The Prime Minister, Gordon Brown, apparently told the people of the UK that Northern Rock could be sold for a profit in the future while his own advisors had said otherwise.
Gordon Brown had stated in a press conference in February that Northern Rock could be sold for a profit when the financial markets had recovered, though the advisors brought in to look at the options for Northern Rock had said a GBP450 million loss was the best possible outcome, with the most likely result being a loss of GBP1.28 billion. This figure was based on stable house prices, so in the current climate the loss is expected to be even greater.
The Treasury has stated that its purpose in buying out Northern Rock was to stabilise the bank and also the rest of the financial sector, not to make a profit. However Mr Brown should not have misled the public by saying a sale would generate a profit. Oh to have an honest politician, we can but dream.
The Halifax has reported that the amount of pocket money given to children has fallen compared with last year. In 2007 the weekly amount was just over GBP8, though this has fallen to a little over GBP6 this year.
Parents will no doubt be feeling the pinch said a Halifax spokesperson, though in their defence they do still buy items such as mobile phones and ipods for their children. The best place for children to be is London, where the average pocket money is GBP8.47, followed by Scotland where they receive GBP8.20.
The lowest paying parents are found in the East Midlands, where GBP4.46 is the norm, closely followed by the south west of England where children receive an average of GBP4.58 according to the Halifax figures.
A new five year contract has been agreed between the Alliance and Leicester and Payzone, a 17,000 site network where consumers can pay water bills.
Estimated figures for the year are that around 6 million transactions will be processed by the Alliance and Leicester on behalf of Payzone, consumers using either a booklet or credit card style payment card. The relationship between the two companies began in 2007 so this five year deal shows the belief they have in each other now.
The commercial side of Alliance and Leicester works with around 1,500 businesses to collect payments from consumers, with most utility companies signed up as well as 8 out of 10 local authorities.
