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LibDems launch petition calling on Government to reveal Northern Rock loans

The LibDems have launched a petition calling on the Government to come clean on how much money has been lent to Northern Rock.

Acting leader Vince Cable says the Government needs to answer some key questions including whether the loan will be paid back in full with interest in this Parliament.

Cable says the Government needs to inform Parliament what the total figure borrowed is and confirm whether reports it has reached £24bn are correct or if they underestimate the loan.

Cable also want answers regarding reports chief executive Adam Applegarth will get a £2m pension pot and generous bonuses al underwritten by the taxpayer.

Cable says: “I do not know whether this Chancellor has been singing in the bath but he has much in common with the Conservative ex-Chancellor, Norman Lamont, who also presided over a financial disaster on Black Monday.??”When Tony Blair was Prime Minister he was widely and rightly criticised for squandering £800 million on the Millennium Dome. This Prime Minister and this Chancellor have invested the equivalent of 30 Millennium Domes in this bank and we don’t even have a few pop concerts to show for it.

“The Chancellor has taken to calling my comments “unwise”. I wonder what words posterity will use to describe a Chancellor and a Prime Minister who entrusted billions in taxpayers’ money that was only partly secured and was managed by discredited executives, feathering their own nest.”


Struggle for satellite packagers

Personal Touch Packaging managing director Rob Jupp believes lenders should not be criticised for cutting satellite packagers out of their distribution channel.Speaking at the Mortgage Business Expo, Jupp said he does not see a future for satellite packagers and considers that franchise partners are a much better solution. Satellite packagers repackage products for other firms.But […]

Will boutique heroes wing it?

Advisers are questioning if some of Resolution Asset Management’s “superheroes” will fly off after the Pearl deal.But some commentators consider Pearl’s acquisition of Resolution is preferable to Standard Life taking over the firm, which would have seen RAM merge with Standard Life Investments.Hargreaves Lansdown senior adviser Ben Yearsley says: “There must be some relief around […]

IFAs should focus on HNW seminars post-RDR, says Calvert

IFA Life says advisers concentrating on high net worth and private client workshops will enjoy significant benefits over traditional marketing techniques, in a post-RDR world. The online business development forum and social network for IFAs says following the retail distribution review, clients will increasingly scrutinise how they add value over and above self-researched financial solutions. […]

2016 Global Survey of Individual Investors: How is investor behaviour rewriting the job description for financial professionals?

Trapped between expectations for near double-digit returns and strong apprehensions about investing in persistently volatile markets, investors worldwide are of the opinion that professional financial advice is worth the fee. But even though they believe individuals who work with a financial professional are more likely to achieve their goals, investors have a clear vision of […]


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