Tag: Treasury

ISA top-up announced by Treasury

ISA top-up announced by Treasury

The Treasury has announced plans to change ISA top-up rules to help strengthen consumer confidence in the security of the product. Currently, ISA investors who lose their savings due to the collapse of a financial firm are unable to refill their annual allowance. Any savings lost as a result of a firm failing are still [...]

December 6, 2011 | 0 Comments More
Standard & Poor’s give US negative outlook

Standard & Poor’s give US negative outlook

Standard & Poor’s (S&P) has today lowered the US’ top notch credit rating from stable to negative – suggesting that the rating could be cut within the next two years. The rating agency believes that the Democrats and Republicans will not be able to agree a plan to cut the spiralling US deficit. President Barack [...]

April 18, 2011 | 0 Comments More
Ben Broadbent to joins Monetary Policy Committee

Ben Broadbent to joins Monetary Policy Committee

The Treasury has today announced Ben Broadbent will join the Bank of England’s Monetary Policy Committee (MPC). Mr Broadbent, a Goldman Sachs economist, will assume his position in time for the June rate-setting meeting and replaces Andrew Sentance after his term ends on 31 May. Broadbent’s research at Goldman has suggested there will be three [...]

March 7, 2011 | 0 Comments More
Ministers threaten banks over lending targets

Ministers threaten banks over lending targets

A report by the BBC has established that bank’s lending targets have not been met and pressure is now mounting for bank bosses to reduce bonuses and increase lending to businesses and homeowners. After talks, the Treasury has made it clear that the Government will threaten to break up big banks unless they agree to [...]

January 24, 2011 | 0 Comments More
US Treasury sells stake in Citigroup

US Treasury sells stake in Citigroup

The US Treasury has disposed of its remaining stake in Citigroup - bringing a net profit to taxpayers of $12 billion (£7.6 billion). The banking giant, which was badly hit during the financial crisis, was the recipient of a $45 billion cash bailout in 2008 and 2009, with the funds coming from the Troubled Asset [...]

December 8, 2010 | 0 Comments More
ISA allowance to increase next year

ISA allowance to increase next year

It is understood that the amount of money people can save into an Individual Savings Account (ISA) will increase by £470 next year. From April 2011, the annual tax-free savings allowance will rise from £10,200 to £10,670, while the amount for a cash ISA will rise from £5,100 to £5,335. The rise is in accordance [...]

October 14, 2010 | 0 Comments More
Minister urges bonus restraint

Minister urges bonus restraint

Banks are being urged to show compassion when allocating bonuses this year - in light of the cost-cutting measures in the public and private sectors. Financial Secretary to the Treasury, Mark Hoban, said banks need to be mindful during the forthcoming bonus season - at a time when pay restraints are being implemented across the [...]

July 13, 2010 | 0 Comments More
US comments on China’s exchange rate

US comments on China’s exchange rate

A report issued by the US has said China’s yuan remains undervalued but welcomed the loosening of the currency peg. The US Treasury’s semi-annual currency report, which originally was due on 15 April, comes after mounting pressure on the People’s Bank of China to make its exchange rate more flexible against the US dollar. The [...]

July 9, 2010 | 0 Comments More
Document reveals 1.3 million jobs will be lost following budget

Document reveals 1.3 million jobs will be lost following budget

Last week’s tough budget is expected to result in the loss of more than one million jobs by 2015, according to a leaked Treasury document. The Guardian has reported that while there will be an estimated 2.5 million jobs created in the next five years, 1.2 million will be lost in the same period. Last [...]

June 30, 2010 | 0 Comments More
Citigroup share sale commences

Citigroup share sale commences

Last month, the US Treasury Department announced plans to sell its 27% stake in Citigroup this year, in what will be one of the largest stock sales ever. Today, the Department said it had authorised the first sale of up to 1.5 billion shares - the equivalent of around 20% of the 7.7 billion shares [...]

April 26, 2010 | 0 Comments More
Labour admits taxes could go up in order to cut deficit

Labour admits taxes could go up in order to cut deficit

In order to tackle the UK’s deficit, tax hikes could well be on the agenda, according to reports today. Last week, Chief Secretary to the Treasury Liam Byrne suggested that no new tax rises will be required in order to cut the UK’s ballooning deficit. However, in a dramatic u-turn, asked by the BBC yesterday [...]

