Tag Archives: Credit Crunch
The Financial Services and Markets Act 2000 (or “FSMA” 2000)
The Financial Services and Markets Act 2000 is the Act of Parliament of the United Kingdom that created the Financial Services Authority (FSA) as a regulator for insurance, investment business and banking.
This was the Act by which Gordon Brown removed responsibility for regulating the banking industry from the Bank of England, a decision that many [...]
Business and Personal Bankruptcies Soar
Official figures release today show that there have been massive increases in both personal and business bankruptcies as the credit crunch continues to bite.
The lack of working capital, usually provided by bank overdrafts or secured lending together with the problems of obtaining credit insurance have been blamed for a 98% increase in companies going into [...]
Burying Yet More Bad News
The UK Labour government has a well earned reputation for timing announcements it knows will be unpopular to coincide with major new stories so that the bad news gets buried. Remember the infamous memo on 9/11 “[today] is a very good day to get out anything we want to bury” sent by Jo Moore, advisor [...]
Full StoryIt is official: the Isle of Man is NOT a Tax Haven
As promised by Gordon Brown at the end of the G20 summit today, the OECD (Organisation for Economic Cooperation and Development) has provided a detailed report on progress by financial centres around the world towards implementation of an internationally agreed standard on exchange of information for tax purposes.
The list is split into four sections and [...]
Isle of Man Praised by OECD Despite Attacks by UK Government
Whilst Gordon Brown, Alastair Darling and Barack Obama attack the Isle of Man as a “Tax Havens” the OECD (Organisation for Economic Cooperation & Development) praise the Isle of Man.
If proof were ever needed that the bully boys of the UK and USA are attacking small offshore countries just to divert attention from their own [...]
What Is Quantitative Easing? (Printing Money)
The Bank of England today announced that it was commencing a programme of “Quantitative Easing” designed to stimulate the economy.
For a few weeks now the term quantitative easing has been bandied about. Sometimes this is also referred to as “printing money”. Now I don’t know about you but I can’t see why just printing money [...]
Gordon Brown’s Business Loan Scheme is a Flop
Despite the Prime Minister hailing it as a success, it emerged over the weekend that only about £12 Million of the £1 Billion government loan guarantee scheme has actually been lent to companies.
Last week Gordon Brown sought to defend the government’s record on helping business by repeatedly citing the £1bn loan guarantee scheme as evidence [...]
