Still no "green shoots of recovery"

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Re: Still no "green shoots of recovery"

confused of hornchurch

£24billion loss looming in Lloyds and RBS sell-off: Osborne prepares to offload Government's share in order to bring about biggest privatisation in British history.

Chancellor to sell off 82 per cent of RBS and 39 per cent of Lloyds
Tory sources say Labour spent too much money on the 2008 bailouts
Share prices currently mean deficit on paper stands at £24billion


By Tim Shipman

PUBLISHED: 23:55, 2 May 2013  | UPDATED: 23:55, 2 May 2013  


Deal: George Osborne is prepared to sell the Government's shares in Royal Bank of Scotland and Lloyds at a loss in order to bring about the biggest privatisation in British history

George Osborne is prepared to sell the Government’s shares in Royal Bank of Scotland and Lloyds at a loss in order to bring about the biggest privatisation in British history.

Senior Tory sources yesterday said that Labour had spent too much money on the 2008 bailouts, which injected £66billion of public funds into the failing banks.

They spoke after fresh reports the Chancellor is gearing up to sell an 82 per cent shareholding in RBS and a 39 per cent stake in Lloyds.

The Daily Mail first revealed in February that Mr Osborne wants to offload the shares before the 2015 election – and that he is examining the possibility of giving the shares away.

That would mean acknowledging taxpayers would not get all their money back, since the share prices of the two banks currently mean the deficit on paper is £24billion.


Read more: http://www.dailymail.co.uk/news/article-2318632/24billion-loss-looming-Lloyds-RBS-sell-Osborne-prepares-offload-Governments-share-order-bring-biggest-privatisation-British-history.html#ixzz2SD8Oeyth 
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Re: Still no "green shoots of recovery"

confused of hornchurch

This "investment" may bring forth some "green shoots".


David Cameron criticised over failure to declare wife Samantha’s business stake


 Lewis Smith   Author Biography
 
Friday 03 May 2013

David Cameron has been condemned for his failure to declare a family stake in a company planning a massive housing development.
 

The plan to build hundreds of homes on greenfield land in Lincolnshire is in an early stage but if it goes ahead is likely to push up land prices and benefit shareholders.

The Prime Minister’s wife, Samantha, holds shares in the firm involved in the development but Mr Cameron did not declare it in the ministerial list of interests, it was reported, despite his wife’s patronage of three charities and role as ambassador with the British Fashion Council being listed.

Paul Flynn, the Labour MP for Newport West and a member of the public administration select committee, told the Daily Telegraph that the shareholding should have been included in the ministerial list of interests and described the omission as “seriously naughty”.

The business behind the proposed development in Conesby farm is Firecrest Land which is half owned by Larkfleet which said this week that government plans to alter planning laws could be “beneficial” for the project.

The other half of Firecrest is, the Telegraph said, owned by Normanby Estate Holdings which is run by Sir Reginald Sheffield, the Prime Minister’s father-in-law.

A Cabinet Office spokesman said: “The Cabinet Secretary is satisfied that all procedures were followed correctly and that there is no conflict of interest.”
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Re: Still no "green shoots of recovery"

The Ear
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Re: Still no "green shoots of recovery"

confused of hornchurch

Yes I guess there's an outside chance the shoots may break out again if we get a good summer.
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Re: Still no "green shoots of recovery"

confused of hornchurch

Green shoots of economic recovery found in Rainham. (cannabis shoots that is) The economy is picking up.


Drugs and stun gun found during raid in Rainham

Jane Ball, News Editor Sunday, May 5, 2013   (Romford Recorder)
 9:00 AM

 
Drugs and a stun gun were found by the Elm Park Safer neighbourhood team in a Rainham home.

A 22-year-old man was arrested on suspicion of possession of drugs with intent to supply and possession of a firearm following the recent raid in Tuck Road by officers from the Territorial Support Group.

Sgt Darren Hepple said “:This was a great result for my team. We were especially pleased to have removed such a dangerous weapon off the streets of Havering. It also sends out a great message to local residents that Elm Park’s Safer Neighbourhood officers are hot on the tails of local criminals.”


Drugs and parking fines, two of the biggest 'growth industries' in Britain.
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Re: Still no "green shoots of recovery"

confused of hornchurch
More signs of recovery?


Co-op Bank Boss Quits Amid Moody's Downgrade.
 
Just hours after the Co-op Bank is downgraded by an influential rating agency, its chief executive resigns with immediate effect.

9:23am UK, Friday 10 May 2013

Co-operative food store
The bank said unfavourable economic forecasts have dampened expectations
 

CO-OP chief executive Peter Marks

In April the boss of the Co-operative group Peter Marks told the Jeff Randall Live show that it was hard for a mutual to raise capital.

Co-op banking group chief executive Barry Tootell has quit with immediate effect, just hours after Moody's rating agency issued a downgrade for the lender.

Barry Tootell's decision, the bank said, was down to the conclusion of the talks with Lloyds over hundreds of branch purchases.

