Net exports from the UK financial sector fell last year

Net exports of the UK financial sector fell by 17% in 2009 to £41.8bn. This was the second highest figure on record but was, not surprisingly, down from £50.6bn in 2008 as a result of the ‘credit crunch’. These figures were published yesterday by TheCityUK, an independent body which promotes the UK financial services industry. Although securities dealers contributed £1.4bn, … Continue reading

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Do we need a High Pay Commission?

Today the centre-left political pressure group, Compass, and 100 leading public figures launched a campaign to curb excessive pay. They called on the government to establish a High Pay Commission.   The statement says: “The crisis we find ourselves in is one significantly caused by greed. The salaries of those at the top raced away while the median wage stagnated. … Continue reading

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Major losses at State rescued banks

Northern Rock, the nationalised bank, reported losses yesterday which had risen by 24%. The bank was nationalised in February 2008 because it was unable to fund its business in the money markets and customers were defaulting on their loans. It reported a total loss of £724.2m in the first six months of this year, which compared with a loss of … Continue reading

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Pound rises to its highest value against dollar for 10 months

At one point yesterday sterling rose to $1.6850 against the dollar – its highest level since the middle of October 2008. Although this is still well down on the $2 to the pound level seen last July, it does mean that the pound has risen by a quarter since January 2009. Sterling also rose against the euro to its highest … Continue reading

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G20 is a hit, but Brown’s battleship stays afloat

“This is the day that the world came together to fight back against the global recession, not with words, but with a plan for global recovery and for reform and with a clear timetable for delivery,” was the way Gordon Brown summarised the outcome of the G20 summit in London.   According to the communiqué issued in the name of … Continue reading

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Flight of capital from the UK

Money held in UK banks on the behalf of foreign investors fell by just over $1 trillion or £707 billion over the last three quarters of 2008. These figures are classified as the external liabilities of the major banks operating in the UK. There was an outflow of funds amounting to $682.5 billion in the second quarter of 2008, followed … Continue reading

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Largest corporate loss in UK history – Wow, what does that look like?

This morning the Royal Bank of Scotland (RBS), which was bailed out by the taxpayer last year, announced a loss for 2008 of £24.1 billion. Even as I write this the Chairman of RBS is on the phone to the editor of Guinness World Records to claim their rightful place.   It seems that over the past year we have … Continue reading

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