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Treasury To Unveil 'Landmark' Bank Agreement

Written By Unknown on Sabtu, 13 Desember 2014 | 12.06

By Mark Kleinman, City Editor

Ministers will next week hail a "landmark" deal with Britain's nine biggest lenders to offer millions of consumers a new fee-free basic bank account.

Sky News has learnt that the Treasury will announce on Monday that the banks will establish accounts which end charges - whcih can be as high as £35 per item - for failed direct debit or standing order payments.

The new product will be provided by institutions which between them have more than 90% of the current account market, and will be available to people who are not eligible for a bank's standard current account and either have no bank account, or cannot use their existing accounts because of financial problems.

The participating lenders - which have agreed to launch the accounts by the end of next year - are Barclays, the Co-operative Bank, HSBC, Lloyds Banking Group, National Australia Bank (which owns the Clydesdale and Yorkshire), Nationwide, Royal Bank of Scotland, Santander UK and TSB.

Andrea Leadsom, the economic secretary to the Treasury, is expected to hail the development as a "landmark" agreement, saying that it should bring to an end the problem of consumers being locked out of their accounts when payments fail.

Sky News had previously revealed that some banks had expressed concerns during negotiations with the Government about the terms of the deal.

The provision of basic bank accounts, of which there are estimated to be more than 9m in the UK, is estimated to cost the industry more than £300m annually, with the new accounts likely to add substantially to that bill.

Earlier this year, a European Union Directive ordered member states to supervise the introduction of basic accounts which must charge fees described as "fair".

Ministers are understood to be pleased that they have secured an agreement to launch accounts with no fees, with customers offered services on the same terms as other personal current accounts provided by each participating lender.

This will involve customers having access to all standard over-the-counter services in bank and Post Office branches, as well as access to the entire national ATM network.

Some bank executives have warned that the structure agreed with the Treasury will mean that the new accounts are ultimately subsidised by consumers elsewhere in the banking system.

A further concern was raised that the new account could attract demand from large numbers of consumers who are not benefit claimants, but this is likely to have been alleviated by the eligibility restrictions agreed between the lenders and the Treasury.

The Government estimates that up to 7m people will participate in the Universal Credit welfare programme by 2019, with the new basic account expected to be restricted to that population.

The British Bankers' Association (BBA) has been leading the negotiations with the Treasury about the framework of the plans.

Neither the BBA nor the Treasury would comment on Friday.


12.06 | 0 komentar | Read More

FTSE 100 Suffers Worst Week In Three Years

More than £110bn has been wiped off the value of Britain's leading companies as the FTSE 100 suffered its worst week in three years.

The index closed down 161.07 points on Friday, a loss of 2.49%, making an overall drop of 6.6% since Monday - the largest weekly fall since August 2011.

The slide reflected a new five-year low for the price of Brent crude and worries about the global outlook, particularly after more disappointing economic figures from China.

The FTSE 100 is dominated by business with an interest in the energy and commodity sectors, meaning it has taken a bigger hit from weak oil prices.

Oil stocks have taken a hit as weakening demand and the prospect of oversupply sparked a fall in the price of oil by 10% this week to around $62 (£39.50) a barrel.

The International Energy Agency on Friday cut its forecast for global demand for the fourth time in five months.

BP shares have fallen by 9% since the start of the week and are a fifth cheaper in the year to date.

In New York, the Dow Jones Industrial Average ended the week down 677.96 points or 3.8%, while markets in France and Germany were down by nearly 3%.

Traders were reacting negatively to the plunge in the oil price despite the likelihood that it could represent a $4bn (£2.5bn) stimulus to the world economy.

Laith Khalaf, senior analyst at Hargreaves Lansdown stockbrokers, said markets are mulling the question of whether a lower oil price is a "symptom or a cure" for weak global demand.

He said: "The answer is it is probably both, but the restorative qualities of a lower oil price are going to take some time to feed through, and in the meantime markets are focusing on the negatives."


12.06 | 0 komentar | Read More

MPs Summon FCA Bosses Over Insurance Probe

Written By Unknown on Jumat, 12 Desember 2014 | 12.07

By Mark Kleinman, City Editor

Two City watchdog executives who were criticised on Wednesday over the disclosure of a probe into the insurance industry are expected to give evidence on the crisis to a powerful panel of MPs.

Sky News understands that Clive Adamson, the Financial Conduct Authority's (FCA) director of supervision, and Zitah McMillan, its communications chief, are likely to appear before the Treasury Select Committee before Christmas.

