LONDON (Reuters) – The government kicked off a flagship scheme on Tuesday to help people get on the property ladder, defying critics who believe the mortgage guarantees could fuel another housing bubble as the country’s economy picks up speed.
Hours before the government launched “Help to Buy,” a survey suggested British house prices were rising at their fastest pace in 11 years. Also on Tuesday, the International Monetary Fund sharply raised its forecasts for economic growth in Britain.
LONDON/BRUSSELS, Oct 8 (Reuters) – European Union lawyers
have raised concerns about proposals for banking union, warning
that plans aimed at drawing a line under years of financial
crisis could fall foul of EU law.
In an opinion issued this week and seen by Reuters, the
legal service of the European Council said EU law would only
allow limited powers to be given to an agency to close or
salvage troubled banks, potentially undermining a central
element of the scheme.
LONDON/ BRUSSELS (Reuters) – Parts of Europe’s proposals for a banking union may fall foul of European Union law, lawyers have said in a fresh setback to plans aimed at strengthening the financial system after the debt crisis.
The opinion from the European Council’s legal service is a blow to efforts to break the link between indebted European countries and their banks via the creation of a banking union that would jointly deal with stressed lenders.
LONDON, Oct 8 (Reuters) – Britain launched a flagship scheme
on Tuesday to help people get on the property ladder, defying
critics who believe the state-backed mortgage programme could
fuel another housing bubble.
“Help to Buy” was launched hours after a survey suggested
British house prices were rising at their fastest pace in 11
LONDON, Oct 8 (Reuters) – Britain launched a flagship
programme to help people buy their own homes on Tuesday,
offering banks the chance of providing high loan-to-value
mortgages without having to set aside punitive amounts of
The scheme, which allows home-buyers to put down a deposit
of as little as 5 percent, has raised fears that housing prices
may be heading for a new boom-bust cycle.
LONDON (Reuters) – A proposed agency with sweeping powers to close failing banks in the European Union would violate the bloc’s founding treaties and must have its authority narrowed or shared with a core EU institution, a legal document showed on Monday.
The so-called single resolution mechanism was proposed by the EU’s executive European Commission in July and is a central plank in efforts to stabilise the region’s banking system.
LONDON, Oct 7 (Reuters) – Britain’s top fraud prosecutor
said on Monday the law must be changed if critics want to see
more companies in court for misconduct.
Serious Fraud Office Director David Green said he was
constantly being compared unfavourably with U.S. enforcement
agencies, which prosecute far more companies for fraud.
LONDON, Oct 4 (Reuters) – The European Union moved closer on
Friday to forcing companies to change accountants and avoid
close ties that could lower the quality of book-keeping, sources
with knowledge of the matter said.
After two years member states reached an agreement at a
meeting on Friday which enables them to open talks with the
European Parliament and thrash out the detail of a final law.
LONDON, Oct 3 (Reuters) – Britain still believes a specific
reference to “prudence” would improve international accounting
standards, but reasserted on Thursday the rules as they stand
are legally binding, hoping to end any uncertainty over the
Rules on how companies are audited, drawn up by the
International Accounting Standards Board (IASB), are mandatory
in Britain and elsewhere in the European Union, but a decision
in 2010 to drop a specific reference to prudence has been
questioned by some investors.
LONDON, Oct 2 (Reuters) – British regulators see no case for
intervening to stop a wave of money moving into insurance-linked
securities such as catastrophe bonds, saying the trend should
not be overstated.
Billions of dollars from investment funds have flooded into
the insurance sector, hunting for better yields, allowing
insurers and re-insurers to spread risk and drive down prices.