Fred the Shred and his love for a deal

[Legal Beagles]

£50billion taxpayer funded bail-out for banks could be doubled

The City was holdings its breath today to see if the dramatic £50billion cash injection to the banks is enough. There was speculation it could be doubled to an eye-watering £100billion if necessary to stave off a collapse in the housing market.

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[Legal Beagles]

Will the Bank of England scheme revive the mortgage market?

Bank unveils £50bn plan to make cash available to Britain's high street banks via a swap of assets

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[Legal Beagles]

£50billion taxpayer funded bail-out for banks' could be doubled' to stave off housing

The City was holdings its breath today to see if the dramatic £50billion cash injection to the banks is enough. There was speculation it could be doubled to an eye-watering £100billion if necessary to stave off a collapse in the housing market.

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[Legal Beagles]

The £50bn mortgage plan – what the analysts say

Reaction to the Bank of England plan

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[Legal Beagles]

The banks welcome today's announcement by the Bank of England

The collateral swap arrangement is an innovative and unique policy response.

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[Legal Beagles]

Bank Of England To Inject Cash Into Banking System Over Credit Crunch

The Chancellor has told Sky News the Bank of England's £50bn cash injection into the banking system follows "probably the most serious shock that we have seen to the financial markets for generations."

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[Legal Beagles]

Bank Of England To Inject Cash Into Banking System Over Credit Crunch

One of the most serious shocks to the financial markets for years forced the Bank of England to inject £50bn into the banking system, the Chancellor has said.

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[Paule]

Cash King Again As Shoppers Shun Credit

Customers are increasingly using cash to pay for purchases despite predictions to the contrary, new figures show.

It is now used for 60% of all sales, up from 54% last year, according to the British Retail Consortium.

In terms of value, cash is now used for 34% of retail spending compared with 32% 12 months ago.
BRC director general Stephen Robertson said: "Reports of the death of cash are premature. Cash is not only alive, it's thriving.

"Hard-up customers are increasingly reluctant to spend money they haven't actually got in their hands.

"While total retail spending continues to grow, there is a widening gap between the amount spent in cash and the amount spent using cards, suggesting customers want to keep tight control of their finances."

The BRC criticised card companies for pushing cashless payment methods to boost their revenue.

It said customers did not realise retailers were charged an average of two pence for processing a cash transaction, eight pence for a debit card and 34 pence for credit cards.

Retailers who responded to the survey were charged £516m in 2007, of which 82% (£424m) was for card payments.

Mr Robertson added: "The BRC has consistently said these unjustifiable charges cost customers because they are so high retailers are forced to pass them on.

"As banks move to replace cash, they must acknowledge the very low costs they actually incur.

"Banks should not be exploiting new payment systems as a way of taking extra money from shoppers.

"There should be a lower fixed fee per transaction which actually reflects the cost of processing, so new technology brings balanced benefits to retailers, consumers and banks."

Consumers Turn To Cash Not Cards For Purchases |Sky News|Business

[Legal Beagles]

Credit Crunch: Bank Of England To Give Lenders £50bn Cash Injection

Britain's High Street banks are to get a £50bn cash boost from the Treasury to help offset the growing impact of the credit crunch.

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[Legal Beagles]

Credit Crunch: Bank Of England To Give Lenders £50bn Cash Injection

The Chancellor has outlined his plans to give High Street banks a £50bn cash boost to help cushion the impact of the global credit crunch.

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[Legal Beagles]

Credit Crunch: Bank Of England To Give Lenders £50bn Cash Injection

Alistair Darling is giving Britain's banks a £50bn cash injection to help cushion the impact of the global credit crunch.

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[Legal Beagles]

King promises taxpayers won't foot bill for 'pawnbroking operation'

Bank of England governor insists taxpayers will be fully protected from the unlimited financial support on offer to mortgage lenders

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[Legal Beagles]

Abbey raises rates despite Bank bail-out

Alistair Darling's hopes of reinvigorating the mortgage market dealt a blow by one of the country's biggest lenders

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[Legal Beagles]

US bank eyes $7bn cash injection

US bank National City seeks to raise $7bn from investors after its losses from bad home loans mount further.

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[Legal Beagles]

Can the Bank's £50bn save the economy?

This is the biggest line of credit the Treasury and Bank of England have ever given to the British banking system. It is more extensive than the help being given to banks by the monetary authorities in the United States and Europe. It is happening because the supply of mortgages is drying up, threatening a collapse in house prices. And it may not be enough. To see what is happening, and why, you have to appreciate that the banks do not have enough funds of their own to meet the demand for mortgages.


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