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05/11/2007
Cautious UK Economy Will Survive World Crisis
The UK will survive the growing worldwide bank crisis as the economy is strong enough.
Chancellor Alistair Darling said it will be able to "carry us through an unparalleled period of financial uncertainty".
He spoke after the boss of the world's biggest bank, Citigroup, became the latest casualty of the credit crisis.
This immediately led to further concerns about how exposed banks were to bad debts.
However, he said it should be kept "in perspective" and that years of big profits had left UK banks with "very strong balance sheets", and he claimed the economy was still growing.
Mr Darling made the comments on BBC Radio 4's Today programme and said that he expected banks to be more "cautious" in their lending in the wake of the global credit crunch, which was sparked by huge bad debts in the US sub-prime housing market.
He claimed that it was "no bad thing" if institutions were to be less cavalier about giving out money, adding that he had already taken into account the impact of the crisis by revising down his growth forecast.
"We need to get to a far better situation where there is a great deal more transparency, more openness, so people understand the risks to which these banks have become exposed and they can avoid being so exposed in the future," he said.
(BMcC)
Chancellor Alistair Darling said it will be able to "carry us through an unparalleled period of financial uncertainty".
He spoke after the boss of the world's biggest bank, Citigroup, became the latest casualty of the credit crisis.
This immediately led to further concerns about how exposed banks were to bad debts.
However, he said it should be kept "in perspective" and that years of big profits had left UK banks with "very strong balance sheets", and he claimed the economy was still growing.
Mr Darling made the comments on BBC Radio 4's Today programme and said that he expected banks to be more "cautious" in their lending in the wake of the global credit crunch, which was sparked by huge bad debts in the US sub-prime housing market.
He claimed that it was "no bad thing" if institutions were to be less cavalier about giving out money, adding that he had already taken into account the impact of the crisis by revising down his growth forecast.
"We need to get to a far better situation where there is a great deal more transparency, more openness, so people understand the risks to which these banks have become exposed and they can avoid being so exposed in the future," he said.
(BMcC)
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Bank Of England Maintains Bank Rate At 0.5%
The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £200 billion. The previous change in Bank Rate was a reduction of 0.5 percentage points to 0.
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Northern Rock Steadfast In Recovery
The boss of a once beleaguered UK bank is "encouraged" by news that nationalised Northern Rock's - a so-called 'bad bank' - has returned to profit following heavy losses last year in the wake of a bail-out by the taxpayer in 2008. Chief Executive Gary Hoffman said the Northern Rock 'AM' results were 'encouraging'.
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Bank Of England Maintains Bank Rate At 0.5%
The Bank of England's Monetary Policy Committee has voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £375bn.
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Osborne Demands Banks 'Up Lending'
The Chancellor George Osborne has added to calls for banks to lend more to businesses in order to sustain the economic recovery. The weekend move by the senior Cabinet member came just hours before a leading bank, HSBC reported pre-tax profits of $11.
Osborne Demands Banks 'Up Lending'
The Chancellor George Osborne has added to calls for banks to lend more to businesses in order to sustain the economic recovery. The weekend move by the senior Cabinet member came just hours before a leading bank, HSBC reported pre-tax profits of $11.
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