Clegg could sanction cuts in benefits

Charterbridge

googleplus linkedin

Clegg could sanction cuts in benefits

Clegg could sanction cuts in benefits
Nick Clegg has indicated that he would allow further cuts to Britain’s benefits bill if David Cameron ended his protection of state-sponsored perks handed to wealthy pensioners. On BBC One’s Andrew Marr Show, the Liberal Democrat leader indicated yesterday that he could sanction some cuts if the Prime Minister ended universal pensioner benefits such as winter fuel payments and free TV licences.
The Times, p. 11
Also appeared in : The Daily Telegraph, p.2

No guarantees on generous pension rises, minister warns
Pensions minister Steve Webb told the Financial Times that the coalition’s drive to automatically enrol lower earners into workplace pension schemes showed “you can do good stuff in difficult times”.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 2

Proposed EU regulation could risk savings
The European Council has continued to discuss the EC’s proposed new regulation that has the potential to affect European citizens who manage their savings through pension plans.
This abstract from the Financial Times was produced by Kantar Media
Financial Times FT fm, p. 6

Average UK house price breaks through £250,000
Average house prices have exceeded £250,000 for the first time, according to new research. Property site Rightmove said the national average asking price for a home had risen by 1.2% over the past month to reach £252,798.
The Guardian, p. 12
Also appeared in : City AM London, p.18

Young expect renting will become the norm
Most younger people believe that Britain will become a nation of renters within the next generation, a report has found.
Independent i, p. 11

Osborne to hint at Lloyds sale by 2015
The chancellor is reportedly set to give his strongest signal that he wants to move Lloyds Banking Group back into private ownership by the 2015 general election, albeit not at a price that would leave taxpayers out of pocket.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 1

Co-op seals deal with regulators as Osborne eyes bank sell-offs
The Co-operative Bank is expected to announce that it has reached a deal with regulators to plug its £1.5bn capital shortfall, kick-starting a crucial week for the banking sector amidst expectations the government is preparing to signal the sell-off of shares in the bailed-out banks.
The Guardian, p. 22
Also appeared in : Financial Times Companies and Markets, p.19, Independent i, p.43, The Independent, p.51

Co-op ‘forced into Lloyds deal by invisible hand of Treasury’
The Chancellor has been accused of political interference in the banking sector for the second time in a week as he faces allegations that he interfered with the sale of 632 branches by Lloyds Banking Group. The deal collapsed in April, leaving the Co-operative Bank bonds downgraded to “Junk” and Lloyds left still holding the TSB-branded branches, which it must now dispose of using a lengthy stock market flotation process.
The Times, p. 37
Also appeared in : The Times, p.24, The Times, p.1, The Daily Telegraph Business, p.4, The Times, p.38

Pensioners face huge losses from Co-op rescue
Pensioners and other retail investors in the Co-operative Bank are facing massive losses under a £1.5bn rescue plan for the ailing mutual expected to be unveiled today. Holders of £370m of permanent interest bearing shares (PIBS) issued by the Co-op and Britannia Building Society before its takeover are expected to have their coupons cancelled, making them effectively worthless.
The Daily Telegraph Business, p. 1

Plan to name and shame banks over tax avoidance
HM Revenue & Customs is reportedly ratcheting up the pressure over tax avoidance by drawing up plans to name and shame banks that do not comply with a voluntary code of conduct.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 4

BoE reveals collapse in foreign bank lending worsened UK crisis
According to Bank of England research, foreign-owned bank branches in Britain made the country’s financial crisis worse, shrinking their loan books by almost half at the height of the credit crunch.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 1
Also appeared in : City AM London, p.9

Small changes but a big impact
This will be a very big week for British banking, writes David Wighton. The Parliamentary Commission on Banking Standards is rushing to get its long-awaited report out in time for George Osborne to respond to its recommendations in his Mansion House speech on Wednesday.
The Times, p. 41
Also appeared in : Independent i, p.42

Loosen rules for credit unions, says thinktank
Credit unions must be given powers to charge more and take bigger deposits so they can become a real alternative to high-cost lenders such as payday firms, according to Civitas.
The Guardian, p. 23

New lenders make hay but lack the scale to upset big banks
Focus on how the new crop of challenger banks that have appeared on the market since the financial crisis are making hay.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 24

The above articles appeared on 17/06/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

Charterbridge Private Financial Planning, Independent Financial Advice, Thornbury, Bristol.