Australian-style immigration system begins

The first stage of the new points-based immigration came into force today, designed to ensure only foreign workers with the skills needed by the UK are allowed entry. The first tier of the new five-tier system regulating entry by highly-skilled migrants from outside of the EU will be fully in force by the summer. Tier […]

Northern Rock nationalisation complete

The government has completed its nationalisation of high street bank Northern Rock. Chancellor Alistair Darling signed the order authorising the transfer of shares in the lender to the Treasury late yesterday evening after the bill allowing him to do so was rushed through parliament. Speaker Michael Martin notified the Commons the banking (special provisions) bill […]

Darling to extend bank takeover powers

Alistair Darling has unveiled proposals to make it easier for the banking authorities to take over troubled banks. The move will enable the Bank of England and Financial Services Authority (FSA) to launch a secret takeover of a failing bank, in a bid to prevent a repeat of last year’s run on Northern Rock. The […]

Darling defends Rock response as Tories back administration

The government had been “right” to protect savers when Northern Rock ran into financial difficulties, the chancellor has insisted. After MPs criticised the government’s handling of the Northern Rock crisis, Alistair Darling defended his response. Writing in the News of the World, he promised to strengthen the Financial Services Authority and Bank of England but […]

MPs reject calls for total touting ban

MPs have resisted calls to ban ticket touts, concluding legislation should be a “last resort”. However, an influential Commons committee called on the industry to clean up its act, especially over the “distasteful” sale of tickets to charity concerts. Today’s report by the culture, media and sport committee urges the promotions industry to find a […]

Darling intervenes as energy bills soar

The chancellor has staged a surprise intervention after the UK’s fourth largest energy supplier warned customers to expect substantial increases to their gas and electricity bills. Blaming an increase in wholesale energy prices, Npower has told its four million customers to expect average gas prices to rise by 17.2 per cent and electricity by 12.7 […]

Treasury extends Northern Rock guarantee

The Treasury has intervened again in a bid to save Northern Rock from collapse. Alistair Darling has agreed to extend the government’s financial guarantees after a request from the lender. The Treasury will now cover any losses by financial institutions which have lent money to the troubled bank, in a move designed to allow Northern […]

Govt ‘on course’ to cut red tape

The government claims to be pushing ahead with its pledge to reduce red tape for businesses and third-sector organisations. John Hutton, secretary of state for business, enterprise and regulatory reform (BERR), said today the government is on course to meet its target to cut administrative costs for businesses by £3.5 billion by 2010. Already, he […]

Cameron urges lending grace

David Cameron’s calls on banks to help struggling mortgage-holders have been dismissed by the government. The Conservative leader told the Council of Mortgage Lenders (CML) earlier today he wanted to see lenders help prevent house repossessions by minimising the impact of difficult conditions for borrowers. He blamed Gordon Brown’s policies for the current conditions, saying […]

Chancellor weighs up £100,000 savings guarantee

The government could pledge to guarantee savings worth up to £100,000 in plans being considered by chancellor Alistair Darling following the Northern Rock crisis. Under current legislation, the government would pay out 100 per cent on £2,000 of savings, and 90 per cent of £31,000 in the event of a bank collapsing. But Mr Darling […]