Savers with money in Northern Rock will lose the government's 100% guarantee on their deposits in three months' time.
The guarantee was introduced in the autumn of 2007 as the Government sought to stabilise the bank, reports the BBC.
The Government said the change will take place on 24 May. Savers will still benefit from the £50,000 guarantee to all savers under the Financial Services Compensation Scheme (FSCS). Read more
THE IMF has warned the rich world should hold off from slashing budget deficits and exiting radical monetary policy for another year, reports The Telegraph.
In a paper, which will be characterised as a blow for the Conservative party, the IMF said countries risked sparking a potential double-dip in their economies if they start cutting spending and raising taxes too early.
It also warned public debt levels throughout the world had now reached similar levels, in comparison to gross domestic product, as in the 1950 - the aftermath of World War II. Read more
AS FINANCIAL FIRMS rebounded last year, Wall Street bonuses for employees in the New York City securities industry rose almost 17% to $20.3b in 2009, reports the Wall Street Journal, citing a report released by the New York State comptroller.
That is compared to $17.4bn paid in bonuses in 2008 after a record $42.6bn loss in the securities industry. The 2008 figure reflected a 47% drop from what was paid in 2007, when securities industry employees received $32.9bn. Read more
GEORGE OSBORNE will gamble today by putting debt at the heart of the election campaign, despite a warning from the International Monetary Fund against making cuts too soon, reports The Times.
Osborne will publish figures showing national output per person has fallen during the course of a Parliament for the first time. The most recent GDP per capita figure - £5,151 - is £281 lower than in 2005. Read more
STARK WARNINGS about the prospects for the economy and the housing market have come from the Governor, Mervyn King, and other policymakers at the Bank of England, reports the Independent.
Giving evidence to the Treasury Select Committee, Kate Barker, a member of the Bank's Monetary Policy Committee and the author of two government-sponsored reports on the property market, said "there are still adjustments to come in the housing market".
She added: "It seems more likely than not to me that mortgage finance is clearly not going to be available going forward on the terms it used to be...Read more
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