A further session with Martin Wheatley, the FCA's chief executive, is expected to be held in the new year.

Mr Adamson and Ms McMillan are leaving their FCA roles in the coming weeks, ostensibly as part of a restructuring which the regulator has insisted is unconnected to a report published on Wednesday by Simon Davis, a leading City lawyer.

Mr Davis's report said the FCA's approach to briefing a national newspaper about a proposed review of an area of the pensions market was "high risk, poorly supervised and inadequately controlled.

When it went wrong, the FCA's reaction was seriously inadequate and fell short of the standards expected of those it regulates."

Mr Adamson, Mr Wheatley and Ms McMillan were all criticised in Mr Davis's report, alongside David Lawton, the FCA director of markets.

Their ponderous response to the appearance of the newspaper story about their probe in March meant that panicked selling by investors in insurance companies such as Aviva and Phoenix went on for more than six hours the following morning.

All four forfeited their bonuses for last year as a result, while any discretionary payouts for the current year are also under threat because of the £3.8m cost of the inquiry, Sky News has learnt.

In a statement on Wednesday, Andrew Tyrie, the TSC chair, said the report's findings illustrated a regulator "pursuing the wrong strategy in the wrong way".

He accused the FCA of falling "well below the standards it requires of the firms it regulates" and said further investigation was required.

"The Committee will, among many other things, examine whether these errors were a one-off or whether they reveal something amiss, perhaps seriously amiss, with the standards and culture of the FCA. We will also examine remedies, both those proposed or already announced, and others."

George Osborne, the Chancellor, said he was confident that the FCA would learn the lessons of Mr Davis's report.

The FCA declined to comment.


12.07 | 0 komentar | Read More

Russia Raises Interest Rate Amid Economic Woes

The Bank of Russia has increased its key interest rate to 10.5%, to help spur the economy amid sanctions and sliding oil prices.

The bank raised the rate from the previous figure of 9.5%.

It confirmed it would also continue to raise the rate even higher if inflation continues to accelerates.

The central bank predicted inflation reaching 10% by year's end due to the plunging value of the rouble, and now expects growth to be flat through to 2016.

"Annual GDP growth is expected to be close to zero in 2015-2016," the bank said in a statement.

It cited depreciation of the currency and the "external conditions" of Western sanctions over the Ukraine crisis and sliding oil prices.

The rouble dropped to new record lows against the US dollar on Thursday after the announcement was made.

The rate rise is insufficient to thwart further currency pressure, according to Rabobank International emerging markets foreign exchange strategist Piotr Matys.

"This is not enough to stabilise the rouble and increases the risk of a full-scale currency crisis," Mr Matys told Sky News.

"The central bank may intervene more aggressively on the market.

"But selling hard currencies already proved an insufficient tool as reflected in the worst rout since the 1998 crisis and the sharp drop in Russia's foreign reserves of almost $80bn (£64bn) so far this year."

Experts believe the central bank may need to raise rates again, at the next planned meeting on January 30, as more pressure is applied.

Mr Matys added: "In the meantime, the central bank is likely to continue selling US dollars to stem the pace of rouble depreciation, which will inevitably lead to another fall in Russia's foreign reserves."

Brent Crude inched above $65 a barrel on Thursday, as the slide in prices approaches six months.

Russia gets much of its foreign currency from petroleum products and the drop towards five-year lows further exacerbates the problems caused by sanctions.


12.06 | 0 komentar | Read More

HSBC Sacks Top Foreign Exchange Trader

Written By Unknown on Kamis, 11 Desember 2014 | 12.07

The London-based HSBC head of foreign exchange trading for Europe, the Middle East and Africa has been sacked.

Stuart Scott was dismissed from his role on Tuesday, according to sources. HSBC declined to comment.

The dismissal comes in the wake of the investigations launched by authorities on both sides of the Atlantic.

In 2007, Mr Scott won the FX Week annual award for Best Bank for Emerging European, Middle-Eastern and African Currencies.

Last month, a forex trader at investment bank Goldman Sachs' London office left his job following claims of misconduct during previous employment at HSBC.

During his time at HSBC the trader, Frank Cahill, worked for Mr Scott.

Mr Cahill has not been accused of wrongdoing at Goldman Sachs.

The HSBC dismissal is the latest chapter in a succession of wrongdoing claims to hit the banking sector.

