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 […]
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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. […]
Read MoreFT.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 […]
Read MoreBritish 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 […]
Read MoreMervyn 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 […]
Read MoreGordon 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 […]
Read MoreGeorge 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 […]
Read MoreUK ‘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 […]
Read MoreYet 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. […]
Read MoreUS 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 […]
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