Where am I? 
Home Better Business
Categories: Better Business
Topics: Northern Rock| Office for National Statistics| IMF
A banking revolution is being plotted by two City grandees who want to bring 'traditional' lending back to Britain's high streets.
The Daily Mail reports Lord Levene of Portsoken, chairman of Lloyd's of London, and Sir David Walker, best-known for his report into corporate governance, are planning to buy up the branch networks and customer accounts being sold by other banking giants.
Likely targets include parts of Lloyds Banking Group and Northern Rock.
Unlike its rivals, the new firm, dubbed the 'Frankenbank', will not get involved in investment banking, instead concentrating on personal finance from current accounts, savings accounts, mortgages and other loans.
Britain's fledgling recovery may be nipped in the bud by the savage cuts planned to grapple with the mountain of public debt, the International Monetary Fund has warned.
Official figures on Thursay provided the first clear evidence of positive momentum in the economy, but forecasters warned of "headwinds" from planned tax rises and spending cuts to shrink Britain's £155bn budget deficit, and the IMF on Thursday slashed its growth forecasts for the UK.
Manufacturing posted its fastest annual growth in more than 15 years, according to the Office for National Statistics, while economic output in the three months to June was the strongest it has been since the recession struck, the latest monthly estimates from the National Institute of Economic and Social Research (NIESR) showed.
| Share | |
| Comment | City leaders plot 'banking revolution' - Papers |
More better business news
Email alerts
Recommended reading
Categories
Topics
Comments
Related articles
Most Read
Audio / Visual
With the industry's biggest fund managers, IFAonline welcomes you to the media centre.
This year we have 14 awards designed to mark out the very best products in a highly competitive and innovative market. This includes three new awards for 2011 to reflect the developments in this rapidly growing market: Best Dual/Multi-Index Product, Best Structured (Oeic) Fund and Best Structured Product Provider.
Events
Poll
|
|
Job search
Ifaonlinejobs will open the right investment career path for you. Search hundreds of vacancies on www.ifaonlinejobs.co.uk now
In Focus
Viewpoints
About 2.66 million people are looking to increase the amount of money...
sponsored by
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment