Home » Posts tagged 'phillip inman'

Tag Archives: phillip inman

Olduvai
Click on image to purchase

Olduvai III: Catacylsm
Click on image to purchase

Post categories

Post Archives by Category

Liz Truss warned of mass bankruptcies if firms left in limbo over energy bills

Prime minister to lead nation in a minute’s silence to honour the Queen’s legacy ahead of funeral.

Liz Truss is facing a political and economic baptism of fire this week with warnings of mass bankruptcies across the economy – even as the new prime minister prepares to lead the nation in a minute’s silence on Sunday night to honour the Queen’s legacy.

Before the Queen’s funeral at Westminster Abbey on Monday and her burial at St George’s Chapel in Windsor Castle, Truss will appear on the steps of No 10 on Sunday night at 8pm as part of a final national “moment of reflection” on the monarch’s life and legacy.

Downing Street is hoping that people will take part in their homes and on their doorsteps across the UK. Sailors, soldiers and air crews from the armed forces stationed overseas will also pause, including on ships and in bases, in what government officials believe could become a global event.

But with the period of national mourning ending after the funeral, when Truss will fly to New York to attend the UN general assembly, and with MPs returning to Westminster on Wednesday or Thursday, the transition back to normal politics will be sudden and potentially bruising for a prime minister who had only been in office for two days before the Queen’s death.

On Saturday night, leading UK business organisations were renewing pressure on ministers for “absolute clarity” on what help government would offer them with their energy bills and warning of dire consequences if they continued to be left in limbo over the level of support in the medium term.

The new business secretary, Jacob Rees-Mogg, will make an announcement on support for business on Wednesday to be followed by a mini-budget by the new chancellor, Kwasi Kwarteng, on Friday.

…click on the above link to read the rest of the article…

World economy at risk of another financial crash, says IMF

Debt is above 2008 level and failure to reform banking system could trigger crisis

The floor of the New York stock exchange in September 2008.
The floor of the New York stock exchange in September 2008. Photograph: Richard Drew/AP

The world economy is at risk of another financial meltdown, following the failure of governments and regulators to push through all the reformsneeded to protect the system from reckless behaviour, the International Monetary Fund has warned.

With global debt levels well above those at the time of the last crash in 2008, the risk remains that unregulated parts of the financial system could trigger a global panic, the Washington-based lender of last resort said.

Much has been done to shore up the reserves of banks in the last 10 years and to put in place more rigorous oversight of the financial sector, but “risks tend to rise during good times, such as the current period of low interest rates and subdued volatility, and those risks can always migrate to new areas”, the IMF said, adding, “supervisors must remain vigilant to these unfolding events”.

A dramatic rise in lending by the so-called shadow banks in China and the failure to impose tough restrictions on insurance companies and asset managers, which handle trillions of dollars of funds, are highlighted by the IMF as causes for concern.

The growth of global banks such as JP Morgan and the Industrial and Commercial Bank of China to a scale beyond that seen in 2008, leading to fears that they remain “too big fail”, also registers on the IMF’s radar.

The warning from the IMF Global Financial Stability report echoes similar concerns that complacency among regulators and a backlash against international agreements, especially from Donald Trump’s US administration, has undermined efforts to prepare for another downturn.

…click on the above link to read the rest of the article…

Olduvai IV: Courage
In progress...

Olduvai II: Exodus
Click on image to purchase

Click on image to purchase @ FriesenPress