The financial bigwigs are not sure when the credit crunch will be over but there are fears concerning the British consumer if the tap of easy credit is turned off.
The Daily Telegraph's Jeff Randall had a programme last night on ITV, which he plugged in yesterday's article "Debt juggernaut rolls us into madhouse". Randall
said there could be serious problems for house buyers, who used 100 per cent
mortgages.
The journalist said the banks were partially to blame, showering cheap money on customers, when interest rates hit very low levels between 2003 and 2004.
He noted the increase in credit card bad debts, which rose from the 2002 figure of
£1.1bn to £2.8bn in 2006 (with the assumption of worse to come). However, the
customers have to take the blame, when they abandoned personal responsibility.
Showing posts with label Jeff Randall. Show all posts
Showing posts with label Jeff Randall. Show all posts
Thursday, 7 February 2008
Wednesday, 28 November 2007
Virgin Money bid for Northern Rock!!
The Virgin Money bid for Northern Rock could see the former building society
pay the Richard Branson enterprise a percentage of annual revenues for the use
of the brand name. As part of a 20 year deal the figure could reach a total of
£200m. Virgin Money is the preferred bidder.
However, RAB Capital, which owns 7 pct of Northern Rock, does not think the
Virgin Money bid offers value and will reject it.
In today's Daily Telegraph Jeff Randall criticises the Richard Branson bid saying
Northern Rock shareholders will be funding their own rescue.
pay the Richard Branson enterprise a percentage of annual revenues for the use
of the brand name. As part of a 20 year deal the figure could reach a total of
£200m. Virgin Money is the preferred bidder.
However, RAB Capital, which owns 7 pct of Northern Rock, does not think the
Virgin Money bid offers value and will reject it.
In today's Daily Telegraph Jeff Randall criticises the Richard Branson bid saying
Northern Rock shareholders will be funding their own rescue.
Saturday, 17 November 2007
Jeff Randall does great article on Northern Rock!
The Daily Telegraph's Jeff Randall has done a great article on the debacle of Northern Rock, which is being faced by British prime minister Gordon Brown. Randall regards as unlikey that Northern Rock will get any value for their shares.
Randall makes a telling comment "Brown is trying desperately to steer clear
of the crime scene, while maintaining the fiction that taxpayers' interests are protected."
This was from yesterday's Daily Telegraph. In today's the supposed free market Financial Times, there was an editorial call for the nationalisation of
Northern Rock.
In any event I think the Northern Rock shareholders are in a bit of a predicament,
although some clinging to hopes engendered by the interest of Richard Branson's
Virgin Group.
Randall makes a telling comment "Brown is trying desperately to steer clear
of the crime scene, while maintaining the fiction that taxpayers' interests are protected."
This was from yesterday's Daily Telegraph. In today's the supposed free market Financial Times, there was an editorial call for the nationalisation of
Northern Rock.
In any event I think the Northern Rock shareholders are in a bit of a predicament,
although some clinging to hopes engendered by the interest of Richard Branson's
Virgin Group.
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