Peter Hain, the work and pensions secretary, admitted in an interview with the Guardian yesterday that he had solicited most of the 17 donations totalling £103,155 which his deputy leadership campaign had failed to register with the Electoral Commission, The Guardian reports.
He said he knew about the controversial donations, but not the precise point at which they came in.
He added that no one in his campaign team was able to explain why they had not been declared before.
NEW OBSTACLES WERE THROWN UP TODAY to a potential rescue takeover of Northern Rock as trustees of the stricken lender’s final salary pension scheme revealed a £100m hole in the pension fund’s assets, The Times reports.
The emergence of a substantial deficit on the pension fund confronts would-be bidders for Rock with the prospect of having to find additional capital to plug this funding gap.
It might also place the pension fund trustees in a more powerful role where they could exercise substantial sway over any agreement between Rock, the Government and potential bidders on clinching a rescue package.
BEN BERNANKE GAVE FINANCIAL MARKETS a big shot in the arm yesterday as he delivered the strongest hint that the Federal Reserve was prepared to cut interest rates sharply, The Guardian reports.
Bernanke said the US economic outlook had worsened and the Fed, which holds its next rate meeting at the end of this month, stood ready to act aggressively if needed to support growth.
"In light of recent changes in the outlook for and the risks to growth, additional policy easing may be necessary," the Fed's chairman said. "We stand ready to take substantive additional action as needed to support growth and to provide adequate insurance against downside risks."
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Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till