Tag: Treasury Select Committee

BoE Governor: QE may not boost lending

BoE Governor: QE may not boost lending

Mervyn King, the Bank of England’s Governor, has confessed that the latest round of stimulus is not guaranteed to boost lending to SMEs. The ongoing lack of credit to SMEs has been a major concern for the Government as these companies are the key to job creation in the UK and are expected to be [...]

October 25, 2011 More
Vince Cable applies pressure to banks over lending commitments

Vince Cable applies pressure to banks over lending commitments

Speaking to the Treasury Select Committee today, Business Secretary Vince Cable has warned banks over lending, threatening higher taxes. The business secretary told MPs that the amount of lending to small and medium-sized enterprises (SMEs) was a “serious problem” and has reminded banks of their targets, set out in the Project Merlin agreement. Under the [...]

June 8, 2011 | 0 Comments More
Barclays chief under fire for bonus payout

Barclays chief under fire for bonus payout

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 [...]

January 11, 2011 | 0 Comments More
Barclays chief faces grilling over bonuses

Barclays chief faces grilling over bonuses

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 [...]

Chancellor Osborne hints at QE next year

Chancellor Osborne hints at QE next year

Addressing the Treasury Select Committee today, Chancellor George Osborne suggested the Bank of England could resume its quantitative easing (QE) scheme next year if economic growth slows. There has been suggestions that economic growth will be severely hampered because of the Government’s massive spending cuts - many have even said a double-dip recession is likely. [...]

November 4, 2010 | 0 Comments More
BoE in no rush to hike interest rates

BoE in no rush to hike interest rates

Speaking in front of the House of Commons’ Treasury select committee, the Governor of the Bank of England, Mervyn King, has reiterated that interest rates will stay at the historic low of 0.5% for some time to come. Mr King said: “It’s right to keep our foot firmly on the monetary accelerator”, adding he is [...]

July 28, 2010 | 0 Comments More
Massive spending cuts could derail recovery

Massive spending cuts could derail recovery

The Treasury Select Committee has warned that cutting the deficit too quickly could risk pushing the UK back into recession. Since coming to power, the new coalition Government has made cutting the deficit its top priority. However, many leading business groups and former Chancellor, Alistair Darling, all warned that cutting the deficit too quickly could [...]

July 21, 2010 | 1 Comment More
Radical shake-up of UK banking system needed

Radical shake-up of UK banking system needed

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 [...]

March 29, 2010 | 0 Comments More
BoE policy maker cast doubt on house price recovery

BoE policy maker cast doubt on house price recovery

A member of the Bank of England’s Monetary Policy Committee (MPC) has cast doubt on the idea of a continued recovery of the UK housing market. Addressing the Treasury Select Committee earlier this week, Kate Barker stated a personal view that mortgage finance could be “quite restrained” in the months ahead, leading to the possibility [...]

February 25, 2010 | 0 Comments More
MPs: Credit ratings penalise savvy borrowers

MPs: Credit ratings penalise savvy borrowers

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, [...]

September 24, 2009 | 0 Comments More
MPs to commence mortgage market inquiry

MPs to commence mortgage market inquiry

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 [...]

June 19, 2009 | 0 Comments More
Authorities criticised for failing to spot financial crisis

Authorities criticised for failing to spot financial crisis

In its second report on the financial crisis, the Treasury Select Committee has blasted authorities for failing to spot the magnitude of the crisis and for their current management of overseeing banks. Chairman of the Committee, John McFall, said “Bankers have made an astonishing mess of the financial system.” The Committee said the effects of [...]

May 1, 2009 | 0 Comments More
Former bank chiefs apologise to Treasury Select Committee

Former bank chiefs apologise to Treasury Select Committee

The ex-bosses of Royal Bank of Scotland (RBS) and HBOS have apologised “profoundly and unreservedly” for the near-collapse of their banks. Speaking to the Treasury Select Committee, Sir Fred Goodwin, former chief executive of RBS said he “could not be more sorry” for the events that led to the bank’s demise. Furthermore, ex-chairman of RBS, [...]

February 10, 2009 | 2 Comments More
MPs advised house price falls will bottom out at 20%

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 [...]

October 15, 2008 | 0 Comments More