15th December
Feb 23rd, 2009 by ctoop
Although the government has already given £37bn to the banks to help them in their financial strife, the Bank of England has now warned that more money is needed to keep the nations banks afloat. As well as this it has been suggested that the government needs to make guarantees on inter-bank lending so that money starts flowing again.
Morgan and Stanley are handing out £2.4bn in bonuses this year, despite being bailed out by the U.S. government who gave the company £6.4bn earlier this year. This is news comes days after Goldman Sachs revealed that they were planning on paying £4.3bn in bonuses to its staff. This however, is not good news for the taxpayer who will be left in the cold if the banks fail. The money that is being used for bonuses should be being used to keep the financial world solvent.
It is thought that last year members of the House of Lords receive more than £18 million in tax-free expenses. If members simply turned up to parliament they could claim as much as £320 a day, totaling £47,360 a year if members turn up to all of the 148 sitting days. This news comes as many taxpayers who are footing these expenses are being made redundant and struggling to make ends meet.
It is thought that in London this party season, Christmas work parties totaled up will cost £100m. This figure although down on last years, is still a lot of money. To try to cut the cost without losing the luxury, companies are swapping huge bashes for smaller department parties and companies will now often share venues with other companies.
UK car companies are facing a bleak future as production dropped by a third last month. This is exceedingly bad news as the sector has already had to make plant closures and there are signs of possible future redundancies. This is bad news as it means that money is not being moved around by people buying products and also that there will be more unemployment.
