Former U.K. Chancellor of the Exchequer Nigel Lawson urged his successor George Osborne to restrict the government’s “Help To Buy” mortgage plan, saying it shouldn’t be available in London’s “overheated” property market.
Former British finance minister Nigel Lawson said investors have taken account of the risk that the May 6 U.K. election outcome may mean a hung parliament with no single party controlling a majority of seats. “A hung parliament is undesirable, because you do need the strength of an overall majority in order to be able to behave really decisively,” Lawson, the chancellor of the exchequer under Conservative Prime Minister Margaret Thatcher from 1983 to 1989, told Bloomberg Television today. Still, “the prospect of a hung parliament is already priced into the market.”
Rory Cullinan runs the world’s worst bank from a fifth-floor office overlooking Liverpool Street station in London. His 400-person outfit doesn’t lend money or trade securities. Instead, it sells blown-out mortgages, busted loans and entire companies amassed by Royal Bank of Scotland Group Plc before it collapsed in the global financial crash of 2008. On a Friday afternoon in February, Cullinan is savoring a new feeling in his life as a toxic-asset disposal specialist: hope that the worst is finally over.
Chancellor of the Exchequer George Osborne was defeated by lawmakers demanding a licensing regime for U.K. bankers, after he pushed back an attempt to force the break-up of banks with both retail and investment arms.