In For A Penny in For A Pound

The United Kingdom’s financial status is adversely affecting many people. The recession twinned with low interests rates and a catastrophic housing market, has many people asking, where will this all end up? Today we witnessed another twist as the country’s financial secretary releasing funds to two banks in order to keep the economy on a steady level.

The European Commission has made a requirement that Royal Bank of Scotland and Lloyds are to lose hundreds of branches in return for billions of pounds worth of state aid, this will result in the overhaul of the British financial sector over the next few years. The Royal Bank of Scotland is expecting to sell 318 branches and Lloyds over 600 branches. Gordon Brown has made an announcement that “British tax payers will not make any long term loss on their money” and he gave reassurances if anything this course of action should start to improve the economy. Alistair Darling made this statement today in Parliament “This will significantly reduce the cost and the exposure to the taxpayer.

The value of our Pound is in the hands of the government, by investigating into reports and the latest announcements, we are still unsure and unable to determine when the recession will be over and with it strength returning to the pound. The only advice is to keep your money safe, do not overspend and invest extremely wisely.

Lee Anne Lewis