#BREAKING144 ‘ Chancellor Announces Sell-Off/Out of RBS Taxpayers Stake ‘

#AceBreakingNews – Post Update:June.10: The government plans to sell its stake in the Royal Bank of Scotland, Chancellor George Osborne has announced in his annual Mansion House speech.

Mr Osborne said the “decision point” had been reached.

He received advice from Governor of the Bank of England Mark Carney and a review by investment bank Rothschild.

 Mr Carney said a phased sell-off “would promote financial stability, a more competitive banking sector and the interests of the wider economy.”

The government provided a £45.5bn bailout in 2008, paying around 500p a share. The share price currently stands at 354.8p.

The Chancellor argued that the sale must be seen as a whole and the share price will increase in subsequent offerings as confidence grows.

Mr Osborne said: “It’s the right thing to do for British businesses and British taxpayers. Yes, we may get a lower price than Labour paid for it. But the longer we wait the higher the price the whole economy will pay.”

The review from Rothschild said that, despite this price gap, taxpayers can expect to make £14bn more than it paid out if the sale of bank assets and fees already received are taken into account.

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BRITAIN: Osborne Set to sell-off RBS & the loss to taxpayers this time – around £14-billion – Reports ‘

#AceNewsReport – Featured Report:June.10: According to reports a decision to be announced at the Mansion House was being made to sell-off, RBS that the UK taxpayer took a huge stake in back in 2008.

This was of course after bankers risked all on sub-prime mortgage market in the USA. Now the time has come to sell-off the stake. As with Lloyds and TSB banks. Of course the institutional investors will get lions share. These are amongst the ones that helped put us in the global crisis in the first place, including Wall Street bankers.

Anyway this time it will be a loss to the taxpayer of £14-billion. This of course is a drop in the ocean said one investment CEO today to the BBC almost justifying grand larceny under the guise of good business.

Today this was Reuters take by two writers on our chancellors deficit credentials, see what you think and let me know?

Read More:>>>>

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Ace Worldwide News Group

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` Bank of England suspends worker over possible manipulation in `Forex’ or `Sharing of Confidential Client Data’

#AceFinanceNews says that the Bank of England has suspended a worker amid a probe into the suspected rigging of foreign exchange trading but added there was no evidence of collusion, it said Wednesday.

The central bank said in a statement that the suspension was linked to an investigation into whether officials “were informed of manipulation in the foreign exchange market or the sharing of confidential client information”.

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Mark Carney, The 'George Clooney Of Banking', Set To Take Over At The Bank Of England


As George Osborne`s favoured BOE Governor takes over and #austerity is still rife in the UK it is decided to pay him a mere £874,000 per anuum, including a £5,000 per week housing allowance!! Of course looking at his track record and involvement with banks, we all wish had failed, back in 2008,namely Goldman Sachs, he must have learned a thing or two in his 13 years! My feeling is that it was better the devil we knew, and not the devil we do not, as this person at present is a new broom, {that usually sweeps clean} and the only thing l know about the name Carney, is what we have been told by the powers that be!
This is as follows:
On November 26, 2012, the British Chancellor of the Exchequer, George Osborne, announced the appointment of Carney as the next Governor of the Bank of England. Carney is expected to assume the position on July 1, 2013 for what is officially an eight-year term, though he has already indicated that he will step down after five.
So l wait with baited breath for the revelations that l am sure will follow as he gets his feet under the table!
Read the Article at HuffingtonPost

#boe, #bank-of-england, #time-for-a-change