Ministers are to sell off huge chunks of the state-controlled banks, despite warnings that taxpayers could lose billions of pounds in any fire sale.
Alistair Darling says the break-up of Northern Rock, Royal Bank of Scotland and Lloyds Banking Group would improve competition and recoup public bail-out money.
The Chancellor said the deal would create three high street banks focused on 'boring' traditional activities such as saving and lending. See story...
The Royal Bank of Scotland (RBS) warned today that negotiations with the European Commission over the sale of assets in return for state aid will include "some divestments not initially contemplated", sending the lender's shares tumbling according to The Times.
It is understood that Neelie Kroes, the European Union's Competition Commissioner, is keen that RBS sell Citizens Financial Group, its American business, in addition to the sale of its NatWest branches in Scotland and its insurance businesses, including Churchill, Direct Line and Green Flag.
However, it is believed that Stephen Hester, the chief executive of RBS, is opposed to a sale of the US bank, which gives the lender significant presence in the American retail banking sector. Shares in RBS fell 11.8% to 36.94p. See story...
The UK Government has been missing out on as much as £1 in every £6 of VAT revenue, according to research the BBC reports.
The European Commission has been investigating VAT avoidance across the EU in a bid to crack down on fraud.
Research by a London consultancy found Britain had the biggest shortfall of any country.Government estimates suggests underpayment for 2006 is almost £13bn - EU research puts the figure closer to £18bn. See story...
Consumer confidence is up to its highest level for 18 months, according to a survey published today reports The Guardian.
But fear of joblessness remains high and people are still more depressed than prior to the credit crunch.
Attitudes towards personal finances is also marginally up on last year, so too for outlooks towards spending on discretionary items, according to market research company Nielsen and the British Retail Consortium (BRC). See story...
£92bn transferred since 2015
Achievements, charity work and other happy snippets
Since first announcement