He is being replaced by interim CEO Rod Bulmer.

But the departure comes just hours after the bank, which operates as a mutual, moved to reassure investors after Moody's said it may need "external support".

Britain's new banking regulator, the Prudential Regulation Authority (PRA), is tipped to tell some banks to improve capital reserve levels within weeks.

The impending PRA decision follows an announcement from the Bank of England that up to £20bn is needed to boost reserves of lenders.

Analysts believe the Co-op bank may need to be bolstered by around £1bn in additional funds to help keep its core capital ratios above regulatory levels.

In a statement the bank said in response to the downgrade: "We are disappointed by the ratings downgrade announced by Moody’s.
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Re: Still no "green shoots of recovery"

confused of hornchurch
In reply to this post by confused of hornchurch
Sign of the times.

The penny price war: Poundland slashes prices to 97p to undercut 99p shop rivals

By Tara Evans

PUBLISHED: 18:11, 14 May 2013  | UPDATED: 18:11, 14 May 2013  

Poundland has broken its rigid price structure by dropping prices to 97p in locations where rival 99p stores have opened up.

The discount retailer as diverted from its traditional £1 price in four shops so far, including its East Ham and Dudley stores, according to trade magazine Retail Week.

It is offering customer’s vouchers promoting ‘two for £1’ or one pound off when you buy six items.
Poundland – which has 400 stores nationwide – said it had adopted the new strategy because of ‘tactical’ reasons.


Read more: http://www.dailymail.co.uk/money/bills/article-2324454/Poundland-slashes-prices-97p-stores-beat-rival-99p-shops.html#ixzz2TIUUQuet 
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Re: Still no "green shoots of recovery"

confused of hornchurch

HSBC Warns 14,000 More Job Cuts Likely
 
Thousands of HSBC staff in London face an anxious wait for news on their jobs as HSBC plans to wield the axe again.

9:21am UK, Wednesday 15 May 2013

HSBC has said it could cut another 14,000 jobs - just a week after almost doubling quarterly profits to £5.4bn.

The chief executive of Europe's biggest bank, Stuart Gulliver, wants to save an additional £2bn as part of a restructuring plan which has already resulted in 46,000 staff losing their jobs worldwide.

In a strategy update, the London-headquartered bank confirmed up to 14,000 posts were under threat but it was on track to sell or dispose of 52 non-core businesses.
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Re: Still no "green shoots of recovery"

Independent man
Double Dip has lost control of his party his a dead man walking the right wing will throw him out before the next election.
Ed has sold out to the establishment he looks like Bambi mark 2.
As for Clegg he sold his soul and kicked the students in the goolies for a taste of power.

None of them are any good they are all a bunch of merchant bankers.
Drop that Drip Double Dip Dave
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Re: Still no "green shoots of recovery"

bellend
you summed it up indi
If we learn from our mistakes, why aint I a genius, If you educate the masses where's the advantage for the few?

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Re: Still no "green shoots of recovery"

The Ear
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Re: Still no "green shoots of recovery"

Independent man
 Can we have much confidence in Mervyn King he never saw the banks going to the wall in 2008, he was bound to say something upbeat as this was his last quarterly meeting before he retires.
Unemployment was up yet again at record levels another 15000 out of work,the two posh boys have not got a clue they could not run a booze up in a brewery.
Drop that Drip Double Dip Dave
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Re: Still no "green shoots of recovery"

confused of hornchurch

I've got absolutely zero confidence in any "green shoots" theories.

There would have to be lots of "green shoots" to get back to where we were.

Maybe if we scatter a generous helping of manure around the roots, we may see some signs of life, but I have my doubts.
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Re: Still no "green shoots of recovery"

confused of hornchurch

16 May 2013 Last updated at 12:20.

RBS to cut a further 1,400 jobsBreaking news

Royal Bank of Scotland (RBS) is to cut a further 1,400 jobs from its retail banking head office over the next two years.

Most of the job losses are expected to be at RBS's offices in Edinburgh. RBS said no customer-facing staff would be affected.

RBS has already announced more than 35,000 job cuts since it was bailed out following the financial crisis.

The government still owns more than 80% of the bank.
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Re: Still no "green shoots of recovery"

confused of hornchurch

The UK has just had one lost decade, and is about to enter a second.

HSBC’s chief global economist has written a compelling but dark account of the challenges facing the West. Philip Aldrick considers the chilling claims.

7:00PM BST 18 May 2013
 
Bleak does not begin to describe the latest tome on the economic crisis by Stephen King, the HSBC chief global economist who appropriately shares a name with the best-selling horror writer.

When the Money Runs Out is the economic equivalent of post-apocalyptic fiction, charting “the end of Western affluence”, and gives the author of The Shining a run for his money when it comes to filling readers with dread.

Published this week, the chapter headings alone are enough to make you tremble; The Pain of Stagnation, From Economic Disappointment to Political Instability, Dystopia.

