News Headlines – 26th June 2013

Economics/Business

Sir Mervyn King lambasted top bankers and politicians yesterday for trying to interfere with efforts to make UK banks safer. The governor complained that bankers left meetings with the new Prudential Regulation Authority and out tremendous pressure on the politicians to water down the rules. FT, p2;  City AM, p1

Personal Finance

In his final public appearance as Bank of England governor Sir Mervyn King warned that many homeowners in their thirties and forties have unsustainably large mortgages and will struggle if interest rates return to 3 or 4%. He urged his successor not to raise rates until the issue is under greater control. The Times, p1; City AM, p4

Recruitment

The Chancellor is to announce the first steps towards performance related pay across the public sector as he scraps automatic salary rises, linked with time served. Setting out plans to cut public spending by £11.5bn, the Chancellor will impose further measures on wages of six million workers by abolishing incremental pay. Times, p4

Despite the coalition promising to promote female talent, the Chancellor has not appointed a single woman to a senior public sector post. Cabinet Office minister Francis Maude called for more women to be appointed as the business department, the Ministry of Defence and the treasury failed to meet its targets of 50% female appointments. Telegraph, p12

Property

Experian reports that there has been a 19.1% rise in £500,000 + properties in the first quarter of 2013 compared to the same period in 2012.

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