Lots of people have been perplexed over the timing of the Bank of England’s admission that it extended £61.6bn of loans to prop-up Royal Bank of Scotland and HBOS. Why was it disclosed this week?
Well, the main reason is that the terriers at the National Audit Office were about to call the Bank’s bluff by revealing the secret loan in an upcoming report. Mervyn King merely decided it would look better for the Bank to confess independently. Read more
The “macro” story on donations today (Electoral Commission figures for Q3 are out) is that the Tories received £5.27m in donations – more than the other 17 parties combined. Labour got just over £3m (mostly from unions) while the Lib Dems received £816,663.
A trawl through the Tory donors is interesting in terms of individual gifts:
One of the biggest stories of the day is the Supreme Court ruling that banks can carry on charging big fees on personal overdrafts.
This is rich in irony given an apparent revelation in the House of Commons an hour ago. Vince Cable pressed Alistair Darling over the issue of the £61bn emergency loans to HBOS and RBS. Were the banks charged interest, he demanded? Read more