If anyone in Britain was labouring under the misapprehension that 0.3pc GDP growth in the first quarter of the year and signs of a manufacturing revival were something to cheer – and that includes the other King, Bank of England Governor Sir Mervyn – HSBC’s King puts them right.

Those aren’t green shoots, they are “bumps along bottom”. The country has just completed one “lost decade”, measured on growth per person, he says, and is about to enter a second.
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Re: Still no "green shoots of recovery"

confused of hornchurch


Olesya Dmitracova and Christina Fincher

LONDON | Wed May 22, 2013 10:38am BST

(Reuters) - British retail sales dropped at their sharpest pace in a year last month, a reminder of weakness in the country's economy after some recent signs of recovery.

Sales of food plunged 4.1 percent from March, the worst showing in almost two years.

As the government prepared to face a call from the International Monetary Fund to do more to help growth, official data also underscored the size of the budget deficit, which hit a record high on one measure last month.

Retail sales volumes including automotive fuel fell 1.3 percent in April from March, the Office for National Statistics said on Wednesday. Compared with a year earlier, sales inched up 0.5 percent, with both readings much weaker than forecast by economists.

"Retail sales give a timely reminder why it's too premature to call the UK as being out of the woods," said Rob Wood, economist at Berenberg Bank.

"They highlight the challenges for the UK; households are struggling as price rises outstrip earnings, sharp government benefit cuts are going to start showing up in this data soon."

The pound fell and British government bond prices rose after the data releases. The IMF will deliver its annual report on Britain later in the day. Last month, its top officials said economic weakness had lasted too long and it was time to consider a new approach.
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Re: Still no "green shoots of recovery"

confused of hornchurch

Coins worth sod all, a sign of the times?

Royal Mint is accused over £5 coin ‘that’s not worth a penny’  

Special issue: both sides of the £5 coin

 Dalya Alberge  
24 May 2013

The Royal Mint is facing accusations that it is duping the public into buying commemorative coins that have no actual monetary value.
 
Richard Lobel, a leading numismatics dealer in London, warns that people are paying £9.95 for £5 coins which have no apparent worth because, despite assurances from the Royal Mint that they are legal tender, banks are generally not accepting them.

Speaking to the Evening Standard, he said that millions of these coins have been issued since 1990, bought by people who assumed they were keepsakes with some value. He regularly breaks the bad news to them: “We tell them ‘WE DON'T WANT THEM AND NO BANK WANTS THEM’.”

One coin company, which requested anonymity, discovered that it could not sell almost 3,000 of the coins when it tried to cash in on its original investment.

In an email seen by the Evening Standard, a Royal Mint executive told them: “It would not be possible for us to cash these in to the banks. The £5 coin is not in general circulation and so banks will not accept them. Because of the royalty agreement with the Treasury, it will also cause us problems if we treat commemorative coins like circulating coins.” Asked how the Royal Mint assesses their £5 value, Mr Lobel said: “They put the word £5 on it.”

Not worth a carrot.

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Re: Still no "green shoots of recovery"

Bill E
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Re: Still no "green shoots of recovery"

confused of hornchurch

Don't feed them to your rabbit, it will break its teeth on them.
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Re: Still no "green shoots of recovery"

confused of hornchurch
In reply to this post by Bill E

‘60,000 stores to close in five years’ as our high streets begin to die

BRITAIN’S struggling high streets will be hit by more than 60,000 store closures in the next five years, a report out today warns.

By: Nathan Rao
Published: Tue, May 28, 2013

Another-closing-down-sale-as-the-UK-high-street-struggles-to-survive Another closing down sale as the UK high street struggles to survive

Experts say retailers are facing a crisis as running costs soar and people increasingly shop online.

The grim report – Retail Futures 2018 – predicts that 61,930 high street stores, one in five, will close by 2018, resulting in 316,000 job losses. It claims consumer spending has risen by just 12 per cent since 2006, while operating costs have rocketed by 20 per cent.

Meanwhile retailers with strong online profiles need just 70 high street stores to create a “national presence”, compared to 250 in the mid 2000s, according to the study by the Centre for Retail Research.

Professor Joshua Bamfield, director of the CRR, said: “Customers now shop in multiple ways, checking websites, visiting stores, reading reviews and making online price comparisons with smart phones whilst shopping.

“Retailers have to make clear responses to the changing pattern of how consumers shop, which includes tactical decisions about store numbers and locations.

“Going forward, I think retail stores will remain an important, although smaller, part of the shopping process as online retail continues to grow.”

The report claims online shopping will account for 21.5 per cent of total sales by 2018. The figure is currently 12.7 per cent. It says 164 more companies will go into administration by 2018, affecting 22,600 stores and 140,000 staff. This follows the collapse this year of HMV, camera chain Jessops and video chain Blockbusters.

The number of empty shops across the country has shot up from 5.4 per cent in 2008 to 14.1 per cent in March.
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