The Government is preparing to drop its guarantee for Northern Rock deposits in the coming weeks as it readies the nationalised lender for sale, reports The Telegraph.
Releasing Northern Rock from the guarantee will be a symbolic break with its turbulent recent past. Full protection has been in place since September 17, 2007, when the Chancellor was forced to step in to halt a run on the bank.
The Treasury is expected to drop the guarantee before Northern Rock's annual results on March 10. Read more
BRITAIN's trade deficit soared unexpectedly in December, official figures showed yesterday, as new fears emerged about the country's credit rating, reports The Times.
The trade-in-goods gap ballooned to £7.3bn, up from £6.8bn in November, as imports outstripped exports, despite the boost provided to exporters by the weaker pound.
Economists had forecast the deficit would fall to about £6.6bn. Read more
MILLIONS of people approaching retirement are being hit by a crippling combination of large mortgages and no savings, reports the Daily Mail.
Those aged between 55 and 64, known as 'pre-retirees', have been unrealistic about their pensions and are living in a state of denial about their finances. Read more
NEW president of the European Council, Herman Van Rompuy, is using the financial crisis sweeping the eurozone to launch an audacious grab for power over national budgets, reports The Independent.
The paper says it has seen a secret annexe to the letter being sent by Mr Van Rompuy to European Union heads of government inviting them to the summit to be held tomorrow in Brussels. Read more
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