Revealed: The one million people who are fit-to-work but have been on benefits for three years 4 out of 10 work-related benefits claimed by long-term unemployed Iain Duncan Smith releases report which includes the damning figuresMinisters under fire for capping benefits at 26,000 a year per household Study found a third of all children are not living with both birth parents , there were 2.3 million claims for benefits that indicate a capacity for work or work-related activity. ‘One million of those were from people who had been claiming one or more of the main working-age benefits for at least three out of the preceding four years.’ According to the Office for Budget Responsibility, social security spending will rise from 180billion this year to nearly 198billion in 2017/18
Plight of savers could get even worse as Bank of England considers NEGATIVE interest ratesDeputy governor Paul Tucker says Bank has discussed radical moveHigh street lenders would have to pay the central bank to hold their moneyMove could wipe out savings rates and inflation would ravage deposits By Rachel Rickard Straus PUBLISHED: 16:22 GMT, 26 February 2013 | UPDATED: 21:38 GMT, 26 February 2013 Negative interest rates should be considered as an option to encourage banks to lend to small and medium-sized firms, the Bank of England’s deputy governor for financial stability said today. Paul Tucker said the dramatic move had been discussed at this month’s rate-setting meeting as an option to help fuel economic growth
'This is as bad as a world war': Bank of England boss's grim view of financial crisis which has left a debt 'that will be paid by our grandchildren'Andrew Haldane: People 'had every reason' to feel 'deeply upset and angry'George Osborne to admit bringing public finances back to order will take longer than expectedHe has to find more than 23bn through further cuts and tax rises by 2017 Institute of Fiscal Studies said era of austerity could last until 2018 By Becky Barrow and James Chapman PUBLISHED: 19:13 GMT, 3 December 2012 | UPDATED: 01:59 GMT, 4 December 2012 The financial crisis has been as devastating for family incomes as a world war, a senior Bank of England official warned yesterday.
Banks are accused of not being as strong as they claim and hiding 60bn black hole from investorsSir Mervyn King said the black hole was 'holding back our recovery'Bank of England blamed shortfall on hidden losses on loans, mis-selling scandals and 'misleading' accounting by country's biggest lendersIt ordered audit into banks' finances and called for lenders to raise funds | UPDATED: 00:11 GMT, 30 November 2012 Sir Mervyn King said banks need to raise 60billion to protect against future losses British banks are not as strong as they claim and could need to raise as much as 60billion of emergency funds to protect against future losses, the Bank of England warned yesterday. Its governor, Sir Mervyn King, said the black hole at the heart of the banking system was ‘holding back our recovery’ and must be tackled ‘head on’. The Bank blamed the shortfall on hidden losses on toxic loans, the mounting bill from mis-selling scandals, and ‘misleading’ accounting by the country’s biggest lenders – Royal Bank of Scotland, Lloyds Banking Group, Barclays and HSBC
Banks giving 'misleading' details about bad debts and may have to set aside 35billion more, BoE warns | UPDATED: 14:47 GMT, 29 November 2012 Britain's banks could be 'misleading' investors by failing to account properly for bad loans, including where they have given borrowers leeway on their debts, the Bank of England has warned. The Bank of England urged lenders to take action to bolster their balance sheets and reveal the full extent of losses on bad debts, as well as expected compensation bills, in particular for mis-sold payment protection insurance (PPI). The UK's four biggest banks – HSBC, Lloyds Banking Group, Barclays and Royal Bank of Scotland – could need to increase their capital reserves by as much as 35billion between them, according to the Bank
Sharp as a tack – and by god he’ll need to be | UPDATED: 00:02 GMT, 27 November 2012 The process of appointing the next governor of the Bank of England was proclaimed as the most open and transparent ever – it was even the first time the post had been advertised. But when it came to choosing the person to do the most important non-elected job in Britain – keeping the economic and financial system honest and stable – Downing Street was leaving nothing to chance