UK Chancellor Alistair Darling is expected to make an announcement to Parliament early this week on the planned future for Northern Rock, RBS and the Lloyds Banking Group. Nationalised Northern Rock would be split in two and parts of LLoyds TSB and RBS broken up.
The plans would create three new banks by 2015 and to encourage competition, new rather than existing companies would be invited to operate them. Tesco and Virgin have both expressed interest.
RBS is currently 70% taxpayer owned predictions suggest that it may be forced to part with the Churchill and Direct Line insurance companies, as well as 300 of its branches and a large part of its investment bank. Lloyds Banking group 43% government owned is planning to dispose of mortgage company Cheltenham & Gloucester, Intelligent Finance, the internet bank it acquired through its takeover of HBOS, and a number of its Scottish branches.
Do you think that these proposals are good news for taxpayers? Is now the right time to be considering this given the Country is still in recession? and what will the future hold for shareholders?
As always do let the team here at Loans2you know what you think.
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