Financial Favourites

News from the BBC:

A big shake-up of UK banks with taxpayer support will be unveiled on Tuesday, the BBC understands.

Announcements on the future of Lloyds and Royal Bank of Scotland will be made jointly by the banks and the Treasury.

Lloyds is expected to say it will raise more than £20bn from investors in return for staying out of the state-run insurance scheme to cover toxic loans.

Both will also have to set up new banks out of their existing branch networks and sell them within four years.

The creation of the new banks is on the instruction of the European Competition Commissioner Neelie Kroes and is supposed to boost competition.

RBS is also expected to confirm that it will participate in the government’s toxic loan scheme, but on different terms.

The bank, which is 70% state-owned, would buy an insurance policy from the government to cover future losses from some of its more toxic investments.

According to a BBC News report:

UK house prices were higher year-on-year in October – the first annual rise for 19 months, the Nationwide has said.

Property prices were 2% higher in October than in the same month the previous year, with the average home costing £162,038.

But the pace of monthly price rises has eased – going up by 0.4% – and the building society said that values could level out in the autumn months.

This could be due to more sellers returning to the market, it said.

Full story – http://news.bbc.co.uk/1/hi/business/8332861.stm

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The Bank of England’s rate-setters have decided to pump another £50bn of new money into the economy in their programme of quantitative easing.

It will take their total spending to £175bn, unexpectedly going over the £150bn set aside by the chancellor.

In a statement, they said that the UK recession “appears to have been deeper than previously thought”.

The rate-setters also decided to keep interest rates unchanged at their historic low of 0.5% for a fifth month.

http://news.bbc.co.uk/1/hi/business/8187360.stm

The BBC are reporting:

The pound and the FTSE 100 index of top UK-listed shares have hit their highest levels since October on growing hopes for an economic recovery.

Markets took heart after brighter UK economic data and a rally in financial stocks following profits from banking giants HSBC and Barclays.

Sterling rose as high as $1.6965 against the dollar and hit a one-month high against the euro of 84.63p.

The FTSE 100 index ended at its highest level since early October at 4,682.46.

The index rose 1.6%, or 74 points, and earlier hit intra-day trading high of 4,710.23.

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Another report on the economy from BBC News:

A leading think-tank is predicting it may take another five years for income per head to return to the level it was before the recession hit in early 2008.

The National Institute of Economic and Social Research (NIESR) sees total UK GDP falling 4.3% in 2009 before growing 1% in 2010 and 1.8% in 2011.

This echoes earlier NIESR forecasts but suggests a slower rate of recovery.

NIESR expects government borrowing to hit £165.7bn this year, less than the £175bn the government predicts.

The research body sees income per head – GDP per capita – taking until March 2014 to return to the level it was in the first quarter of 2008, when the recession kicked in.

Full Story

BBC News reports:

UK public sector borrowing in June was almost twice as much as a year ago, after the downturn shrank tax receipts.

Borrowing reached £13bn – a record high for the month of June – compared with £7.5bn in June 2008, the Office for National Statistics (ONS) said.

Total outstanding government debt rose to £799bn, or 56.6% of UK GDP – the highest since records began in 1974.

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