UK Finance News

British Gas announced profits of £571 million today, a five fold increase on last years figure of £95 million.
Homeowners and Consumer groups are furious with British Gas, with the news coming only weeks after the company raised bills by 15% for 13 million customers.
The profits came after a year which saw the wholesale price of [...]

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The City of London’s reputation for financial competence has been damaged by the nationalisation of Northern Rock, say business leaders in the UK and around the world.
Sally Lowe, director of policy at the British Chamber of Commerce, said: “This situation certainly has not done London’s reputation any good. Only time will tell how much it [...]

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The Labour government have stepped in to save Northern Rock, Chancellor Alistair Darling announcing yesterday that the company would be nationalised.
The man who rescued LLoyds of London in the 1990s, Ron Sandler has been given the task of rescuing the finance business. He has already warned that he expects ‘to return the bank to a [...]

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British Airways will pay £71 million in compensation to passengers affected by the carriers fixing of ticket prices, after settling a class-action lawsuit in the USA.
The lawsuit was brought by a US law firm on behalf of passengers who lost out as a result of BA and Virgin Atlantic conspiring to set the level of [...]

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As the Bank of England warns the nation to brace itself for a slowdown in growth, a rise in the cost of living and stagnation in the property market, City workers are set to receive a massive £7 billion in bonuses.
It seems that the scale of the bonuses has been largely unaffected by the global [...]

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