The biggest financial crisis in modern British history heralded an unprecedented bonanza in fees for City lawyers, accountants and advisers, according to the definitive assessment of Treasury spending on the bail-outs.
A report in The Telegraph, citing figures uncovered by the National Audit Office, reveals the Treasury paid £107m of taxpayer cash to City firms for their assistance over the past two years.
Although it expects the banks to pay back £100m of the fees, it admits that, so far, not a penny has been reimbursed. Read more
THE BANK of England says it hopes to boost liquidity in the corporate bond market by selling, as well as buying, corporate bonds, reports The Times.
The Bank signalled yesterday it will sell some of the assets purchased as part of its multibillion-pound scheme of quantitative easing as the European Central Bank said that the region was set to start its exit strategy from special liquidity measures. Read more
WORKERS approaching retirement are facing the lowest pension payouts in history, reports the Daily Mail.
Citing findings from Moneyfacts looking at the annuity which a £10,000 pension pot can buy, pensioners are likely to get just half the income they would have received if they had saved the same amount of money 15 years ago.
Many will have no option but to keep working into their 70s or sell their family homes to survive. Read more
THE GOVERNMENT has conceded one of its vital "red lines" in the agreement to set up new pan-European financial supervisory bodies - and lost its veto on paying for any future European banking rescue, reports The Independent.
British ministers have long insisted that "fiscal responsibility" for European banking rescues should be "aligned" with national supervision, because national governments usually pay for such episodes.
Yet the amended text of the latest EU agreement, released yesterday, offers much "wriggle room" for a determined European regulator to defy a national government.
The text states that disputes over paying for rescues will be reached by simple majority voting, thus depriving the UK of a final right of veto. Read more
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