There's cash in the community chest, but business just can't get it

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There’s cash in the community chest, but business just can’t get it

There’s cash in the community chest, but business just can’t get it
Interest rates on loans to small British businesses rose last month, suggesting that banks are refusing to pass on the benefits of their ultra-cheap funding costs to corporate customers. David Cameron defended the FLS in Parliament, saying that the scheme was bringing down interest rates, but the evidence from the Bank was mixed.
The Times, p. 36-37
Also appeared in : The Times, p.38

FSA to launch pension annuity investigation
An investigation into the annuity market will be launched today by the FSA amid concerns British pensioners are getting a poor deal in exchange for their retirement savings.
The Daily Telegraph Business, p. 4
Also appeared in : Financial Times, p.1, Financial Times Companies and Markets, p.20, Financial Times, p.2, Independent i, p.40, The Independent, p.51, The Independent, p.1, Financial Times Companies and Markets, p.16, The Independent, p.25, Independent i, p.23

veterans’ pensions hit by cost-cutting
Tens of thousands of injured veterans, widows, and their families will see the value of their war pensions fall compared with the state pension this year, ministers have announced.
The Daily Telegraph, p. 2

Mortgages/FLS aid for home buyers hurts savers
The Bank of England’s Funding for Lending billions are unlocking the mortgage market but savers are getting their rawest deal for nearly four years as banks fatten margins, it emerged yesterday.
The Independent, p. 54
Also appeared in : Financial Times, p.2, Independent i, p.43, Independent i, p.41

Housing boost as mortgage approvals at 11-month high
Economists state that lending in the housing market is at its healthiest since the financial crisis. While the level of mortgage approvals was still around half that seen before the financial crisis, it represented a 6.1pc increase on the number seen a year ago.
The Daily Telegraph Business, p. 4

Gilts
UK Government bonds eased after mortgage approvals rose this month to their highest in a year, fuelling hopes that credit conditions are easing and will help the flagging British economy.
The Times, p. 45

HSBC recruits crime-fighting panel
HSBC has recruited a panel of experts to beef up its defences against financial crime, two months after the bank was fined almost $2bn by US authorities over Mexican money laundering and various sanctions breaches.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 20

MPs attack culture at Barclays
The Parliamentary Commission on Banking Standards accused Barclays of empty rhetoric yesterday, as it tore into the bank’s remuneration committee chairman and questioned the depth of its cultural reinvention.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 15
Also appeared in : The Daily Telegraph Business, p.1-4, The Independent, p.12, The Independent, p.12, The Guardian, p.28, The Times, p.35, Independent i, p.41, The Times, p.38

Britain needs infrastructure bank, say academics
An influential group of academics and business leaders has called on the Government to create an independent infrastructure bank to mitigate the “political procrastination” that has deterred investors from making long-term commitments in Britain.
The Times, p. 38

Berlin rejects forcing banks to ringfence trade activities
The German finance ministry’s draft bill, seen by the Financial Times, reportedly shows that Germany will become the second big eurozone nation to reject the idea of forcing banks to ringfence all their trading activities.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 8

Banks urged to reveal solvency fears
According to new UK guidance aimed at avoiding a repeat of the confusion experienced during the financial crisis, struggling banks should not use vague promises of state aid to keep investors in the dark about their fragility.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 20

Goldman and Morgan Stanley cool on India push
It is reported that two of the world’s most prominent investment banks have cooled on attempts to win a full Indian banking licence, in a sign of growing awareness of the costs facing international institutions seeking to expand in Asia’s third-largest economy.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 19

Italian election fallout looms over loss scandal at world’s oldest bank
Italian magistrates investigating losses at Banca Monte dei Paschi say the mushrooming scandal has taken a dramatic turn, with political fallout that threatens to rock the country’s elections next month and upset eurozone plans for a banking union. The scandal has drawn in the ECB’s president Mario Draghi, a former head of the Bank of Italy.
The Daily Telegraph Business, p. 4

Asset manager counts cost of its Friends
Customers of F&C Asset Management took out almost £4.9 billion of funds last year, driven by the relentless redemptions of the insurer and its former shareholder Friends Life.
The Times, p. 42
Also appeared in : Financial Times Companies and Markets, p.20

The above articles appeared on 31/01/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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