this is money: Insolvencies ‘will run into next decade’ Veteran insolvency accountant Ric Traynor, executive chairman of Begbies Traynor, said: ‘We do not expect a let up in work for several years.
‘The evidence from the early 1990s’ recession was that insolvencies continued to be high for another four to five years.’
Original post by mark
this is money: Retailers in crisis: Who will go bust next? Banks who have already identified a corporate client that is heading for the morgue rather than the recovery ward will wait until Christmas takings are safely in the till; they will move in before rents are actually handed over; they will also want to act before the end-of-January VAT bill is settled; and they will try to move in before a retailer starts spending money on restocking for the New Year.
Original post by mark
FT: UK recession will be worst in the world The UK recession will be “one of the worse around the world” and will be deeper than that seen in the early 1990s due to the banking crisis, a leading industry member has warned. Speaking at Schroders annual funds briefing in New York, head of Schroders’ multi-manager investment team, Anthony Yeadon however stressed that it would only “be a recession, not a depression”, partly due to the government’s quick intervention in the banking crisis having so far avoided any UK banks failing.
Original post by jack c
The Times: Brown will force banks to pass on full rate cut The Prime Minister said this morning: “I think banks should really pass on the interest rate cut. We are talking to the banks.
“Remember last time there was a cut, we had to speak to them before it was passed on and we will be speaking to them again.”
Original post by gardeniadotnet
daily mail: Cancer sufferer takes Halifax to court after the bank ‘harassed’ him with 762 phone calls The bank also levied charges.
Mrs Edwards said she owes the bank around £762 but said it is pursuing her for £4,000. She claimed she has never been given a final balance of what she owes.
She said they asked the bank to deal directly with their solicitor and have made a harassment claim, in the civil courts, under the Protection from Harassment Act 1997.
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Original post by mark
Gold Eagle: How Japan financed global reflation Japan printed the equivalent of 1% GDP between 2003-2004. This article has a look at the consequences and ideas behind it. Although this is from Gold Eagle it has nothing to do with gold ramping and just talks about a prior reflationary attempt. Also, kind of interesting because at least I was under the impression that Japan had never tried the old printing cash trick.
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Original post by stillthinking
Guardian: Repossession: Case Study Jassette Donaldson, 53, a checkout assisstant from east London, has fought for months to keep her three-bedroom house. She has been given 56 days to sell her house after falling behind with her £1,230-a-month mortgage repayments in 2005.
She is not sure if the government’s repossession scheme will help her. Donaldson was unable to keep up with her mortgage after she was hit by a car and had to take six months off work. She then returned part-time.
Her house is valued at £300,000, but is on the market for £250,000. The court has given her 56 days to sell or face repossession
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Original post by little professor
japantimes: Honda cuts more jobs; Toyota to halt output Honda Motor Co. said Thursday it will lay off another 490 temporary employees by the end of January to cope with faltering sales worldwide.
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Original post by mark
telegraph: Bank of England mulls “nuclear option” of cash injection the Bank is considering pressing the button on printing presses by engaging in a so-called policy of quantitative easing
Original post by matt_the_hat
contract Journal: Berkeley: average house prices rise by £155,000 Berkeley’s average house price in the latest six-month period soared to £399,000, far higher than the previous figure of £245,000 in the comparable period last year.
Original post by mark
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