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18th of July 2011
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News Tag: MPs

July 12, 2011

Cheques will not be scrapped, say Payments Council

by Kay Mitchell
”Cheques
It has been announced today that cheques will not be phased out after the Payments Council announced it would abolish them in 2018. The Council has now decided to keep them after criticism from MPs and charities and was forced to make the u-turn after pressure from the public. Richard North, the chairman of the Payments Council, said: "It's in the ...




January 11, 2011

Barclays chief under fire for bonus payout

by Kay Mitchell
”Barclays
Barclays chief executive, Bob Diamond, faced a grilling from MPs today over his reported £8 million bonus. The Treasury Select Committee, who questioned Mr Diamond, asked whether he would waive his bonus for a third year. Mr Diamond responded: "I haven't been offered a bonus, that's a decision that will be taken by the remuneration committee in the next few weeks." Bonuses have ...




Barclays chief faces grilling over bonuses

by Kay Mitchell
”Barclays
Barclays chief executive, Bob Diamond, will today face questions from MPs over his reported £8 million bonus. Bonuses have been a major issue for some time now and have sparked public outrage since many argued that excessive bankers’ bonuses reward the risk-taking culture that led to the financial crisis. The Treasury Select Committee, who will be questioning Mr Diamond, are expected to pile ...




April 6, 2010

Kraft criticised for factory closure u-turn

by Kay Mitchell
’Kraft
US food giant, Kraft, has been criticised by a group of MPs today after the company pledged to keep open Cadbury’s Somerdale factory in Keynsham, but later decided to close the site following its takeover of the British confectioner. Kraft, which made several hostile bids for Cadbury before shareholders finally agreed to a deal, initially said a takeover of Cadbury would ...




March 29, 2010

Radical shake-up of UK banking system needed

by Kay Mitchell
’Radical
MPs are calling for a radical reform of the UK banking system so that taxpayers are not footing the bill for future bail-outs. In its latest report into the banking crisis, published today, the Treasury Select Committee said taxpayers would not stand for another bail-out of the banks and is urging ministers not to rule out the break-up of too-big-to-fail ...




March 16, 2010

Kraft promises no further factory closures

by Kay Mitchell
’Kraft
Marc Firestone, vice-president of US food giant, Kraft, has today appeared before MPs on the Business Select Committee and has apologised for the firm’s pledge to keep open Cadbury’s Keynsham factory. Mr Firestone was questioned by MP’s over the company’s takeover of Cadbury. Kraft completed its takeover of the 186-year-old iconic British confectioner on 2 February after a five-month battle. Kraft, which ...




September 24, 2009

MPs: Credit ratings penalise savvy borrowers

by David Masters
”MPs:
Unfair credit rating practices could be called to a halt by MPs following a parliamentary investigation. Currently consumers have to apply for a loan or credit card to find out the interest rate they'll be offered. However, each application lowers their credit score - so the more a consumer searches around for the best deal, the worse the impact on their credit rating. MPs ...




June 22, 2009

Expenses fiddling rife across UK workforce

by David Masters
Expenses fiddling rife across UK workforce
MPs are not the only ones fiddling their expenses according to new research by uSwitch.com. British employees exaggerate their expense claims by half a billion pounds a year, a poll by the price comparison site discovered. Sixteen percent of employees confessed to stretching their expense claims for financial gain. Nearly three million UK workers claim for more miles than they've actually driven on petrol ...




June 19, 2009

MPs to commence mortgage market inquiry

by Gill Montia
”MPs
The Government has announced an inquiry into the UK mortgage market, focusing on arrears, repossession and access to mortgage finance. The Treasury Select Committee will undertake the study which will look at the impact of the recession on existing and potential homeowners. MPs will collect lenders' statistics on current arrears and their forecasts for medium-term trends. They will also consider access to mortgage finance ...




May 15, 2009

Rented accommodation for MPs would save £1m a year

by David Masters
Rented accommodation for MPs would save £1m a year
Forcing MPs and Lords to rent London accommodation rather than buy second homes would save the taxpayer over £1 million a year. Research by SmartLandlord.co.uk found that renting a studio flat in Westminster costs an average of £177 less per month compared to buying. With 1,372 tenants from the House of Parliament and the House of Lords, rented properties would ...




March 4, 2009

MPs slam DCLG on eco-towns and Hips

by Gill Montia
MPs slam DCLG on eco-towns and Hips
MPs have slammed the government department that has responsibility for UK housing issues. In a newly published report, a committee reviewing the work of the Department for Communities and Local Government (DCLG) has concluded that the government body lacks the skills needed to formulate the policies for which it is responsible. The taxpayer has been let down on eco-towns, home information packs ...




November 4, 2008

MPs urges banks to pass on interest rate cuts

by Kay Mitchell
”MPs
Last month, in a co-ordinated move with other banks, the Bank of England’s Monetary Policy Committee (MPC) slashed UK interest rates from 5% to 4.5%. Central banks in the US, Japan and China have all cut interest rates in the last week in a bid to fight off a recession. Many analysts believe that the Bank of England and ...




October 15, 2008

MPs advised house price falls will bottom out at 20%

by Gill Montia
MPs advised house price falls will bottom out at 20%
A Professor of Finance from Imperial College Business School in London is predicting that UK house prices could fall by a further 5% to 10% before the market bottoms out. Addressing a committee of MP's, Professor David Miles proposed that the property market should stabilise once house prices are 20% below their peak of summer 2007. Once this point ...




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