Economy
Barclays: Vince Cable 'concerned' over Diamond appointment |
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| Economy | |
| Written by Roberta Murray | |
| Wednesday, 08 September 2010 | |
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Morning Business News, Wednesday 8 September: Barclays, banking uncertainty, eurozone fears and HMRC tax mistakes.
Barclays (LON:BARC) would have been hoping to avoid any political headwinds after announcing the ascension of Bob Diamond to the chief executive position, but it has emerged that splits within the coalition have since emerged following the news. But, a split along party lines has since emerged after Vince Cable, the Business Secretary, privately made clear his concerns about the appointment yesterday reports the Times this morning. The Times has learnt that he argued that Barclays had failed to appreciate public anxieties about the risks posed by investment banks to savers and taxpayers. Banking uncertaintyThe rest of the week promises more uncertainty for the banking industry as financiers await the announcement of the new capital rules agreed yesterday in Switzerland. A group of central bankers and regulators from around the world agreed on the new capital requirements for banks, however the industry will have to wait until after a further meeting at the weekend to hear the final proposals, the Telegraph reports. Eurozone fearsInvestor worries over the eurozone have deepened, hitting the markets of the single currency’s weaker economies and sparking a flight to the safety of US Treasuries, German bunds, the yen and the Swiss franc. Global equities lost ground and the euro weakened on Tuesday, while European bank stocks came under pressure as doubts over the continent’s financial system resurfaced, the FT reports. HMRCOne in five tax records held by HM Revenue & Customs could contain errors, an internal review has concluded. Of the 45 million employment files held by HMRC, nine million potentially contained mistakes, according to the review. The flaws identified in the records have heightened fears that many people could end up paying the wrong amount of tax this year after being issued with the incorrect code, the Telegraph reports.
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