Other banks, including Barclays, remain under investigation into allegations that manipulation occurred in the forex industry.

Foreign exchange is a massive industry, with trades globally valued at more than £3tn daily.

City watchdog the Financial Conduct Authority (FCA) previously said that forex manipulation occurred at six banks during a five-year period to 2013.

HSBC has been fined a total of $618m (£394m) by US and UK authorities following investigations into rate-rigging.

The FCA discovered that trader groups gave themselves names such as The 3 Musketeers, The Co-operative and The Players amid attempts to rig key benchmarks.

The groups used chat rooms to swap information and prompt trades for their own benefit and not clients.


12.07 | 0 komentar | Read More

FCA Bosses Face Second Bonus Blow Over Probe

By Mark Kleinman, City Editor

The City watchdog's top executives could have their bonuses withheld or reduced for a second consecutive year following a coruscating report on its handling of an inquiry into the insurance industry.

Sky News has learnt that the Financial Conduct Authority's (FCA) board will review later this year whether the £3.8m cost of an independent probe into the regulator should be partly absorbed by variable pay awards.

The FCA said on Wednesday that the £3.8m, which included more than £1m for legal representation for senior officials, would be "absorbed" by the current year's budget, but did not specify exactly how this would happen.

The latest development came after the watchdog confirmed that four executives criticised in the report had given up their bonuses for 2013-14, with the other five members of the FCA's executive committee seeing their awards cut by 25%.

On a sobering day for the City regulator, Simon Davis, a lawyer, published his report on the FCA's briefing of a review it intended to carry out of around 30m life insurance policies.

The 226-page document painted a picture of poor communication and inadequate systems, for which John Griffith-Jones, the FCA chairman, issued an abject apology.

Clive Adamson, the director of supervision, and communications director Zitah McMillan, resigned as part of a restructuring announced earlier this week, but no FCA officials have left as a direct consequence of the botched briefing in March.

As Sky News revealed last week, Mr Davis made a series of recommendations relating to the disclosure of price-sensitive information, and criticised Martin Wheatley, the FCA chief executive.

Mr Wheatley is eligible for an annual bonus of up to £115,000 - or one-quarter of his basic salary - but insurance company executives said on Wednesday that it was "unthinkable" that he would be considered for a bonus this year.

"It is extraordinary that an organisation which says in its public pronouncements that it will live by the sword is not willing to die by the sword," said a board director of a FTSE-100 insurance company.

A review which was to appear in the FCA's annual business plan was briefed in advance to The Daily Telegraph, but sparked panicked selling by investors in insurance companies such as Aviva and Phoenix.

The regulator then failed to issue a statement clarifying the terms of its review for more than six hours after the market opened.

George Osborne, the Chancellor, said he was confident that the FCA would learn the lessons of Mr Davis's report.

Sky News was also the recipient of an advance briefing of a separate FCA review into the resilience of banks' IT systems in March.

The FCA declined to comment further.


12.07 | 0 komentar | Read More

Tesco Refuses Executives Appeal Over Sacking

Written By Unknown on Rabu, 10 Desember 2014 | 12.07

By Mark Kleinman, City Editor

A number of senior managers who left Tesco after profits were overstated by £263m have been told by the retailer that they have no right to appeal over their departures.

Sky News has learnt that Tesco has informed lawyers acting for some of the executives that they cannot launch a formal appeal through the company because an ongoing Serious Fraud Office (SFO) probe has rendered it impossible for Tesco to have direct contact with them.

Last week, it emerged that Chris Bush, the UK managing director, group commercial director Kevin Grace, Carl Rogberg, the UK finance director, and John Scouler, UK food commercial director, had left Tesco approximately eight weeks after they were asked to step aside amid an investigation into the profit overstatement.

Sources said on Tuesday that at least one of the men had made enquiries through their legal representatives about their right to appeal and were informed by the company that no such appeal could be heard while the SFO investigation was taking place.

The supermarket giant's decision - which emerged as it warned on profits for the fourth time this year, sparking a further slump in its shares - may prompt a legal challenge from a number of the executives, sources indicated.

Another executive who had been asked to step aside, Matt Simister, has since returned to his role at Tesco, while Dave Lewis, the chief executive, confirmed on Tuesday that the futures of three other managers were still being assessed.

Tesco's latest impromptu trading update stunned the City with its disclosure that full-year group trading profit would not exceed £1.4bn, a figure 58% lower than last year's £3.3bn.