March 17, 2010 | 0 Comments More
Government approves £1.3bn RBS bonuses

Government approves £1.3bn RBS bonuses

The UK Financial Investments Ltd (UKFI) has written to the Royal Bank of Scotland (RBS) to approve its £1.3 billion in bonuses to its investment bankers. The Treasury, through the UKFI, had the right to veto any bonus deal after the bank participated in the Government’s Asset Protection Scheme (APS) - one of the conditions [...]

February 24, 2010 | 0 Comments More
Banking industry criticise Treasury’s plans for windfall tax

Banking industry criticise Treasury’s plans for windfall tax

Over the weekend, it emerged that Chancellor Alistair Darling is expected to announce a windfall tax on British banks in Wednesday‘s Pre-Budget Report. The measure is one of many being planned by Mr Darling to target high earners. Other measures include increasing the number of people liable to pay inheritance tax, as well as an [...]

December 7, 2009 | 0 Comments More
RBS bankers join rival firms over bonus row

RBS bankers join rival firms over bonus row

According to The Sunday Times, over 1,000 investment bankers have left the Royal Bank of Scotland (RBS) after a heated row with the Treasury over bonuses. The investment bankers account for less than 5% of staff in the bank’s investment division and comes as the Government plans to veto bonus payments at the bank. The [...]

December 6, 2009 | 0 Comments More
RBS has heated argument with the Treasury over bonuses

RBS has heated argument with the Treasury over bonuses

After a heated row with the Treasury, the Royal Bank of Scotland (RBS) has indicated that it will bow to pressure to cut executive bonuses. It emerged yesterday that the board of RBS had threatened to quit under Government plans to veto bonus payments. The threat of a mass exodus came as the bank said [...]

December 4, 2009 | 0 Comments More
RBS board threaten to quit over bonus restrictions

RBS board threaten to quit over bonus restrictions

The board of the Royal Bank of Scotland (RBS) have threatened to quit under Government plans to veto bonus payments. Chancellor Alistair Darling is to be granted the right to veto bonus payments at the bank, following which the bank sought legal advice. The threat of a mass exodus comes as the bank is planning [...]

December 3, 2009 | 0 Comments More
New measures to protect UK mortgage borrowers

New measures to protect UK mortgage borrowers

The Treasury has announced new measurers aimed at protecting UK mortgage borrowers. The move follows the Government’s analysis of the causes of the financial crisis, as set out in its Reforming Financial Markets paper published earlier this year. Under the proposals, borrowers whose mortgages are sold on to third parties will be protected by Financial [...]

November 27, 2009 | 0 Comments More
Treasury confirms RBS and Lloyds sell-offs

Treasury confirms RBS and Lloyds sell-offs

A major overhaul of the UK banking industry has been confirmed by the Treasury today with plans for Royal Bank of Scotland (RBS) and Lloyds Banking Group to sell off bank branches. The shake-up comes as the Government hopes to create more competition within the industry. The Government holds a 70% stake in RBS and [...]

November 3, 2009 | 0 Comments More
Chancellor unveils ‘Council of Stability’ to rebuild financial system

Chancellor unveils ‘Council of Stability’ to rebuild financial system

The Chancellor Alistair Darling has today announced key reforms of banking regulation in a bid to prevent future meltdowns. The worst financial crisis since the Great Depression of the 1930s has forced the Government to nationalise Northern Rock and Bradford & Bingley, as well as bailing out Lloyds TSB and Royal Bank of Scotland using [...]

July 8, 2009 | 0 Comments More
Ten US banks to repay $68bn into Tarp

Ten US banks to repay $68bn into Tarp

Ten US banks have been given approval to repay a combined $68 billion (£41 billion) in Government bailout money, said the US Treasury. In a sign that stability is returning to the banking sector, the banking giants will repay some of the money it was loaned in the US Government’s $700 billion Troubled Asset Relief [...]

June 9, 2009 | 0 Comments More