May 2012 Noteworthy News
Old news, the UK is in recession (again) as the Office of National Statistics said Britain’s GDP fell 0.2% in the first quarter of 2012 after contracting by 0.3% at the end of 2011, forecasts were upset by a big fall in construction output and industrial output. Therefore, with a sinking-ship type economy, apt news via an Australian whose planning on constructing Titanic II in late 2013, with a maiden voyage planned for 2016. With an interesting and pragmatic approach towards his new state of the art venture, that only a billionaire could have in such times: “of course it will sink if you put a hole in it”.
The Taxpayers stake in RBS could be sold off before the next general election but, according to the Treasury, not before “it delivers value for money for the taxpayer”.
The Bank of England are on the move with 1,000 FSA staff from Canary Wharf to JP Morgan offices for their Prudential Regulatory Authority role.
The latest BoE Trend in Lending Report showed that bank lending to businesses was down 3% over the latest 12 months; with lending to small businesses down by approximately 10% in the latest 12 months.
Landlords and their tenants are being considered for a Government charter which could include legal fire and safety standards, and rules governing anti-social behaviour, as part of a central standardised document of landlord/tenant responsibly.
Google UK is to launch its financial comparison service for credit cards and savings accounts.
Diamond Jubilee Year sees the Queen’s speech 9 May and will likely to focus on Bills passed and those in progress; the Finance Bill regarding tax measures and stamp duty, the Financial Services Bill which aims to overhaul financial regulation, the Localism Act which introduced local authorities to being able to grant discounts on business rates (provided they are funded locally) and the Grocery Code Adjudicator Bill that aims to monitor the grocery supply chain.
(Image and Article credit: Copyright SUF)