Mr Lewis said the worse-than-expected outcome reflected investments he was making in rebuilding Tesco's trading relationship with suppliers and in increasing employee numbers in its stores.

Shares in Tesco fell by more than 15% at one stage, although they recovered some of their losses later in the morning and were trading at around 168p, giving the company a market value of just over £15bn.

Last week, Mr Lewis said he would take direct control of the UK business although this will be a temporary move.

"Tesco is focused, and will continue to focus, on doing the right thing for customers. This means running our business in a way that everything we do creates sustainable value," he said. 

"Whilst the steps we are taking to achieve this are impacting short-term profitability, they are essential to restoring the health of our business. 

"We will not engage in short term actions that compromise in any way our offer for customers."

The new chief executive, whose 100th day in the role was marred by the latest profit alert, said the City would receive a further update on his plans when he presents the results of Christmas trading on 8 January.

Tesco declined to comment on the position of its former executives, none of whom could be reached for comment.

A spokesman for the SFO said its inquiry was ongoing.


12.07 | 0 komentar | Read More

Athens Stock Exchange Drops 15% On New Fears

Athens Stock Exchange Drops 15% On New Fears

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The Athens stock exchange has plunged by more the 15% over fears political turmoil will hit Greece's fiscal reform measures.

If the drop holds until markets close it would become the biggest one-day fall in almost 30 years.

Investors have been spooked that the country may be forced to hold early general elections.

Concern comes from the prospect of a left-wing opposition party, that currently leads the polls, winning and derailing reforms.

The Syriza party wants a cut to what Greece owes in bailout money, arranged with the so-called troika of the EU, IMF and European Central Bank.

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  1. Gallery: Youth Protests Turn Violent In Athens

    A protester holds a placard during clashes at the end of a youth protest to commemorate the six-year anniversary of the fatal shooting of teenager Alexis Grigoropoulos by a police officer

A protester wearing a gas mask holds a black flag in Athens

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The commemoration is held as a close friend of Grigoropoulos, 21-year-old anarchist Nikos Romanos, jailed for attempted bank robbery, is on the 26th day of a hunger strike. Here riot police fire tear gas at protesters

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Greek police take position during clashes. Click through for more pictures

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Athens Stock Exchange Drops 15% On New Fears

We use cookies to give you the best experience. If you do nothing we'll assume that it's ok.

The Athens stock exchange has plunged by more the 15% over fears political turmoil will hit Greece's fiscal reform measures.

If the drop holds until markets close it would become the biggest one-day fall in almost 30 years.

Investors have been spooked that the country may be forced to hold early general elections.

Concern comes from the prospect of a left-wing opposition party, that currently leads the polls, winning and derailing reforms.

The Syriza party wants a cut to what Greece owes in bailout money, arranged with the so-called troika of the EU, IMF and European Central Bank.

1/9

  1. Gallery: Youth Protests Turn Violent In Athens

    A protester holds a placard during clashes at the end of a youth protest to commemorate the six-year anniversary of the fatal shooting of teenager Alexis Grigoropoulos by a police officer

A protester wearing a gas mask holds a black flag in Athens

]]>

The commemoration is held as a close friend of Grigoropoulos, 21-year-old anarchist Nikos Romanos, jailed for attempted bank robbery, is on the 26th day of a hunger strike. Here riot police fire tear gas at protesters

]]>

Greek police take position during clashes. Click through for more pictures

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12.07 | 1 komentar | Read More

Borrowers Could Handle Rate Rise, Says BoE

Written By Unknown on Selasa, 09 Desember 2014 | 12.06

Home borrowers could handle rate rises, according to the Bank of England.

Gradual increases would not have "unusually large effects" on household spending, it said.

The bank does warn a rate rise to 2.5% would see the number of families struggling to pay their mortgages rise to 660,000 if wages stay the same.

But the Governor, Mark Carney, has repeatedly stated that when rate rises come they will be gradual and over time.

The Bank of England said: "Overall, the evidence does not suggest gradual increases in interest rates from their current historically low levels would have unusually large effects on household spending."

Yet in research, the Resolution Foundation think-tank finds that 2.2 million working households in Britain with below-median incomes are spending a third or more of their disposable income on housing, leaving an average of just £135 left over each week for other necessities.

And MPs have warned that some borrowers will have overstretched themselves when taking advantage of the interest rate, which has been at a historic low of 0.5% since 2009.

Treasury select committee chairman Andrew Tyrie said: "Interest rates have been so low for so long now that some might conclude this is the new normal. They shouldn't."

