Paper Summary – Saturday 3rd August

Economic

Banks are currently facing a £121 billion balance sheet gap. UK banks will need to make up this amount in equity over the next six years to comply with European rules, the Bank of England has revealed. By far the biggest chunk of the capital hole sits with the UK’s biggest 25 banks and building societies. There is an additional capital deficit of up to £43 billion at investment groups, which will also have to comply with the EU regulation. Pg 10, The Financial Times.

Personal Finance

£6,261 a year – that’s how much it costs parents to keep their adolescent children in home comforts, according to new research by cashback site Quidco.com. Apparently it is their insatiable appetites for food and drink, long telephone conversations and habits of leaving TVs and computers on that makes the bills mount up. Pg 3, The Daily Express; Pg 29, The Daily Mail

Householders are being urged to turn their driveway into a car park under government plans to tackle the excessive on-street charges imposed by town halls. Eric Pickles has said today that he is allowing homeowners to rent their drives for up to £2,400 a year without planning permission. Pg 1, The Times.

Property

House prices and building rise at fastest rate since 2010. George Osborne’s plan to boost the supply of new homes gained traction last month after a survey of the construction industry showed housebuilding increased at its fastest rate since 2010. Pg 30, The Guardian; Pg 25, The Daily Mail; Pg 43, The Times.

According to data from property group Knight Frank the majority of new homes in central London are being sold off-plan in glamorous overseas sales events before being advertised to UK buyers, helping to fuel a housing boom that threatens to freeze out domestic purchasers. Pg 1, The Financial Times.

Recruitment

Ross McEwan was, on Friday, named as the new boss of Royal Bank of Scotland. He will be on a salary of £1 million. However, McEwan has waived his annual bonus for the rest of 2013 and 2014, but next August he will be in line for up to £3 million in shares under a three year performance plan. Pg 6, The Guardian; Pg 10, The Financial Times; P 43, The Times.

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