Senior German politicians have attacked Gordon Brown's handling of the financial crisis, blaming the Prime Minister for mishandling the British economy, reports The Guardian .
The comments made by Steffen Kampeter mark a significant increase in pressure on Brown, following a row that began when Peer Steinbrück, the German finance minister, rejected Brown's fiscal stimulus plan as "crass Keynesianism".
MORTGAGE LENDER HBOS revealed a £5bn write-down on its personal and business loans, warning that it expects the UK economic outlook to deteriorate further next year, according to The Telegraph.
HBoS insisted it was confident it could survive the financial crisis thanks to its impending merger. The lender revealed its retail lending business faced an impairment charge of £0.7bn on secured lending in the 11 months to Nov 30, due to the fall in house prices and a "deterioration"' in repayments, as well as a £1bn impairment charge on unsecured loans.
In its corporate banking division, HBoS reported an impairment charge of £3.3bn for the first 11 months of the year - up from £1.7bn at the end of September - due to a rise in the migration of exposures into the higher risk and impaired categories and large drops in asset values.
CREDIT CARDS HAVE VOWED not to increase interest rates for at least a year after a consumer signs up for a card, following a Government review into the sector, according to The Telegraph.
Consumers will also be entitled to cancel a card and pay off debts at their existing rate within a "reasonable period" if credit card firms attempt to subsequently increase rates, after the Government threatened to refer the industry to the Office for Fair Trading (OFT) if it did not agree to a new code of conduct.
Gareth Thomas, the Consumer Affairs Minister, said he was pleased by the commitments card companies had made.
"I recognise that these changes will not be without financial pain for credit card companies, but it was vital that we nipped in the bud the bad practices that were causing real hardship for borrowers," he concluded.IFAonline
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