayers’ cash.
The Royal Bank of Scotland attracted […]
In a stock market statement that sent shockwaves through the City and Westminster, chief executive Eric Daniels revealed that the crisis-torn HBOS arm of Lloyds Banking Group was on course to post a £10bn loss for 2008. This is more than twice as high as some City analysts […]
Lloyds rushed out a grim trading statement to the Stock Exchange that confirmed what many in the City have long feared - the rescue of HBOS by Lloyds TSB at the height of the banking crisis will come at a very heavy price.
Lloyds, now 43%-owned by the taxpayer following the merger and […]
Sir James said he was confident there was ‘no substance’ in the allegations, but felt the ‘right course of action’ was to resign from the FSA board.• MPs no match for ‘fatcats’ who get away with it • Bankers: We’ll sue for our bonuses • City Focus: Spotlight on City exuberance […]
Last week, Norwich Union stunned savers by withdrawing its offer to pay back more than £1bn of surplus money - or ‘inherited estate’.
This surplus includes money withheld by the insurer in good years plus the funds of dead policyholders whose relatives can’t be traced.
Savers were originally offered an average payout of £1,000.
A […]
Managed by Jamie Allsopp, the fund was suspended from trading last December.
At the time, the impact of the credit crunch and the knock-on effect on global stock markets resulted in an increase in investors cashing in their holdings.
This led to a growing concentration of increasingly illiquid stocks within the portfolio, as Heart […]
© 2008 Daily Financial News