- In The Times, Sam Coates reports the new body at the Bank of England responsible for overseeing the banking industry, the Financial Policy Committee, is considering putting a figure of between £5bn and £50bn on the ‘black hole’ on banks’ balance sheets. The committee thinks balance sheets contain hidden losses caused by overvalued assets, misreporting of risk and escalating fines. But senior bankers have called the proposal “irresponsible” and “strange”.
- Writing in the Daily Express, Sarah O’Grady says the government is planning to persuade people to save more for their retirement with a new insurance scheme set to ring-fence private retirement savings. Pensions minister Steve Webb said the government is trying to simplify the pensions system and remove fears about the potential loss of money.
- Holly Watt, Claire Newell, and Ben Bryant (writing in the Daily Telegraph) reveal councillors are hiring themselves out to property developers looking to make the most of the impending relaxed planning laws. Local government politicians are pocketing up to £20,000 for advice on how to get developments approved. Tory councillor Graham Brown boasted, “if I can’t get planning, nobody will.”
Recruitment & Employment
- According to the front page of the Financial Times, banks throughout Europe are racing to change executive pay deals by the end of the month in a bid to adhere to new EU bonus rules and gain shareholder approval. That’s written up by Patrick Jenkins and David Oakley.