Older people are in line to benefit from any increase as they are more likely to be savers.


12.06 | 0 komentar | Read More

Don't Panic: Bank Keen Not To Alarm Borrowers

Don't panic! That's the broad gist of the Bank of England's latest analysis on the impact of higher interest rates.

And in case you were in any doubt, it has published a handy infographic explaining precisely why not.

If interest rates rose by 2%, which is actually a little more than markets expect, and household incomes rose by 10%, the "proportion of households with a high mortgage debt-servicing ratio would rise from 1.3% to 1.8%".

So DON'T PANIC!

One can understand why the Bank is so keen not to get anyone alarmed.

Many economists are worried that households are becoming overly accustomed to rock-bottom interest rates (they've been down at 0.5% for more than five years now).

Sounding the alarm over this prospect could well dent consumer confidence as households prepare their finances for a hard slog.

And the results from the latest NMG survey, carried out by the Bank each year, look encouraging.

This year the Bank applied a couple of tests to the data, which collects lots of information about household borrowing from around 6,000 households.

They found that the proportion of households who would need to "respond" to a rise in interest rates was lower than last year - under 40% rather than about 45%.

The second test found that the number of "vulnerable" households "would increase from around 360,000 to 480,000" - but, again, those numbers were said to be less elevated than last year.

So far so reassuring.

However, a comparison of this year and last year's articles on this topic raises a few questions. First off, the scenario they are testing for has changed.

While last year's question tested how households would cope with a 2.5% increase in interest rates, this year's paper tested their resilience to a 2% increase.

That's fair enough, given markets aren't even anticipating that sharp an increase in borrowing costs.

Odder, though, is the Bank's decision to redefine what it means by "vulnerable mortgagors".

A year ago, its definition was "mortgagors with mortgage payments in excess of 35% of their income". This time around, the definition of vulnerable borrowers is "mortgagors with a [debt servicing ratio] of at least 40%".

There is no explanation as to why its definition of vulnerable borrowers has changed.

Again, no doubt there is an explanation. And it's worth emphasising that, as far as I can tell, this year's survey shows households are more resilient than last year's.

But that judgement is based on these changed definitions rather than applying last year's tests to this year's data.

It might seem like a small quibble. But if the Bank is determined to reassure households, chopping and changing the key definitions in such a sensitive report from year to year is probably not the best way to go about it.


12.06 | 0 komentar | Read More

Wonga Braces For FCA Cap With Lower-Cost Loan

Written By Unknown on Senin, 08 Desember 2014 | 12.07

By Mark Kleinman, City Editor

Britain's biggest payday lender has begun secret trials of lower-cost loans just weeks before a deadline set by the City regulator to comply with a new crackdown on the industry.

Sky News has learnt that Wonga has in the last fortnight started offering finance to a number of randomly selected customers who are offered substantially better terms than other borrowers.

The move is designed to ensure that Wonga's systems are able to adhere to the Financial Conduct Authority's new rulebook when it comes into effect on New Year's Day.

Under the FCA's rules, payday loans will have interest capped at 0.8% per day, meaning that a customer borrowing £100 will accrue a maximum level of interest of 80p per 24 hours.

Fixed default fees will be restricted to £15, while there will be an overall cost cap of 100% of the initial loan, the regulator said last month.

A Wonga spokesman declined to disclose details of the new cap-compliant product, but one insider said that it was likely to be the subject of an announcement and national launch ahead of the January deadline.

"The product makes it clear to customers what they will pay in total in pounds and pence but there is no final date yet for its launch because it is still being trialled," the source said.

Last week, Mr Lender, another short-term credit provider, announced that it was introducing the new terms to ensure compliance with the FCA's demands several weeks ahead of schedule.

The City watchdog believes that the introduction of a cap on the cost of payday loans will force most existing operators out of business, which has prompted some concerns that desperate consumers will be forced to seek even less palatable alternatives to borrow money.

The payday lending sector has accused regulators and politicians of demonising it, but executives admit that a series of scandals has made rehabilitating its image all but impossible.

Wonga has been fined for sending fake legal letters to customers in arrears, seen advertisements banned by a watchdog and written off £220m in loans after talks with the FCA about its business practices.

The company, which is owned by a consortium of prominent investors in technology groups, has overhauled its top management team this year, bringing in Andy Haste, the former boss of insurer RSA in an attempt to restore credibility.

