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Clive Cowdery calls on Chancellor to attach social charter to bank rescue

Resolution Foundation chairman Clive Cowdery has written to the Chancellor to ask him to attach social commitments to banks in return for the Government’s rescue package.

In his letter Cowdery calls on the Chancellor to attach a “social charter” to banks participating in the Government package, requiring them to clarify arrears policy, provide credit to low-income households and direct customers to financial advice services to resolve their problems.

He also calls for banks to commit £50m to help fund advice services like Citizens Advice, National Debtline and the FSA’s helpline.

Cowdery writes: “The next 12 months will be challenging for all, but the economic crisis is hitting households on low incomes the hardest. Banks play a pivotal role and I respectfully suggest that a social charter be attached to your offer of public support.”


RDR could hinder sales

If protection sales are included in the retail distribution review, it could hinder sales and increase the existing £2.3tn protection gap, warns Swiss Re Life and Health technical manager Ron Wheatcroft.

And the band played on

The clarification by the Conservatives of their proposal to increase the nil-rate band for inheritance tax to £1m was well reported when made only a few weeks ago. Since then, we have had some more serious issues to consider in the shape of the extreme financial turbulence experienced over the past few weeks and it would be something of an understatement to say that most of us have been too preoccupied by events on both sides of the Atlantic to give too much thought to IHT.

Japan: mid-year review and outlook

By Chris Taylor, Manager of the Neptune Japan Opportunities Fund H1 2014 Economy: after a harsh winter that slowed activity in the economy, the main event of the first half of the year has been the debate over what impact the 1 April VAT hike from five to eight per cent would have; we are […]


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