At his keynote speech to the Liberal Democrat conference, Business Secretary Vince Cable is today expected to say that shareholders should have more of a say when it comes to bonuses paid to executives. He is also expected to outline plans which will force firms to disclose their excessive pay packages. Mr Cable is expected [...]
The sluggish performance of the UK economy needs combating with another round of Quantitative Easing (QE), according to Business Secretary, Vince Cable. In an interview with The Financial Times, the minister identifies weak demand as a serious block to growth and urges the Bank of England to resume its QE programme, which was suspended early [...]
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 [...]
Business Secretary Vince Cable is to address delegates at the annual conference of the GMB union today and is expected to warn them that co-ordinated strike action may lead to tighter union laws. The warning comes after union leaders said strike action could take place at the end of this month as 750,000 teachers, civil [...]
Vince Cable has spoken of how bad the British economy has been hit after the global financial crisis. According to the Business Secretary, the crisis and the recession has meant the country is poorer and it has been a “challenge” for the Government to explain what a bad state the economy is in. Speaking to [...]
British banks are set to reveal their bonus payouts in the coming weeks, along with their results. Banking giant Barclays will be the first to reveal its results and 2010 bonus payout on Tuesday. There is still speculation that Barclays is reviewing its bonus structure. Chief executive, Bob Diamond, is understood to be considering paying [...]
Business Secretary Vince Cable has said he could quit the coalition if he is “pushed too far” in negotiations with the Conservatives. Mr Cable, who is the most senior Liberal Democrat member of the coalition after Deputy Prime Minister Nick Clegg, told undercover reporters from The Daily Telegraph the situation in the coalition was like [...]
As the bonus payment season draws near, Business Secretary Vince Cable has today warned banks that the Government will remain determined and not be “bullied”. Mr Cable added that the Coalition Government is in agreement on the subject of bonuses and said it will not be “bullied” by banks threatening to leave the UK as [...]
Chancellor George Osborne has had a rethink with regard to bankers’ bonuses, suggesting he may abandon the requirement for British banks to disclose the number of employees earning more than £1 million. The requirement for banks to disclose bonuses and salary payments over £1 million was brought in by former Chancellor Alistair Darling last year. [...]
A report by the BBC has revealed that Britain’s biggest banks are understood to be in talks about reducing the amount they receive in bonuses. 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 [...]
Business Secretary Vince Cable has today unveiled a proposed reform of Britain’s state pension system, with the introduction of one universal payment. This would replace the current system of earnings-related “top-up” payments, plus additional means-tested benefits. Costs relating to the proposed reform were not divulged but it is intended to reduce inequalities between men and [...]
According to the Daily Mail, the controversial takeover of HBOS by Lloyds could be scrapped if a Government investigation establishes it has damaged competition. The hasty takeover, which took place at the height of the financial crisis, created a banking giant but has been heavily criticised and has resulted in thousands of job losses because [...]
Earlier this month, Business Secretary Vince Cable warned that the UK’s car industry will not receive any further funding from the Government but said it would consider investing in measures which would reduce emissions from cars and to help transform the UK into a low carbon economy. As a result, the Government has today unveiled [...]
The Society of Motor Manufacturers and Traders (SMMT) has today announced UK car sales grew by 10.8% in June compared with the same month in 2009. The SMMT said the number of new cars sold in the month was 195,226 – representing the 12th consecutive monthly rise and exceeded expectations. However, the Society warns that [...]
Business Secretary Vince Cable has warned that the UK’s car industry will not receive any further funding from the Government. Mr Cable was speaking at a conference in London organised by trade body, the Society of Motor Manufacturers and Traders (SMMT). However, he said the industry is “incredibly important to the UK economy” and insisted [...]
The excessive bonus culture, a subject which has dominated the news this year, rears its head again after Chancellor Alistair Darling has responded to calls for a new commission to restrict bonus payments. Bank bonuses, in particular, have sparked public anger and have been the subject of heavy criticism since it is banks that are [...]
Northern Rock, which was nationalised in February of last year, has paid almost all of its 4,500 employees a 10% bonus – an average of £2,000 each. The bonus fund, which amounts to £8.8 million, has sparked outrage among politicians with Lib-Dem Treasury spokesman Vince Cable, describing the action as extraordinary since millions of people [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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