In the final part of IFAonline's review of the year, the Pre-Budget Report and Retail Distribution Review cause a stir in financial services as Barack Obama wins the US Presidential election.
October Speculation over the future of the proposed merger between Lloyds and HBOS was overshadowed early in October by a £50bn bank rescue package unveiled by Alistair Darling. Barclays, HBOS, HSBC, Lloyds TSB, Abbey, Nationwide Building Society, RBS and Standard Chartered immediately signed up to about £25bn worth of the package but, just a week later, Darling announced an additional £37bn cash injection for ailing giants RBS, HBOS and Lloyds TSB. Apparently, even Botswana had safer banks than the UK. Elsewhere, Bank of England governor Mervyn King admitted for the first time the UK...
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