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Bank Of England Mulls Negative Interest Rate

Written By Unknown on Selasa, 26 Februari 2013 | 23.17

By Ed Conway, Economics Editor

The Bank of England has raised the prospect of introducing negative interest rates to get borrowing going in Britain again.

Paul Tucker, the BoE's deputy governor for financial stability, said it was one of the ideas he had been considering to try to push cash out in the real economy.

Speaking to the Treasury Select Committee (TSC), Mr Tucker said: "I hope we will think about whether there are constraints to setting negative interest rates.

"This is an idea I have raised. This would be an extraordinary thing to do and it needs to be thought through very carefully."

Although several other central banks have experimented with negative interest rates in recent years - most notably Sweden and Denmark - this is the first time the idea has been raised by a BoE official.

At present, the bank pays an interest rate of 0.5% on deposits UK banks leave in reserve at the BoE.

The theory behind negative rates would be to try to encourage those banks to leave less cash at the central bank and instead to lend it out to businesses around the country.

If the interest rate was -0.5%, they would have to pay the BoE a 0.5% rate each year to hold money with it.

The Royal exchange in London with the Bank of England in the background The Bank of England is looking at ways to stimulate growth

However, the idea of reducing the BoE's interest rate to zero - let alone into negative territory as raised by Mr Tucker - has been dismissed by the governor, Sir Mervyn King.

He has cited internal bank studies suggesting it would cause major financial problems for building societies because of the way their balance sheets are structured.

Although Mr Tucker acknowledged that it was "quite a radical idea and not something anyone should clutch onto as the answer to the question of the universe," he agreed to provide the TSC with a detailed written explanation of his idea.

During the committee hearing, Mr Tucker, who until the appointment of Canadian Mark Carney had been the favourite to succeed Sir Mervyn as BoE governor, also acknowledged that not enough cash was getting through to Britain's small and medium-sized enterprises (SMEs).

He said: "I am worried, as are others, that our current battery of credit policies may not be reaching as far as they might. We should have a think about can we harness non-bank lenders.

"The other thing, I find it regrettable that market for working capital finance aren't as healthy as they were. I think that the authorities in the bank could play a role in that.

"Life blood of working capital finance was a trade finance instrument that was transferrable and marketable and that we would buy. We are lending to companies via the FLS I would like to explore whether some kind of working capital instrument."

The chairman of the TSC, Andrew Tyrie, said: "The lack of lending to SMEs is inhibiting economic growth in the UK. The MPC (Monetary Policy Committee) is right to be looking at additional tools, or changes to existing tools, that could help.

"Some of the proposals we heard today, such as moving to negative interest rates, are radical; others are not. They all warrant careful consideration."


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West Coast Rail: £50m Bill Left For Taxpayers

Failures by civil servants over the West Coast rail contract will cost taxpayers at least £50m, MPs have said.

There was a lack of leadership at the Department for Transport (DfT) and a failure to "get basic processes right" over the West Coast fiasco, a report from the House of Commons Public Accounts Committee said.

The MPs raised fears that the basic mistakes could be repeated in future projects such as the London to Birmingham high-speed HS2 scheme and the London Thameslink project.

Margaret Hodge Margaret Hodge's committee delivered a scathing verdict on the DfT

The report said the department had not learned from errors made in previous projects and senior managers failed to apply common sense during the West Coast bidding project.

Senior managers had also "missed clear warning signs, including from the (rail) industry, that there were serious problems with the (bidding) competition", the report claimed.

The committee said: "We are astonished that there was no senior civil servant in the team despite the critical importance of this multibillion-pound franchise."

After DfT errors in the process had been identified, Transport Secretary Patrick McLoughlin scrapped the bidding which had seen Virgin Trains lose out to rival transport company FirstGroup in the battle for a new, 13-year West Coast franchise.

Instead, Virgin is carrying on running the West Coast service until November 2014, with a new bidding process starting after that.

Unveiling the report, the committee's chairman Margaret Hodge said: "The DfT's complete lack of common sense in the way it ran the West Coast franchise competition has landed the taxpayer with a bill of £50m at the very least."

RMT union leader Bob Crow Bob Crow says ministers 'could not be trusted to run a whelk stall'

She added that the cost could be "very much larger".

Bob Crow, leader of the RMT transport union, said: "The stench from the fall-out of the West Coast franchise continues to hang over Britain's transport industry as it becomes clearer with every examination that the ministers responsible for this shambles could not be trusted to run a whelk stall let alone multi-billion Government contracts."

The report follows a Whitehall-commissioned independent inquiry into the West Coast bidding led by Centrica boss Sam Laidlaw. The inquiry report was extremely critical of the DfT.

A DfT spokesman said the department had accepted all of the recommendations, and had taken steps to improve internal oversight and accountability.

Shadow transport secretary Maria Eagle said: "It's time that David Cameron took responsibility for the rail franchising fiasco, instead of allowing ministers to hide behind their civil servants."


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Tamara Ecclestone's Ex Jailed Over Plot

The former boyfriend of socialite and model Tamara Ecclestone has been jailed for four years after trying to blackmail her in a £200,000 plot.

Derek Rose, who dated the daughter of Formula One supremo Bernie Ecclestone in 2002, had threatened to reveal intimate details about their relationship.

An email sent to Ms Ecclestone's manager in November 2011 suggested the 33-year-old had been offered £200,000 to sell his story to the press.

It talked about the possibility of a "non-release fee" and a confidentiality contract - but no newspaper had actually made an offer.

Judge Andrew Goymer, at Southwark Crown Court, said: "It was nothing more than a cynical and greedy attempt to extract a large sum of money.

"No doubt you thought that £200,000, which is a large sum to most people, would be small change to somebody with the amount of money that she and her family are reputed to have.

"You also thought that for this reason they would readily part with it to buy your silence. She did not do this."

Rose, from Camden, north London, dated Ms Ecclestone when she was 17 before changing his name by deed poll from Jonathan Ketterman.

The email in 2011 was sent after the socialite had starred in Billion Dollar Girl, a reality TV show exploring her life as an heiress, and after she had featured in charity campaigns.

Southwark Crown Court heard the message had "pernicious" implications and was sent to elicit money from Ms Ecclestone, 28.

It claimed Rose had been asked by television shows, radio programmes and a major tabloid to talk about their relationship.

The judge said Rose's relationship with Ms Ecclestone had ended acrimoniously and left him feeling "extremely hurt".

The court heard during the trial how he sold a story about his ex to the Daily Mail for £10,000 in the year of the break-up.

But the former couple had not been in contact for almost a decade before the blackmail attempt.

Ms Ecclestone lawyer Charlotte Harris said: "Tamara Ecclestone is relieved that Judge Goymer has acknowledged, in his sentencing of Derek Rose, the serious nature of blackmail and the need to deter others from attempting to commit similar offences.

"Ms Ecclestone was content to waive her anonymity in giving evidence because she strongly believes that all people have a right to be protected from such cynical and vicious behaviour. The sentence of four years is welcomed."

The jury failed to reach a verdict on Rose's co-accused Jakir Uddin, 20, of Old Walsall Road, Birmingham, and the prosecution is considering whether to seek a retrial.


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Burger Sales Plunge 43% Amid Horsemeat Scare

Frozen beef burger and ready meal sales have plunged dramatically, according to the first retail sales data since the horsemeat scandal erupted.

Kantar Worldpanel said that in the four weeks ending February 17, frozen burger sales plunged by 43% while frozen ready meals dropped 13%.

While some of the decline can be directly attributed to consumers rejecting the products, there has also been an availability reduction as affected lines were progressively withdrawn by retailers.

A picture of a Birds Eye Lasagne ready meal Last week Birds Eye withdrew 15 beef products in four European nations

Horsemeat contamination was first revealed on January 16 after analysis was undertaken by Irish food officials. The scandal has since spread across Europe.

A Nielsen consumer survey conducted two weeks ago showed that 96% of UK adults were aware of the horsemeat scandal and 74% were concerned about it.

According to Kantar, the latest research indicates a significant change in shopping habits as a result of the contamination.

The data also indicated changing fortunes of supermarkets during the 12 weeks to February 17.

It said out of the so-called Big Four supermarkets - Asda, Morrisons, Sainsbury's and Tesco - only Sainsbury's increased market share in the quarter.

A butcher prepares horsemeat 18 January Horsemeat is still highly regarded in some European countries

Sainsbury's saw a growth rate of 4.6% in the period, while Tesco saw its market share drop from 30.1% a year ago to 29.7% now.

Tesco was the first major retailer to withdraw its frozen burgers, after equine DNA was discovered in products produced by its meat processors.

"It might seem natural to attribute this decline to the horsemeat contamination; however, Tesco undertook heavy promotions this time last year, where consumers received a £5 voucher when they spent £40, and not repeating this offer will have adversely affected its share," Kantar Worldpanel director Edward Garner said.

Morrisons was the only retailer to post a sales decline in the 12 weeks, due in part to easing Christmas demand, a lack of convenience stores and no online presence.

It has since announced a decision to buy a swathe of Blockbuster video stores to convert into metro outlets.

Morrisons is also expected to bolster sales in the coming months as it is the only major UK supermarket with its own abattoir division, assuring meat supply chain integrity.

Horse meat found in beef products Brand name Findus was also found to have used horse in its beef products

Meanwhile, there appears to be a growing split in the upper and lower edges of the market.

"Waitrose and Aldi deliver all-time record shares this period of 4.8% and 3.3% respectively indicating that market polarisation and the 'two nations' consumer climate continues," Mr Garner said.

"Iceland records 10.1% growth confirming that the frozen food category as a whole remains robust."

Research now shows that the total grocery market is growing at a rate of 3.7%, which lags behind grocery price sector inflation of 4.3%.

As a result, pressure continues on shoppers who are using 'coping strategies' to reduce their effective personal inflation rate.

These strategies include switching products and retailers to seek out offers.


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Tom Maynard: Dead Cricketer Was On Drugs

By Jason Farrell, Sky News Correspondent

A promising young cricketer was high on a cocktail of drink and drugs before he was hit by a train and died, an inquest has heard.

Tom Maynard, 23, had taken cocaine, ecstasy and was almost four times over the drink drive limit, Westminster Coroner's Court was told.

The player died last June when he stepped on a live rail and was electrocuted before he was struck by a London Underground train.

He had earlier been stopped by police after he was spotted driving erratically but fled the scene, leaving his keys in the ignition of his Mercedes.

A post-mortem found he had been drinking and taken cocaine and ecstasy in the form of MDMA after a night out with his flatmates.

Tom Maynard was hit by a tube train around two miles from Wandsworth, where he had been on a night out with friends Mr Maynard had been drinking in Wandsworth, two miles from Wimbledon Park

Mr Maynard was the son of former England and Glamorgan batsman Matthew Maynard and had been tipped as a future England star.

Westminster Coroner's Court heard that tests indicated the cricketer may have been a regular drug user up to three and a half months before his death.

Dr Rosa Cordero said the results showed between 8.7 and 10 nanograms per milligram, which matched some daily users of the drug.

Toxicologist Fiona Perry added that the drugs would cause "significant impairment in coordination and judgement".

Mr Maynard's family have insisted the findings should not define the sportsman, who they described as a "very special person".

The player's girlfriend Carly Baker, a model, wept during the hearing as his last movements were recounted.

Mr Maynard had been on his way to see her on June 18 after going out drinking with friends in Wandsworth, south London, when he died.

Miss Baker said in a statement read in the court that he had phoned her at about 3.30am sounding "very down and depressed".

"For me to say 'what's wrong' is quite unusual," she said. "It was like he needed me. He said 'you're the only thing that makes me happy' and he said it three times."

She added: "I tried to persuade him not to come because I was so worried that he was getting into the car after drinking."

Tom Maynard's black Mercedes is taken away Tom Maynard's black Mercedes C250 is taken away

Police in an unmarked car then spotted his black Mercedes in Wimbledon at around 4.15am and pulled him over.

The sportsman ran off and was eventually discovered at 5.10am half a mile away on a London Underground line.

The court heard he had appeared to already be unconcious on the track when he was hit by a train. The train driver said Mr Maynard lay "perfectly still" and had not moved or flinched as he attempted to brake.

Forensic pathologist Simon Poole said the cricketer's injuries included "burns consistent with contact to a live train rail".

Mr Maynard's father Matthew described his son as a "consummate professional" who "did not suffer from depression".

In a statement issued through the Professional Cricketers' Association, his family said: "The results of the inquest do not define our son. The fact that so very many people thought the world of him is what defines him as a person.

"The only people who would judge Tom on the findings of the inquest are people who didn't know him.

"He made choices that night that tragically cost him his life but his devastated family and friends will love and miss him unconditionally, always. He was a very special person and his death leaves a huge hole in all our lives."

Born in Cardiff, Mr Maynard came through the ranks at Glamorgan Cricket Club before moving to Surrey. He had played a match for the club just 14 hours before he died.

He also earned himself a place on the England Lions tour to Bangladesh and Sri Lanka at the start of last year.


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Beyonce Announced As V Festival Headliner

US star Beyonce has been named as one of the headliners for August's V Festival.

Organisers say the appearance will be her only European festival show of the year, with the other main act revealed as Kings Of Leon.

Beyonce is also doing a UK tour, but tickets were snapped up in just over 10 minutes when they went on sale on February 23.

The demand caused websites to crash under the strain.

Many fans have expressed frustration at missing out on the four-date tour and the fact that tickets are now on auction sites for up to £500 each.

Interest in the singer is especially high after her eventful start to the year.

The 31-year-old was recently reunited with her Destiny's Child bandmates at the Super Bowl half-time show, and in January she caused controversy for miming at President Obama's inauguration.

Beyonce later explained she did not have time to rehearse properly with the military band and did not want to risk a sub-standard performance.

The V Festival, which became a staple of the summer circuit in the late 90s, takes place at two sites - Weston Park in Staffordshire and Hylands Park in Essex - on August 17 and 18.

Among the other acts also announced are Jessie J, Rita Ora, Emeli Sande, The Script and X Factor winner James Arthur.

Glastonbury, the biggest festival of the summer, has still to confirm its line-up, while Reading and Leeds have announced some of their acts, including a headline spot from Eminem.


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Police Allowed 'Rapist' To Go Free And Kill

By Martin Brunt, Crime Correspondent

A maverick Scotland Yard rape squad allowed a rape suspect to go unquestioned and free to later kill his two children, it has emerged.

A woman who alleged Jean Say, 62, had raped her was persuaded to retract her complaint by untrained officers under pressure to hit crime targets, said the Independent Police Complaints Commission watchdog.

Say later slashed the throats of his two children, aged 10 and eight, when they went to stay with him for a weekend two years ago.

He was jailed at the Old Bailey for a minimum of 30 years.

The IPCC report has condemned the squad, a specialist Sapphire unit investigating rape and serious sexual crimes in Southwark, South London.

The rape allegation against Say was dismissed by a detective sergeant in the Sapphire unit who said the circumstances did not constitute rape because the woman "consented".

The IPCC said: "The findings of our investigation into the rape ... were also deeply disturbing. The victim was failed by the people from whom she sought help."

Alleged rapist Jean Say killed his two children Alleged rapist Jean Say later killed his two children

It added: "There is no doubt from the evidence that the woman made an allegation of rape at Walworth police station which should have been believed and thoroughly investigated."

Deputy chairwoman of the IPCC Deborah Glass said: "There's no doubt this was an incredibly serious, shocking incident. We know with all the cases that we've dealt with that the consequences of not dealing with allegations of rape can be extremely serious. This is yet another tragic illustration of that."

It has also emerged that three senior officers recommended by the IPCC for gross misconduct disciplinary hearings around failures in another case escaped serious sanctions. Two were promoted.

The IPCC has investigated the Met's sexual crime squads nine times in recent years, five probes involved the Southwark squad. Nineteen officers have been disciplined, three dismissed and one was jailed.

Ms Glass added: "Given the number of cases where the (Metropolitan Police Service's) response to victims has failed, either through individual officers' criminality or neglect or more systematic problems of training, priorities and resources, the response that 'lessons have been learned' begins to ring hollow."


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Litvinenko Killing: 'UK Tries To Block Truth'

By Mark White, Home Affairs Correspondent

Lawyers for the family of murdered former spy Alexander Litvenenko have accused the British Government of trying to block the truth over the killing in order to protect trade with Russia.

Ben Emmerson QC, representing Mr Litvinenko's widow Marina, warned the coroner he should not allow the inquest into the death to be "bogged down" by the "Government's attempt to keep a lid on the truth".

Mr Litvenenko, a former KGB spy who it is claimed was also working for MI6, died in 2006 after being poisoned with a radioactive substance in London.

The UK authorities believe the Russian state was behind the killing, but no one has so far been brought to justice.

The British Government is applying for a Public Interest Immunity certificate, preventing key details from being heard at the forthcoming inquest.

