Saving guarantee safety net increased

The government has recently announced that saving guarantee safety net in the UK is to be increased to £50,000. Previously the 100% guarantee on savings applied to only the first £35,000 of savings with most financial institutions, and this compensation comes from the Financial Services Compensation Scheme. Prior to the Northern Rock fiasco last year the savings guarantee was far lower. Read more

Tags: Financial Services Authority, banking sector, Trotskyists, savings guarantee, Financial institutions, finance

UK facing worst economic crisis in six decades

In a very stark and frank interview with a national newspaper Alistair Darling, the Chancellor of the Exchequer, has stated that the UK is facing its worst economic crisis in six decades. The chancellor insisted that he had to be straight with the public because it was his duty to do so, and he warned that the economic downturn was set to be far more damaging and long lasting than had originally been predicted – mirroring earlier opinions from a number of trade and industry groups. Read more

Tags: The chancellor, Chancellor level, state, food, Trotskyists, economy, earlier opinions