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Building societies ‘picking up tab for banking sector failure’

The Government’s banking bail-out is distorting competition and disadvantaging building societies, who are also picking up the tab for banking failures, the UK’s only mutual competitor to the big banks has said.

Almost 2,000 jobs shed by off-licence chain Threshers

Administrators of Threshers owner First Quench have announced another swathe of store closures and more than 1,900 job losses.

Also in this section

Markets & Economy

Lloyds Banking Group to disinvest from Forte hotels

Lloyds Banking Group has decided to withdraw from its joint venture with Sir Rocco Forte’s hotel company, which owes the bank some £380m.

Whisky distillery mothballed as downturn bites

Tamdhu, the 112-year-old Speyside whisky distillery whose malt is a major component of Famous Grouse, is to be mothballed as part of its owner Edrington Group’s strategy to combat the impact of tough economic times on its brands.

Biting time for those with a sweet tooth

Shares in chocolate maker Cadbury picked up 1.2% yesterday after further news emerged about the intentions of potential bidders Ferrero and Hershey, writes Tim Sharp.

Corporate & SME

First Milk raises £19m from the sale of shares in Robert Wiseman Dairies

First Milk raised nearly £19m yesterday by selling 4,170,171 ordinary shares in Robert Wiseman Dairies (representing 5.7% of the issued share capital) at a price of 450p per share.

International Beverage chief stepping down

Scotch whisky industry veteran Barrie Jackson is stepping down as president of Old Pulteney distiller International Beverage Holdings.

Fighting fit Forte optimistic

Sir Rocco Forte, at 64 a competitive triathlete in his age bracket, might have sprinted the distance between his own Balmoral Hotel and last week’s charity lunch at the Sheraton, if Princes Street were not closed.

Personal Finance

Waiting game for retailers as VAT set to rise

Value Added Tax (VAT) is set to go back to 17.5% on January 1.

Fraudster warning as online shoppers hunt for best deals

This weekend is predicted to be the busiest for Christmas shopping, but more people than ever are expected to do all or part of their prezzie shopping via the internet.

Bank announces ‘fee-free’ account

Spanish banking giant Santander is set to launch an assault on the current account market with the introduction of a fee-free account available to mortgage customers.

Analysis

Morrisons must up game as rivals pull out the stops to lure shoppers

Sir Ian Gibson, chairman of supermarket chain Wm Morrison was desperate to avoid questions about the departure of chief executive Marc Bolland to Marks & Spencer when the company unveiled its latest trading numbers yesterday.

Rift over the £25bn question

The chief economist of the Bank of England, Spencer Dale, opposed the latest £25bn increase in the Old Lady of Threadneedle Street’s boost to the UK money supply two weeks ago because of worries about inflation and asset price bubbles.