Banks are being urged to show compassion when allocating bonuses this year – in light of the cost-cutting measures in the public and private sectors.
Financial Secretary to the Treasury, Mark Hoban, said banks need to be mindful during the forthcoming bonus season – at a time when pay restraints are being implemented across the rest [...]
A report issued by the US has said China’s yuan remains undervalued but welcomed the loosening of the currency peg.
The US Treasury’s semi-annual currency report, which originally was due on 15 April, comes after mounting pressure on the People’s Bank of China to make its exchange rate more flexible against the US dollar.
The US [...]
Last week’s tough budget is expected to result in the loss of more than one million jobs by 2015, according to a leaked Treasury document.
The Guardian has reported that while there will be an estimated 2.5 million jobs created in the next five years, 1.2 million will be lost in the same period.
Last week, Chancellor [...]
Last month, the US Treasury Department announced plans to sell its 27% stake in Citigroup this year, in what will be one of the largest stock sales ever.
Today, the Department said it had authorised the first sale of up to 1.5 billion shares – the equivalent of around 20% of the 7.7 billion shares of [...]
In order to tackle the UK’s deficit, tax hikes could well be on the agenda, according to reports today.
Last week, Chief Secretary to the Treasury Liam Byrne suggested that no new tax rises will be required in order to cut the UK’s ballooning deficit.
However, in a dramatic u-turn, asked by the BBC yesterday if he [...]
The UK Financial Investments Ltd (UKFI) has written to the Royal Bank of Scotland (RBS) to approve its £1.3 billion in bonuses to its investment bankers.
The Treasury, through the UKFI, had the right to veto any bonus deal after the bank participated in the Government’s Asset Protection Scheme (APS) – one of the conditions of [...]