Key Quotes - Money

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Last update: Wednesday 25th March




The UK’s Big Six energy suppliers are to be hit with financial penalties if they fail to meet new rules aimed at helping smaller firms break into the market. Regulator Ofgem wants to ensure firms such as British Gas and the largest independent generators trade fairly with other suppliers in the wholesale market. Under new rules from the end of next month, they will have to open up their finances to more scrutiny, including publishing the price at which they will trade wholesale power up to two years in advance.
Money	The Sentinel, February 27, 2014



Royal Bank of Scotland faced anger over bonuses as it revealed a £576 million handout to staff despite slumping into the red by £8.2 billion and admitting losses had now reached £46 billion over the past six years. Chief executive Ross McEwan pledged to rebuild trust in the group with a mammoth overhaul that will slash costs by £5 billion within three years and see it shrink from seven divisions to three and warned of further job losses.
Money	The Sentinel, February 28, 2014



UK Chancellor George Osborne has said a vote for Scottish independence would mean walking away from the pound. He said there was ‘no legal reason’ why the rest of the UK would want to share sterling with an independent Scotland, as Scottish ministers have proposed.
Money	The Sentinel, February 14, 2014



Interest rates are likely to rise from their historic low of 0.5% in the spring of next year. Martin Weale, a member of the Bank’s rate-setting Monetary Policy Committee (MPC), appeared to indicate the rate hike is likely to come before the May general election. It is the clearest indication yet from any of the MPC’s nine members about when borrowing costs will start to rise, and comes a week after it abandoned its ‘forward guidance’ policy linking the cost of borrowing to unemployment figures. Mr Weale added that a faster than expected pick-up in average earnings over the coming months would mean that even an earlier rise could not be ruled out.
Money	The Sentinel, February 21, 2014



Energy giant npower has claimed bills in the UK are high because the country’s ‘old and draughty’ houses waste so much gas and electricity. npower chief executive Paul Massara said the actual unit prices of gas and electricity are among the lowest in Europe – but bills are high ‘because British houses waste o much electricity’. Mr Massara said: “If we can increase the efficiency of the UK’s old and draughty housing, we can ensure that annual energy bills are some of the lowest too.” He warned that the cost of upgrading the nation’s energy infrastructure is set to increase bills unless households can take action through efficiency measures. npower announced a 10% average bill increase in the latest round of price rises late last year, affecting about 3.1 million customers, but has said it will reduce bills as a result of a shake-up of Government green levies.
Money	The Sentinel, February 23, 2014



The Bank of England has abandoned its flagship forward-guidance policy linking interest rates to unemployment after just six months but insisted they must remain low for longer to support the economy. Governor Mark Carney said that despite the best pace of growth since before the recession, the recovery had been “neither balanced nor sustainable” and required continued support. He indicated interest rates would have to stay well below the pre-downturn average of five per cent for the next few years. The Bank pledged in August that it would not consider a rise until unemployment fell to seven per cent, in a bid to reassure businesses and homeowners about the cost of borrowing. But with the target due to be hit imminently, the guidance has been revised.
Money	The Sentinel, February 13, 2014



The International Monetary Fund (IMF) has lifted its growth forecast for the UK this year to 2.4 per cent in a fresh boost for Chancellor George Osborne. Its latest prediction, a sharp upgrade from a previous figure of 1.9 per cent, would see Britain among the fastest-growing of the world’s advanced economies. The World Economic Outlook puts the UK’s pace of expansion ahead of European rivals including Germany and France, although behind the U.S. on 2.8 per cent. It forecasts that growth for 2013 will have come in at 1.7 per cent and that after recording 2.4 per cent this year; it will slow to 2.2 per cent in 2015.
Money	The Sentinel, January 22, 2014



Chancellor George Osborne claimed the Coalition’s economic policies were delivering a ‘brighter economic future’ after official figures showed growth last year was the best since 2007.
Money	The Sentinel, January 29, 2014



Cash bonuses at the predominantly state-owned RBS will be limited to £2,000 next year, David Cameron told the Commons. The Prime Minister said the existing £2,000 cap would continue to apply and he also promised to veto proposals to increase the overall pay bill. His comments came after Labour tabled a parliamentary motion calling on the Government, as the majority shareholder in RBS, to reject any request from the bank for permission to pay bonuses of up to double an employee’s annual salary.
Money	The Sentinel, January 16, 2014



Water companies are second only to energy firms in ripping off the public, a Labour MP told the Commons. John McDonnell said a full investigation into the impact of privatisation since 1989 should be carried out before Government reforms to open up the water industry more widely can proceed.
Money	The Sentinel, January 7, 2014



Today in the UK, over 11 million households have mortgage debt worth around £1.2 trillion. Unsecured lending or consumer credit stands at around £160 billion. Taken together, we owe around £29,000 for every adult in the country, more than an entire year’s income for the average person.
Money	Idea, Jan/Feb 2014



Ministers have taken legal advice to ensure measures to stop EU migrants claiming out-of-work benefits for their first three months in the UK cannot be overturned in the courts. It comes after the European Commission said it was ‘too early to say’ if they were compliant with free movement rules. David Cameron told MPs the new measures, being rushed through Parliament, will ensure that the three-month wait is in place by the time access restrictions on Romanian and Bulgarian workers are lifted on January 1.
Money	The Sentinel, December 19, 2013



People living in parts of Leeds, Manchester and Preston have the highest average level of personal loan debt per head in Britain. Data compiled voluntarily by the British Bankers’ Association (BBA) and the Council of Mortgage Lenders (CML) mapped out how people and businesses across the country rely on more than £1 trillion worth of lending. The figures, which for the first time break lending down to cover more than 9,000 postcodes, also show that London accounts for around one quarter of the total value of the country’s outstanding mortgage debt.
Money	The Sentinel, December 18, 2013



More than £12 million in fines levied on City rate-riggers will be shared by 24 military charities and good causes. The latest allocation of funds from the Libor fines pot will be used to fund projects including housing and mental health support schemes for veterans. Yesterday’s announcement by Chancellor George Osborne means the £35 million fund has been used to support 96 armed forces charities and good causes.
Money	The Sentinel, December 16, 2013



Families would only be able to claim benefits for two children under plans put forward by a member of David Cameron’s policy board aimed at cutting millions of pounds off the welfare bill. The radical proposals set out by Tory MP Nadhim Zahawi would limit child benefit and child tax credits to families’ first two children. He said they would “save billions and help the next generation think more carefully about their relationship with the welfare state”.
Money	The Sentinel, December 16, 2013

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