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ONS classifies Lloyds and RBS as public sector bodies

The Office of National Statistics has classified both RBS and Lloyds TSB as public sector entities.

The ONS says it has decided to classify the banks as public entities from October 13, meaning their liabilities are included in public finances.

It could not confirm how much the banks will add to national debt, but the ONS estimates it is likely to add £1 trillion to £1.5 trillion to public-sector net debt.

The ONS says: “As a percentage of the gross domestic product, this range is roughly equivalent to between 70 per cent and 100 per cent of GDP.”

Liberal Democrat Shadow Chancellor, Vince Cable says: “The ONS has confirmed what we already knew. The Government has in effect nationalised RBS and has a substantial stake in Lloyds.

“However, it’s extraordinary that statistical conventions mean the public accounts will only include the liabilities of the banks, and not their assets. 

“Ministers must now accept the reality that they effectively own two large banks and use them to ensure the flow of much needed credit into the economy.”


FSA in a sub-class of its own on PacCon

Many years ago, a personal finance website I was working on came up with the idea of launching a magazine. I was asked who I would ideally like to write for the magazine and the first name that came to mind was Tony Hetherington.

Fee rise is unfair for advisers

It would be grossly unfair if the advice sector shouldered more of the financial burden of the current crisis than other sectors of financial services. Indeed, there is a strong argument for why they should shoulder proportionately less.

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Fit for Work: guidance for employers published

On Friday, the Department for Work and Pensions published its guidance for employers on using the new Fit for Work (FfW) service to help ill employees return to the workplace. It also includes more details on the tax exemption for medical interventions that commenced on 1 January 2015.


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