View more on these topics

Further FTSE falls as Labour ‘dithers’

Banking fears continued to drag on the FTSE 100 this week following reports that retail banks were pushing the Government to rush through additional funding for the sector.

On Monday, the index suffered its worst-ever one-day points fall, closing down 7.85 per cent to a four-year low of 4,589. It stabilised on Tuesday, closing at 4,605.

The UK banking sector suffered further falls on Tuesday morning following reports that Royal Bank of Scotland, Barclays and Lloyds TSB had met with Darling to put pressure on him to speed up the Government’s support for the sector.

Royal Bank of Scotland issued a statement refuting claims that it, along with others, had requested a £15bn cash injection from the Government but the bank fell 39 per cent from 150p to 90p by close of trade. HBOS fell 42 per cent to 94p, Lloyds TSB fell 13 per cent to 225p and Barclays closed down by over 9 per cent at 285p.

Premier Wealth Management managing director Adrian Shandley says: “We are suffering from a desperately weak Government. Darling is a ditherer and so is Brown. If they had come out last Friday and said they would guarantee the banks and building society accounts we would not be in as much of a mess as we are.”


Take that to the bank

The news that B&B needs rescuing by the Government makes me wonder if the FSA would not have been better dealing with properly inspecting the banks pre-crisis and truly understanding what they were up to.

McDonald takes a macro view

Cazenove co-head of multi-manager Robin McDonald believes the current market benefits managers with overall market views rather than asset or geographical specialists.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm