News digest 13 November 2014

News digest 13 November 2014

13 November 2014

Today’s digest opens with business as usual for the banks. There’s yet another fine for City institutions as the casino capitalists are challenged over their attempted manipulation of foreign exchange rates. All in all six banks, including RBS and HSBC, have been collectively fined £2.6 billion by UK and US regulators [a separate probe of Barclays is ongoing]. Commenting, the FCA said: "At the heart of this action is our finding that the failings at these banks undermine confidence in the UK financial system and put its integrity at risk." However, yet again it seems like a slapped wrist and a fine for financial rogues rather than any concrete action, chancellor George Osborne is quoted in the Guardian as saying: “[This is] part of a long-term plan that is fixing what went wrong in Britain’s banks and our economy” which would imply that regulation is the solution, but much of the action occurred on his watch [the most recent manipulation was in October of last year] so do we have concrete proof the crash was caused by the casino capitalists and nothing is really being done [yes and yes is the answer]?

Then again, if you listen to the chancellor everything is now hunky dory as the latest data on wages showed that they have picked up to beat inflation for the first time since 2008 [by a miserly 0.1 per cent natch], Osborne hailed the figure as proof of his economic plan working [what planet is he on?], but the reality is at that rate it will take more than 12 years for wages to get back to the level they were before the crisis…

And that leads on to Labour leader Ed Miliband who will deliver a flagship speech in London later this morning, despite the monstering he has taken in the press [which continues today]. The Mail has a piece that shows Miliband has been rated the worst ever candidate for PM in a poll, just behind Michael Foot and Tony Blair as third worst [and look what happened to him] but the real question will be on who has the policies that will make the country a better place, the Guardian says Miliband is expected to announce his aim to end the ‘zero-zero’ economy where the poor are penalised by precarious work and zero hours contracts while the rich pay almost no tax. Let’s also hope there’s a call to help save the NHS too after health secretary Jeremy Hunt said the service would have to find another £10 billion of cuts, although one way to do that is to cut the service completely which seems to be Ukip leader Nigel Farage’s plan of action. So while Ukip is seemingly on the way to an election win in Rochester [or so says the front page of the Express], the Mirror exposes the party’s plans for NHS privatisation with a video feed showing Nigel Farage’s real view on our NHS [he wants to replace it with a US-style system], do people getting into bed with Ukip realise the reality of what they will wake up in the morning [clue, it’s not pretty]?  

Edited by Mik Sabiers

  Morning Star

  Daily Mirror

  Sun (no links all stories now behind paywall)

  • Pay rise Carney-val (p1/6-7)
  • Keir Starmer stich-up (p2)
  • Ed most unpopular leader ever (p2)
  • Ukip NHS axe (p2)
  • [0.1%] pay rise after 5 year squeeze (p7)
  • Sainsburied (p51)
  • Finnish to Flybe losses (p51)



  Times (no links all stories behind paywall)

  • Patients told to go online in radical NHS reform (p1)
  • Banks fined £2.7bn (p1)
  • Miliband scores worst rating for leader since records began (p4)
  • End of wage squeeze in sight (p6)
  • Migrants from Romania and Bulgaria at record levels (p19)
  • Farage caught on video calling for privately run NHS (p21)
  • Us regulator attacks ‘weak’ forex dines (p47)
  • G4S shares tumble after hack (p49)
  • Rates to remain at record low until after election (p53)
  • Sainsbury’s scrap new stores (p54)




  FT (no links all stories behind paywall)

  • Six banks hit with fines of $4.3bn (p1)
  • Treasury fears ‘disaster’ after Cameron tax cut vow (p1)
  • OBR forecast unlikely to brings Osborne joy (p2)
  • Wages increases beat inflation (p3)
  • An imperfect plan for fixing the next crisis – John Gapper (p13)(p)
  • G4S pulls out of Gitmo (p17)
  • Ford’s manufacturing overhaul (p21)
  • Flybe Finnish unit sold for €1 (p23)

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