ECB criticises banks’ relocation plans after Brexit

Central bank warns against setting up ‘empty shell’ operations in euro area without adequate staff

The European Central Bank has warned banks that some of their Brexit plans are inadequate as they involve setting up “empty shell” operations in the EU that are not properly staffed.

The Frankfurt-based institution said “elements in a number” of relocation plans submitted by banks that use the UK as their gateway to the EU “did not fully meet” its expectations.

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Gordon Brown memoirs: Barclays’ RBS bid in 2008 is a staggering revelation

Barclays’ appetite for blind risk and greed in the midst of financial crisis is an intriguing tale – somebody should now spill all the beans

Gordon Brown is not alone in thinking errant British bankers got off lightly in the 2008 financial crisis. We should also be worried that the former prime minister thinks the new criminal offence of reckless misconduct that causes a financial institution to fail, which was introduced after the crisis to address the perceived legislative weaknesses, may not be up to the job.

Related: Gordon Brown: Bankers should have been jailed for role in financial crisis

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Gordon Brown: Bankers should have been jailed for role in financial crisis

Ex-PM warns failure to take tougher stand has made it inevitable that rogue bankers will again gamble with public money

Gordon Brown has claimed bankers should have been jailed for their fraudulent and dishonest behaviour during the financial crisis that led to Britain’s deepest post-war recession and his defeat in the 2010 general election.

The Labour former prime minister used the second extract from his memoirs to warn that the failure to take a tougher line with wrongdoing – as pursued by other countries – has made it inevitable that rogue bankers will again gamble with public money.

Related: Gordon Brown memoirs: Barclays’ RBS bid in 2008 is a staggering revelation

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UK’s £200bn consumer debt unsustainable, S&P warns

Borrowing should raise ‘red flags’ as losses can be sudden and sharp and could worsen if interest rate rises, rating agency says

The rapid rise in UK consumer debt to £200bn from car finance, personal loans and credit cards is unsustainable at current growth rates and should raise “red flags” for the major lenders, ratings agency Standard & Poor’s has warned.

In detailed analysis of the sector, S&P warned that losses from this form of lending suffered by banks and other financial institutions could be “sharp and very sudden” in an economic downturn and may be exacerbated if the Bank of England increased interest rates.

Related: The Brexit economy: the storm clouds are gathering

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UK’s £200bn consumer debt unsustainable, S&P warns

Borrowing should raise ‘red flags’ as losses can be sudden and sharp and could worsen if interest rate rises, rating agency says

The rapid rise in UK consumer debt to £200bn from car finance, personal loans and credit cards is unsustainable at current growth rates and should raise “red flags” for the major lenders, ratings agency Standard & Poor’s has warned.

In detailed analysis of the sector, S&P warned that losses from this form of lending suffered by banks and other financial institutions could be “sharp and very sudden” in an economic downturn and may be exacerbated if the Bank of England increased interest rates.

Related: The Brexit economy: the storm clouds are gathering

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Is the growth in living standards worse now than in the Great Depression?

New data suggests life is getting tougher now for working-age adults than in the lost decade of the 1930s

The 1930s are the benchmark when it comes to lost decades. There are recessions and deep recessions, but then there is the Great Depression. In terms of sustained misery, nothing remotely comes close to the 10-year period that followed the Wall Street Crash of 1929.

Yet in one respect – growth in living standards – the performance of the UK since the financial crisis began in 2007 has been worse than it was in the era that included coming off the Gold Standard, the formation of the National Government and the Jarrow March.

Gross domestic product (GDP) is a key government statistic and provides a measure of the UK’s total economic activity.

Related: A weak pound is no tonic for UK’s long-term economic recovery

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Can consumers keep the British economy going?

GDP watchers will be out in force this week as third-quarter figures are revealed

This week’s big economic number is GDP for the third quarter, due on Wednesday morning. Economists reckon output rose by 0.3% or 0.4% in the three months to the end of September.

Assuming the figure isn’t lower than expectations, economy watchers will turn quickly to the underlying trends, such as business investment. The economy has confounded predictions of a sharp post-Brexit vote slowdown or recession, mainly because of resilient consumer spending.

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Lloyds was not bullied into buying HBOS, high court hears

Former directors reject claim by bank shareholders that Gordon Brown’s government pushed bank into buying HBOS to avoid nationalisation

Lloyds Bank and five of its former directors “emphatically reject” allegations they were bullied into taking over HBOS, their QC has told the high court.

Helen Davies was responding to claims made by 6,000 Lloyds shareholders, who have brought a £600m compensation claim that they were not given a true picture of the financial health of HBOS when they voted through the takeover in November 2008.

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