Tag: Gordon Brown

Cameron becomes PM as Brown resigns

Cameron becomes PM as Brown resigns

Conservative leader David Cameron, 43, has become Britain’s youngest Prime Minister in almost 200 years following Gordon Brown’s resignation after 13 years of Labour rule. Mr Cameron will now form a coalition Government with the Liberal Democrats, which represents the first such Government in the UK for 70 years. Announcing his resignation, Prime Minister, Gordon [...]

May 12, 2010 | 0 Comments More
Gordon Brown announces resignation

Gordon Brown announces resignation

Gordon Brown has this evening announced he is stepping down as Labour leader. Speaking outside 10 Downing Street, Mr Brown, who has been Prime Minister since June 2007 after the resignation of Tony Blair, said he intended to stand down as Labour leader “in the national interest”. The news comes after Friday’s hung parliament result, [...]

May 10, 2010 | 0 Comments More
Bankers shudder at Goldman Sachs’ fraud charge

Bankers shudder at Goldman Sachs’ fraud charge

The financial world was in shock over the weekend following the decision of the US Securities and Exchange Commission (SEC) to charge Goldman Sachs and one of its vice presidents with fraud. The Wall Street bank allegedly sold investors down the river by “misstating and omitting key facts” about a financial product tied to US [...]

April 19, 2010 | 0 Comments More
VAT could rise to 20%

VAT could rise to 20%

The Labour Government is not ruling out a VAT rise but is set to pledge not to raise income tax rates for the lifetime of the next Parliament. These are two items set to be on Prime Minister Gordon Brown’s election manifesto today in Birmingham. However, while the PM is leaving open the possibility of [...]

April 12, 2010 | 0 Comments More
PM calls general election for 6 May

PM calls general election for 6 May

Prime Minister Gordon Brown has today confirmed the general election will take place in exactly one month’s time - on 6 May. The move was widely expected and the PM made the announcement outside Downing Street, following a 20-minute meeting with the Queen at Buckingham Palace to seek the dissolution of Parliament. Mr Brown will [...]

April 6, 2010 | 0 Comments More
Consumers to save millions under new credit card protection

Consumers to save millions under new credit card protection

The Government-led crackdown on credit card companies is expected to save consumers around £300 million a year. The crackdown comes after the Government warned credit and store card firms to “clean up their act” after it launched a review of the industry in a consumer White Paper in July 2009. According to Prime Minister, Gordon [...]

March 15, 2010 | 0 Comments More
Budget to be held on March 24

Budget to be held on March 24

Prime Minister Gordon Brown has confirmed the date of the Budget as March 24 with speculation mounting that the general election will be 6 weeks after - on May 6. The Treasury is set to confirm the Budget date later in a written statement to MPs. Meanwhile, in the build-up to the budget, Chancellor Alistair [...]

March 10, 2010 | 0 Comments More
Sterling dives to 10-month low amid election fears

Sterling dives to 10-month low amid election fears

The pound plummeted to a 10-month low today over fears of a possible hung parliament in the forthcoming election. Sterling lost 1.6% and dipped below $1.50 for the first time since May 2009 - it has already lost 7% against the dollar this year. The pound also lost ground against the euro and many other [...]

March 1, 2010 | 0 Comments More
Government unveils plans to slash public spending

Government unveils plans to slash public spending

Prior to Wednesday’s Pre-Budget Report, Prime Minister Gordon Brown has outlined plans to slash public spending by £12 billion over four years - 25% more than originally thought a few months ago. Mr Brown will endeavour to show how Labour plans to slash the UK’s budget deficit by half. In a speech today, the PM [...]

December 7, 2009 | 0 Comments More
G20 nations agree to ‘tough new regulations’

G20 nations agree to ‘tough new regulations’

At last week’s G20 summit, the world’s leading nations agreed to “tough new regulations”. Following the summit, which took place in Pittsburgh on Thursday and Friday, US President Barack Obama announced that in order to prevent another financial crisis: “We have agreed tough new financial regulations to ensure that the reckless few can no longer [...]