The FCA, which intends to review the price cap in 2017, has also announced new rules for regulating payday loan intermediaries which include preventing them from charging fees and from requesting customers' payment details.


12.07 | 0 komentar | Read More

US Jobless Rate Steady Despite Massive Hiring

US job creation smashed estimates last month with 321,000 new positions, although the jobless rate remained static.

The Labor Department said it was the strongest monthly performance in almost three years and wages also increased - a development which may bring the Federal Reserve closer to raising interest rates.

But the unemployment rate held steady at a six-year low of 5.8% despite the big increase in employment.

November marked the tenth-straight month that job growth has exceeded 200,000, the longest stretch since 1994 and further
confirmed the economy is weathering slowdowns in China and the eurozone.

Average hourly earnings rose 2.1% in the year to November - still below the increase of 3% or more that economists say would make the Fed comfortable lifting rates, but an improvement.

There was also positive news in terms of fresh four-year lows in the numbers giving up looking for work and in long-term unemployment figures.

Job gains were also broad-based across the economy, with retail payrolls rising strongly ahead of the holiday shopping season.

Separate figures showed the US trade deficit fell slightly in October as exports rebounded while oil imports dipped to the lowest level in five years amid the rush for US shale oil.

The Commerce Department says the deficit edged down 0.4% to $43.4bn (£27.7bn).

Exports climbed 1.2%.

The figures sparked a rally in world stocks, with the FTSE 100's gains hitting 1% on the day shortly after the announcements.

US futures pointed to a slightly higher openings on Wall Street.


12.07 | 0 komentar | Read More

US Jobless Rate Steady Despite Massive Hiring

Written By Unknown on Minggu, 07 Desember 2014 | 12.06

US job creation smashed estimates last month with 321,000 new positions, although the jobless rate remained static.

The Labor Department said it was the strongest monthly performance in almost three years and wages also increased - a development which may bring the Federal Reserve closer to raising interest rates.

But the unemployment rate held steady at a six-year low of 5.8% despite the big increase in employment.

November marked the tenth-straight month that job growth has exceeded 200,000, the longest stretch since 1994 and further
confirmed the economy is weathering slowdowns in China and the eurozone.

Average hourly earnings rose 2.1% in the year to November - still below the increase of 3% or more that economists say would make the Fed comfortable lifting rates, but an improvement.

There was also positive news in terms of fresh four-year lows in the numbers giving up looking for work and in long-term unemployment figures.

Job gains were also broad-based across the economy, with retail payrolls rising strongly ahead of the holiday shopping season.

Separate figures showed the US trade deficit fell slightly in October as exports rebounded while oil imports dipped to the lowest level in five years amid the rush for US shale oil.

The Commerce Department says the deficit edged down 0.4% to $43.4bn (£27.7bn).

Exports climbed 1.2%.

The figures sparked a rally in world stocks, with the FTSE 100's gains hitting 1% on the day shortly after the announcements.

US futures pointed to a slightly higher openings on Wall Street.


12.06 | 0 komentar | Read More

Shoppers Urged To Support Small Shops Today

UK shoppers are being encouraged to "shop small" today to support Small Business Saturday, which aims to boost smaller enterprises.

The event, now in its second year, is backed by hundreds of trade organisations and more than 60 local councils are showing their support by waiving parking charges for the day.

Last year, independent businesses took £468m across the UK on the day and #SmallBizSatUK trended on Twitter all day.

Business and Enterprise Minister Matthew Hancock said: "There's never been a better time to start a business and I am proud that the Government has thrown its weight behind small business.

"This Saturday we have a first-rate opportunity to celebrate the hard working heroes of our economy and I will be shopping small throughout the day whilst visiting my family in Nottingham.

"Let's make this year's Small Business Saturday even better than the last."

To encourage the nation to get involved again this year, supporters of the initiative have been rallying the British public.

Artist Sir Peter Blake, who created the sleeve design for the Beatles' album Sgt Pepper's Lonely Hearts Club Band, created a piece of celebratory art featuring more than 60 UK shopkeepers with the tools of their trade.

Model Daisy Lowe will lend her support at an independent shop today.

She said: "I'm passionate about small, independent shops and have picked up some of my most treasured outfits from one-of-a-kind boutiques. I'm normally asked to model for big brands, but I jumped at the chance to be involved in Small Business Saturday and show my support for small, independent businesses too.

"I hope people around the country get involved and join me in shopping small."


12.06 | 0 komentar | Read More
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