Tag: Bank of England

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Churchill replaces Elizabeth Fry on the £5 note

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This week Mervyn King, the Governor of the Bank of England, announced Winston Churchill will replace social reformer Elizabeth Fry as the face of £5 notes. This means that, other than the Queen, there will be no women featuring on our English bank notes. An all-male line-up on our banknotes sends out the damaging message that no woman has done anything important enough to appear. This is patently untrue. Not only have numerous women emerged as leading figures in their fields, they have done so against the historic odds stacked against them which denied women a public voice and relegated … Continue reading Churchill replaces Elizabeth Fry on the £5 note

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Rochdale’s Housing Debt Problem

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Simon Danziuk MP for Rochdale states on his newsletter this week: ‘A report published by the housing charity Shelter has named Rochdale as a national hotspot for home repossessions. With hundreds of families having lost their home in Rochdale last year, the Government’s VAT increase, public service cuts and cuts to the Citizens’ Advice Bureau has left many struggling to meet mortgage payments and without access to good debt advice. I fear that a future rise in interest rates will make it even harder for families to keep up with their mortgage payments and could lead to the repossessions crisis … Continue reading Rochdale’s Housing Debt Problem

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Mervyn King Warns the Banks on Profitising from Customers

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Banks are trying to maximise short-term profit at the expense of customers, the Bank of England governor has said. In a Daily Telegraph interview, Mervyn King questioned the bonus system and warned that failure to reform the sector could result in another financial crisis. BBC correspondents say the remarks are significant because the Bank of England is taking over regulation. Banking chiefs said they “respected” Mr King but disagreed with his comments. BBC business editor Robert Peston said the interview showed Mr King had “little respect” for the banks. His remarks come weeks after Chancellor George Osborne signed Project Merlin. … Continue reading Mervyn King Warns the Banks on Profitising from Customers