September 27, 2009 | 0 Comments More
Major employers to provide apprenticeships to unemployed youngsters

Major employers to provide apprenticeships to unemployed youngsters

A new initiative called “Backing Young Britain” is set to get thousands of young people back to work in the form of apprenticeships or training. The latest official figures show that the jobless rate among 16 to 24-year-olds has surged to almost 20%, with nearly a million classed as unemployed. Leading business groups have been [...]

September 2, 2009 | 0 Comments More
PM adds to bank bonus debate

PM adds to bank bonus debate

The topic of bank bonuses continues to hit the headlines with Prime Minister Gordon Brown suggesting a possible cap on bonuses within the banking industry, and indicating that bonuses should be based on long-term success. The PM added that banks should be able to “claw back” bonuses if the bank later performed poorly. Mr Brown [...]

September 1, 2009 | 0 Comments More
Nissan announces plans to create 350 new jobs

Nissan announces plans to create 350 new jobs

The UK’s ailing car industry has received a boost today with the news that Nissan will create 350 new jobs at its plant in Sunderland, while safeguarding hundreds more in the related supply chain. The new jobs come as part of a £200 million investment, spread over five years, to produce batteries for electric cars. [...]

July 20, 2009 | 0 Comments More
Brown reassures savers as Dunfermline collapses

Brown reassures savers as Dunfermline collapses

Dunfermline Building Society, established in 1869, has collapsed after last-minute rescue attempts failed. The British financial institution, which has a workforce of around 500 across more than 30 branches, is to be auctioned off to the highest bidder with The Sunday Times reporting that Santander, National Australia Bank and Bank of Ireland are potential bidders. [...]

March 29, 2009 | 0 Comments More
US Fed chairman calls for aggressive action to prevent prolonged recession

US Fed chairman calls for aggressive action to prevent prolonged recession

Ben Bernanke, Federal Reserve chairman, is calling for aggressive action to stimulate the US economy. Speaking in front of the Senate Budget Committee in Washington, Mr Bernanke said that stabilising financial markets is vital for economic recovery. Mr Bernanke said progress has been made on the financial side since last autumn but more bold action [...]

March 3, 2009 | 0 Comments More
Former RBS chief pension under scrutiny

Former RBS chief pension under scrutiny

Former Royal Bank of Scotland (RBS) chief Sir Fred Goodwin’s pension package is being criticised by the organisation which was set up to oversee taxpayer’s interest in UK banks. John Kingman of the UK Financial Investments (UKFI) said Sir Fred could have been paid off for much less than the £630,000 annual pension that he [...]

Further bank rescue as shares take a battering

Further bank rescue as shares take a battering

Bank shares on Friday took a battering amid speculation that more financial institutions will have to be rescued by the Government. Barclays stock was down 25% to its lowest level since 1993, while Royal Bank of Scotland lost 13%, the latter is 57.9% owned by the Government. Last week alone, Lloyds TSB saw its shares [...]

January 18, 2009 | 0 Comments More
Base rate cut wipes out tracker mortgages

Base rate cut wipes out tracker mortgages

Tracker mortgages are becoming increasingly hard to find following the Bank of England’s aggressive attack on the base rate of interest. Market statistics show that in the last year, the number of tracker mortgage products available has dropped by over 700, from 763 to 45. This is expected to decline further next year with additional [...]

December 15, 2008 | 0 Comments More
European leaders meet to discuss financial crisis

European leaders meet to discuss financial crisis

The 15 Eurozone leaders have met in Paris this weekend and agreed on an emergency plan to prevent further financial institutions collapsing. France and Germany followed the UK by spending billions of euros to guarantee loans in leading banks in a bid to fight off financial meltdown. Banks’ reluctancy to lend to each other has [...]

October 13, 2008 | 0 Comments More
Frosty relations between Iceland and UK

Frosty relations between Iceland and UK

Prime Minister Gordon Brown said yesterday that the UK may freeze the assets of Icelandic companies after he branded Iceland’s failure to guarantee British savings in its failed banks as ’unacceptable and illegal‘. The two countries are battling over who should compensate British savers whose money is in Icelandic amid the collapse of the country’s [...]

October 10, 2008 | 0 Comments More