Menu
02/08/2010
Osborne Demands Banks 'Up Lending'
The Chancellor George Osborne has added to calls for banks to lend more to businesses in order to sustain the economic recovery.
The weekend move by the senior Cabinet member came just hours before a leading bank, HSBC reported pre-tax profits of $11.1bn (£7bn) for the first six months of 2010 - more than double its profits for the same time last year.
The bank said it was profitable in every region, except for North America where it saw losses of $80m.
In the UK, profits totalled $2.1bn - a rise of 26%.
The UK's other major banks Lloyds, Barclays and RBS are due to report their results later this week.
HSBC shareholders will receive a second dividend this year, totalling $1.4bn, in addition to the one announced earlier this year.
In a sign of the improving conditions in the banking sector, it said the amount of money set aside to cover bad loans had fallen to $7.5bn - the lowest level since the financial crisis began in 2008.
The Chancellor said the banks had an 'economic obligation' to lend to cash-strapped businesses and warned them that the Government 'will not tolerate banks piling the pressure' on small firms.
He hinted that they could be hit with legally binding lending targets if they decided to pour cash into obscene bonuses for bankers rather than injecting money into struggling firms.
(BMcC/GK)
The weekend move by the senior Cabinet member came just hours before a leading bank, HSBC reported pre-tax profits of $11.1bn (£7bn) for the first six months of 2010 - more than double its profits for the same time last year.
The bank said it was profitable in every region, except for North America where it saw losses of $80m.
In the UK, profits totalled $2.1bn - a rise of 26%.
The UK's other major banks Lloyds, Barclays and RBS are due to report their results later this week.
HSBC shareholders will receive a second dividend this year, totalling $1.4bn, in addition to the one announced earlier this year.
In a sign of the improving conditions in the banking sector, it said the amount of money set aside to cover bad loans had fallen to $7.5bn - the lowest level since the financial crisis began in 2008.
The Chancellor said the banks had an 'economic obligation' to lend to cash-strapped businesses and warned them that the Government 'will not tolerate banks piling the pressure' on small firms.
He hinted that they could be hit with legally binding lending targets if they decided to pour cash into obscene bonuses for bankers rather than injecting money into struggling firms.
(BMcC/GK)
Related UK National News Stories
Click here for the latest headlines.
08 February 2011
Banks Levy Aims To Raise £800m In 'Fair Contribution'
Chancellor George Osborne hopes to raise an extra £800m for the Treasury by increasing the levy on banks' profits this year. He said the move will aim to raise £2.5bn in future years as "banks make a fair contribution to closing the deficit".
Banks Levy Aims To Raise £800m In 'Fair Contribution'
Chancellor George Osborne hopes to raise an extra £800m for the Treasury by increasing the levy on banks' profits this year. He said the move will aim to raise £2.5bn in future years as "banks make a fair contribution to closing the deficit".
18 November 2008
Easyjet Pre-Tax Profits Plummet
Budget Airline EasyJet have seen pre-tax profits plummet by 45% to £110m despite carrying 17.3% more passengers over the year. The firm aims to meet difficult future economic conditions by concentrating on offering passenger value, cutting costs, and saving cash. Orders for new planes will be reduced.
Easyjet Pre-Tax Profits Plummet
Budget Airline EasyJet have seen pre-tax profits plummet by 45% to £110m despite carrying 17.3% more passengers over the year. The firm aims to meet difficult future economic conditions by concentrating on offering passenger value, cutting costs, and saving cash. Orders for new planes will be reduced.
05 December 2008
Prime Minister Urges Banks To Pass Rate Cut On
Gordon Brown has urged banks to pass on the latest interest rate cuts, so customers can feel the full benefits of the 1% reduction. The cost of borrowing was cut by one percentage point, yesterday, pushing the base rate of interest to 2% - the lowest level since September 1939.
Prime Minister Urges Banks To Pass Rate Cut On
Gordon Brown has urged banks to pass on the latest interest rate cuts, so customers can feel the full benefits of the 1% reduction. The cost of borrowing was cut by one percentage point, yesterday, pushing the base rate of interest to 2% - the lowest level since September 1939.
15 June 2011
Osborne To Press Banks Ring-Fencing Option
Chancellor George Osborne is expected to push proposals ahead for banks to ring-fence retail from investment banking. In a speech planned to be delivered later he will say that plans must be in place were banks High Street branches, savings and loans would not be affected if their trading arms ran into difficulty.
Osborne To Press Banks Ring-Fencing Option
Chancellor George Osborne is expected to push proposals ahead for banks to ring-fence retail from investment banking. In a speech planned to be delivered later he will say that plans must be in place were banks High Street branches, savings and loans would not be affected if their trading arms ran into difficulty.
08 October 2008
Interest Rate Cut Follows £50b 'Rescue Plan'
The Bank of England has sensationally slashed interest rates to 4.5%, on the same day Gordon Brown unveiled a radical £50b 'rescue plan' for UK banks. The interest rate move came earlier than expected, with a 0.5% cut being implemented by the central bank, as well as six others.
Interest Rate Cut Follows £50b 'Rescue Plan'
The Bank of England has sensationally slashed interest rates to 4.5%, on the same day Gordon Brown unveiled a radical £50b 'rescue plan' for UK banks. The interest rate move came earlier than expected, with a 0.5% cut being implemented by the central bank, as well as six others.
-
Northern Ireland WeatherToday:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
