Banks Urged to Draw Up Contingency Plans
Bank governor Sir Mervyn King says that banks need to brace themselves for an “extraordinary serious and threatening” economic situation.
The crisis in the eurozone is the biggest threat to the UK’s banking system, the Bank’s Financial Policy Committee (FPC) said.
Sir Mervyn stated that the Bank of England itself was drawing up “contingency plans” at the prospect of eurozone breakup. He did not detail what these plans are however.
He said: “There are many ways in which the future could play out. Maybe the Eurozone wont break up, maybe it will continue in various forms, but maybe there will still be questions of default.
On Wednesday six central banks, including the Bank of England agreed to encourage more lending in a bid to keep the global economy moving.
Sir Mervyn added that the UK’s banks were among the strongest in the world and that banks should keep lending, whilst cutting back on dividends and bonuses.
His appearance on a Channel 4 television programme about the inside workings of Revenue and Customs was watched by 4.1m which sealed his status as one of the most highly respected tax consultants to ever work in Scotland.
Ricky led all tax investigation and COP 9 cases, using his extensive knowledge to help people reach a positive resolution to their situation.
Ricky passed away suddenly and unexpectedly in June 2022 after leaving his indelible mark on the company he founded and headed for over 35 years.
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Ricky worked as an Investigator in the Inland Revenue for over 20 years before founding Steedman & Company in 1987, giving him the experience and knowledge that enabled him to help so many clients over the years.
His appearance on a Channel 4 television programme about the inside workings of Revenue and Customs was watched by 4.1m which sealed his status as one of the most highly respected tax consultants to ever work in Scotland.
Ricky led all tax investigation and COP 9 cases, using his extensive knowledge to help people reach a positive resolution to their situation.
Ricky passed away suddenly and unexpectedly in June 2022 after leaving his indelible mark on the company he founded and headed for over 35 years.
