Liverpool Victoria and Royal Liver, the two biggest friendly societies, are in merger talks that could lead to a £10billion mutual giant with more than 5million customers.
The Daily Mail understands that talks have been under way for weeks and explain why Royal Liver chief executive Steve Burnett quit unexpectedly in August. It is believed he was opposed to the planned merger and fell out with chairman David Woods.
Woods, a renowned dealmaker who cut his teeth in 2001 selling mutual life insurer Scottish Provident for £1.8billion to Abbey, is doubling as chairman and chief executive.More recently, Woods was a non-executive director of Resolution, the vehicle created by buccaneering entrepreneur Clive Cowdery to sweep up a series of closed life insurance funds. See story...
Half of all home buyers are having their mortgage requests rejected despite banks receiving billions of pounds of taxpayers' money to boost lending according to The Telegraph.
The exclusive research for The Daily Telegraph revealed how banks are restricting mortgage deals and holding onto Government cash to improve their balance sheets instead.
The survey by credit checking agency Equifax revealed that 46 per cent of home buyers had their first mortgage application refused, compared to 23 per cent last year. See story...
It is "still premature" to talk about the beginnings of a recovery despite growing optimism, according to the influential Ernst & Young Item Club reports the BBC.
It predicted some growth in the second half of 2009 but said the economy would struggle to achieve 1% growth in 2010.
The forecasting group blamed the weak growth on consumers repaying debt and tax rises after the election. See story...
Employers yesterday called upon the Government to get to grips with its ballooning debts as a new study put the true size of the public sector's net liabilities at £2,200 billion, almost three times official figures says The Times.
The CBI said that the Government needed to cut its planned spending by £120 billion over the next six years, amid forecasts that official figures due tomorrow will show that total net borrowing has surged by another £10 billion in the past month.
The true level of Government debt is equivalent to 157 per cent of national output and nearly three times as large as the £805 billion figure reported by the Office for National Statistics, according to a new book published by a centre-right think tank. See story...
The government yesterday pledged to stop state-owned banks from handing out huge bonuses as speculation mounts over windfalls for City workers. City minister Lord Myners said the government could prevent "unjustifiable" pay-outs according to The Scotsman.
The Financial Services Secretary stressed that the government had the powers to approve the framework within which pay and bonus decisions are made and would take action if necessary.
The Financial Services Secretary stressed that the government had the powers to approve the framework within which pay and bonus decisions are made and would take action if necessary. See story...
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