No compensation for Northern Rock shareholders

Author: By Kelly Macnamara, Press Association

The provisional view of independent valuer Andrew Caldwell, of BDO, is that
there would not have been anything left for shareholders had Northern Rock
had to pay back more than £25 billion Bank of England loans last year.

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Thrifty Britons cash in on low interest rates and falling bills

Author: By Sean O’Grady, Economics Editor and Alex Cockburn

Lloyds Banking Group ? which includes the UK’s largest lender, the Halifax ? the Nationwide Building Society, Abbey, Barclays, HSBC, the Co-operative Bank and others have all told this newspaper that borrowers are taking the opportunity to pay off their mortgage debts rather than spend any extra cash, the opposite of what the Bank and the Treasury want.

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Darling launches Bill to reclaim bank bonuses

Author: By Alistair Dawber

The Financial Services Bill will put into law a number of measures that the Government has already announced and those agreed with the G20 on reforms to the global financial system.

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The jobless recovery is on the way, says OECD

Author: By Sean O’Grady, Economics Editor

The warning came as the latest evidence on the supply of credit to the British economy showed little sign of radical improvements. The Bank of England’s Trends In Lending Report confirmed that British consumers were still paying off their credit card and other consumer debts, while lending to businesses fell across all the main sectors of the economy in the third quarter of the year. The OECD’s latest Economic Outlook also said Britain’s public finances were weak and required “concrete” plans to bring the deficit under control.

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Borrowing higher than expected at £11.4bn

Author: By Russell Lynch, Press Association

The record rise for the month takes public sector net borrowing for the
financial year so far to £86.9 billion, the Office for National Statistics
(ONS) said.

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BoE chief backs ‘catastrophe insurance’

Author: By Stephen Foley, Associate Business Editor

Paul Tucker, the Bank’s deputy governor for financial stability, said the idea could provide a form of “catastrophe insurance” for banks.

Contingent capital, also known as “CoCo bonds” automatically convert into equity to absorb losses when a bank gets into trouble.

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When will the new bubbles burst?

Watching the markets, in other words, you would not think that we are at least four years off getting GDP back to 2008 levels; nor that unemployment, bankruptcies and repossessions are still climbing. The latest UK jobless figures are out today, as is the Bank of England’s Inflation Report, their definitive view of prospects for the real economy. They are unlikely to be bubbly.

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Darling urges action on climate change

Author: By Joe Quinn, PA

He issued his plea at the start of a meeting of G20 finance ministers gathered
in St Andrews, Fife.

The Chancellor also urged them not to hold back on efforts to put economies
back on a growth track.

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The G20 wants to stop climate change ? but who on earth will pay for it?

The Chancellor, Alistair Darling, was honest enough yesterday to admit that “heavy lifting” is needed to make progress on the climate change issue: “My message to my fellow finance ministers is there’s a job of work to be done here. I don’t think anyone seriously denies there’s a problem here. Let’s get on with it.”

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Bank of England pumps extra £25bn into economy

Author: By Press Association

The Bank of England voted to boost its quantitative easing (QE) programme,
which is aimed at increasing the money supply and helping the economy,
bringing planned spending to a total of £200bn.

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