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FTSE 100: stock market has best month in more than six years – Telegraph


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Via FTSE 100: stock market has best month in more than six years – Telegraph: The stock market has enjoyed its best month in more than six years, boosting the savings of millions of investors and bringing hope that the worst of the recession may be over. The FTSE 100 index of leading shares climbed 8.5 per cent in July, adding £134 billion to the value of the stock market, its best monthly performance since the fall of Baghdad during […]

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Norwich North, the Greens and the credit crisis


Today while telling in Norwich North, I was joined by a charming lady from the Green Party. In conversation, she indicated the Green view that the present crisis was caused by the liberalisation of banking and the operation of the free market. I explained the ways in which I disagreed. These are the posts I recommended: A quick guide to The Credit Crisis, which links to: Banks, economic interventionism and the cause of the credit crisis, And this primer which includes: […]

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FT.com – Nomura has Lehman’s old crown in sight


Via FT.com / Companies / Financial Services – Nomura has Lehman’s old crown in sight: Ten months ago when Lehman Brothers collapsed, it would have been a stretch to suggest that the former investment bank might reclaim its crown as the biggest broker on the London Stock Exchange. But on Monday the new owner of its European equities trading business, Nomura of Japan, said its newly constituted European equities arm was now the LSE’s third-largest broker, behind Credit Suisse and top-ranked […]

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British banks highly vulnerable to future shocks, Bank of England warns – Telegraph


Via British banks highly vulnerable to future shocks, Bank of England warns – Telegraph: Britain’s banks remain over-indebted, highly vulnerable and harbour growing funding gaps which leave them susceptible to future shocks, the Bank of England has said. … In a sign of the strain facing nations’ public finances – including the UK’s – the report also revealed that the threat of a sovereign debt default has become one of the biggest concerns for investors. A survey put together for the […]

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Mervyn King warns that spending cuts and tax rises are needed – Telegraph


Speaking to the Treasury Committee of MPs, Mr King dealt a serious blow to Mr Brown’s political strategy of casting the next election as a choice between “Tory cuts” and “Labour investment.” In the Budget in April, Alistair Darling set out plans to borrow an extra £700 billion over five years, taking the national debt to £1.3 trillion. Simply paying the interest on that borrowing will soon cost more money than the Government spends on schools or defence. via Mervyn […]

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Gordon Brown surrenders key powers over financial regulation to Brussels – Telegraph


The European Commission and other EU officials are celebrating after the Prime Minister accepted on Thursday night the creation of European supervisors over national regulators. Senior EU officials described how in return for a promise that Brussels regulators can not have power to tell the British government when, and by how much, to bail out banks, Mr Brown has given ground on a broad range of other supervisory powers. via Gordon Brown surrenders key powers over financial regulation to Brussels […]

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George Osborne: A New British Economic Model


A good speech from George Osborne: We should not be satisfied with turning back the clock to how things were before the crisis, or we risk simply pumping the bubble back up. That would mean failing to understand a crucial insight that has become increasingly clear – that the model of economic growth pursued over the last ten years is fundamentally broken. We can no longer rely on cheap borrowing from China and the rest of Asia to fund our […]

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UK ‘needs emergency Budget’ – Telegraph


The Policy Exchange has advised the next government that it must be prepared to make radical and immediate cuts to spending plans or face a serious risk of a full-scale sovereign debt crisis. In a new paper, it has also shown that only a third of the impending surge in government spending can be traced back to measures intended to combat the recession, with the rest going on increased budgets for ballooning government departments. via UK ‘needs emergency Budget’ – […]

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Yet more new money


Present economic circumstances seem perilously close to those described by scholars of the monetary theory of the trade cycle: The Bank of England has pledged to pump another £50bn into the economy as it steps up efforts to haul the UK from its worst recession in at least two decades. via Bank of England to pump another £50bn into economy as it steps up recession fight – Telegraph. China has given its clearest warning to date that emergency monetary stimulus […]

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US banks thought to need $55bn in capital – Telegraph


Bank of America, Citigroup and Wells Fargo will have to collectively find $55bn in fresh ordinary capital as a result of the US Treasury’s financial stress tests, details of which are due to be announced today. The three banks – three of America’s four largest by assets – are expected to be among the institutions requiring the most capital following the publication of the long-awaited tests, designed to ascertain whether banks’ reserves are strong enough to survive further economic shock […]

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