Mr Litvinenko's family believe the UK Government is trying to stop embarrassing revelations about the spy's links to MI6 from being aired in public.

Marina Litvinenko Mr Litvinenko's widow Marina

Mr Emmerson also cited a recent trade visit Prime Minister David Cameron had made to Moscow - a trip which the QC said had secured £215m worth of business but no movement on the Litvinenko case.

Mr Emmerson said he believed the "UK and Russian Governments were trying to manipulate the inquest".

He told the coroner the case has "all the hallmarks of a situation which is shaping up to be a stain on British justice".

He said there should be no suggestion London and Moscow were conspiring together to close the inquest down.

Mr Emmerson also revealed the British Government had repeatedly refused to fund Mrs Litvinenko's legal costs for the inquest.

Coroner Sir Robert Owen intervened to say he believed it was of the utmost importance that Mrs Litvinenko be properly represented at the inquest.


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Lord Rennard: I Refute These Allegations

Former Lib Dem chief executive Lord Rennard has said he received no complaints about his behaviour during 27 years in the party.

Several women have come forward to accuse him of inappropriately touching and propositioning female party workers.

A new statement issued on his behalf said he "refutes" the allegations and will "co-operate with any properly constituted inquiry".

It added: "He would reiterate that in 27 years of working for the Liberal Democrats he received no complaint or allegation about his behaviour.

"Nor is he aware of any personal complaints being made in the three and a half years since he stood down as chief executive until last week."

Scotland Yard announced on Monday that they will meet with party officials to discuss the allegations.

Earlier Mr Clegg said the police must be allowed to do their job and insisted he would not provide a "running commentary" on the allegations.

Speaking outside his home in south west London, he told Sky News: "I understand there are many people who appear to want to act as self-appointed detectives trying to piece together events that happened many years ago but the only way that we are going to get to the bottom of the truth ... is by allowing the two investigations that I established immediately after the Channel 4 broadcast to do their job and, indeed, to allow the police, whom we have now approached, to do their job as well.

"And in the meantime I cannot and my party cannot provide a running commentary on every shred of speculation about events which happened many years ago."

Lord Rennard's statement made no reference to the police's involvement.

More follows...


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Blackpool Primary School Teachers Suspended

A headmistress and five teachers have been suspended after a police investigation was launched into "pupil wellbeing" at their Blackpool school.

The suspensions at Revoe Community Primary School, including head teacher Cath Woodall, came after a member of council staff raised concerns following a routine visit.

Blackpool Council confirmed the allegations are not of a sexual nature.

Parents of children at the school were told the "professional judgement" of the six employees had been questioned when "isolating them during challenging behaviour".

The Blackpool Gazette newspaper reported the alarm was raised over claims a child was placed in a room said by one parent to be the size of a cupboard.

In a letter to parents, Charlotte Clarke, the council's head of universal services and school effectiveness, wrote: "Before half-term, Blackpool Council became concerned about the professional judgment made by these staff in relation to the wellbeing of pupils when isolating them during challenging behaviour.

"This has led to six members of staff being suspended. The suspensions are a neutral act to allow a full investigation to take place as quickly as possible.

"I realise this will be concerning news and I am writing to reassure you that swift action has been taken and the priority of the council is always the wellbeing of pupils."

Cllr Sarah Riding, cabinet member for education and schools, said an experienced head and temporary staff had been drafted in and parents were being kept up to date.

She said: "Before half term, we were made aware of an issue at Revoe Primary School that raised concerns to us about the professional judgment made by a number of staff in relation to pupil wellbeing.

"These concerns have led to the suspension of six members of staff while a full investigation is carried out. It would not be appropriate to comment further on the nature of the investigation until it has been concluded.

"Although we have no reason to suspect any child has come to harm, this is a serious situation that needed immediate action to be taken.

"In the meantime, temporary staff have been recruited and there will be no disruption to children's learning. All parents will receive a letter explaining the current arrangements in place."

A spokesman for Lancashire Police said: "This allegation, like any allegation involving the wellbeing of young people, is being taken extremely seriously and will be thoroughly investigated as our priority is the safeguarding of young people.

"We are in the early stages of this inquiry and are working closely with the school and the local authority to establish the circumstances. No arrests have been made at this stage."

The school, on Grasmere Road, teaches children aged between two and 11 years old. It has more than 400 pupils and employs about 70 people, including teachers and support staff.


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