UK: RBS TO SHED SOME 2,600 MORE JOBS (NEWS 10 05 2010)

The Job cuts are to come from the sale of its insurance arm and 318 bank branches – a condition of EU's £54bn taxpayer support. In the November of 2008 the Government became the majority owner of RBS with a reported £37 billion taxpayer bail-out package for a near 70% stake while come the march of 2009 the taxpayers came to own some 77% of Lloyds. By the November of 2009 a further taxpayer injection was necessary into both the RBS & Lloyds at some £25.5 billion & £5.7 billion respectively and being necessary in complying with EU competition Rules. Retracing our steps to February 2009 it became News to a cross party Commons Committee how Sir Fred had earned £1.46 million last year and how Mr Hornby was paid a salary of nearly £1 million while all four witnesses admitted they had no formal banking qualifications. Going forward to the December of 2009 the National Audit office (NAO) stated that the total Public Sector rescue packages for Britain’s Banks runs out at some £850 billion and the true figure unlikely to be known for years, all while it also critise the Treasury for hiring advisers on expensive contracts at some £300,000 per month for financial advice!.

Is it not rather “odd” that in 2009 the British taxpayer owned majority stakes in both RBS and Lloyds to which the EU demanded that further taxpayer money be injected for compliance as to EU competition Rules while in todays News the EU now be demanding that British taxpayer assets be broken-up in creating vast job losses because of a condition of “EU's £54bn taxpayer support”, this against a £850 billion loss stated by the NAO. Of interest too (News 22 06 2009 ) was that the supermarkets were taking on the Banks for their business and that Tesco had recently bought out RBS to take full control of the business. RBS are reported to be out-sourcing jobs to India while Tesco (News 11 02 2009) has transferred jobs to India and intends to open in-store Banks (News 01 04 2009). Last year Tesco chief executive Sir Terry Leahy (previously on the Government's National Council for Educational Excellence and knighted under Mr Blair's premiership ) raps 'woeful' education in Britain for the money pumped into it, Tesco being the largest private employer in the country depending upon high standards in British schools. Then of course one has Mr Branson whom wanted control over the Banks being disposed of.

When one looks back over Britain’s assets what remains today as its taxpayers be standing in ever deeper holes of debt to higher prices through profitisations created by their loss?. Of course to privatisations and out-sourcing by the Government, in becoming a self-business to tendering out blame (the blame culture), taxpayers are not taxpayers anymore but consumers in the context of political correctness. That now explains why the British have become “contractors to their own Nation” and why, through changing Laws, it now be for them to challenge STANDARDS in being at the end of such blame chains!. In becoming a Financial Model Britiain failure as to standards plays a vital role in creating change to which self-responsibility become more dominant and to which financial packages become new markets in addressing personal needs. Broken systems are what results from UNIT costings as to worth while handles be attached to them for out-sourcing and competition. Look what happened to British Airways costing taxpayers some £545 million and over 23,000 jobs losses to privatise it (See Old News below).

Below are extracts from Old News, appended lastly.

28 11 2008 GOVERNMENT TO OWN MAJORITY OF RBS. £37 billion bail-out package

07 03 2009 GOVERNMENT INCREASES LLOYDS HOLDING. Taxpayer ownership from 43% to 65% - or 77% including non-voting shares. It already owns a near-70% stake in rival group Royal Bank of Scotland.

22 06 2009 SUPERMARKETS TAKE ON THE BANKS Tesco muscled in on the market for financial services about 12 years ago in a joint venture with the Royal Bank of Scotland (RBS). Since then, it has attracted more than six million customers and offers a range of 28 products and services. IT ALSO RECENTLY BOUGHT OUT RBS TO TAKE FULL CONTROL OF THE BUSINESS AND HAS REPORTED A "STEADY GROWTH IN CUSTOMER ACCOUNTS".

01 07 2009 TESCO 'COULD BID FOR NORTHERN ROCK' TESCO may launch a bid for Northern Rock as the Government attempts to sell off the nationalised lender before the General Election, according to reports. A Tesco spokesman said the report was "pure speculation". 0

3 11 2009 EXTRA £30BN FOR BAILED OUT BANKS. The Treasury has announced the injection of some £25.5 billion into The Royal Bank of Scotland and some £5.7 billion into The Lloyds Banking Group, THIS NEW MONEY BEING NECESSARY IN COMPLYING WITH EU COMPETITION RULES.

04 12 2009 £850BN BILL TO RESCUE BRITISH BANKS. The National Audit Office (NAO) SAYS THE TOTAL PUBLIC SECTOR SUPPORT FOR BRITAIN'S BANKS RUNS TO £850 BILLION - with the final cost of the financial rescue unlikely to be known for years.

10 05 2010 ROYAL BANK OF SCOTLAND SHEDS 2,600 MORE JOBS. Job cuts to come from sale of insurance arm and 318 bank branches – A CONDITION OF EU'S £54BN TAXPAYER SUPPORT.

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Old News

?? 09 2007 NORTHERN ROCK Darling authorised the Bank of England to lend Northern Rock up to £20 billion. Mr Darling was then criticized for so much public money being tied up in a private company!

22 04 2008 RBS ANNOUNCES £12BN RIGHTS ISSUE. Sir Fred Goodwin defended his position after asking shareholders to pump in £12 billion of new capital. Sir Fred, whose £4.2 million pay package last year included a £2.9 million bonus

03 07 2008 DARLING SAYS OIL PRICE "REAL PROBLEM"

14 11 2008 RBS PLANS TO AXE 3,000 BANKING JOBS.

28 11 2008 GOVERNMENT TO OWN MAJORITY OF RBS. RBS is receiving the biggest injection of public funds under the Government's £37 billion bail-out package announced in October.

15 12 2008 RBS REVEALS MADOFF EXPOSURE. A report in the Financial Times said HSBC Holdings had emerged as one of the largest victims, with potential exposure of about $1 billion

19 01 2009 RBS SEEN UNVEILING MASSIVE LOSSES.

08 02 2009 £1BN BONUSES PLAN FOR BANK BOSSES. RBS propped up with public money wants to pay its staff almost £1 billion in bonuses. RBS IS "CONTRACTUALLY" OBLIGED to give employees of ABN Amro, the Dutch bank bought by RBS.

10 02 2009 NO FORMAL BANKING QUALIFICATIONS MPs on the cross party Commons Committee heard how Sir Fred earned £1.46 million last year and Mr Hornby was paid a salary of nearly £1 million. However, all four witnesses ADMITTED THEY HAD NO FORMAL BANKING QUALIFICATIONS.

11 02 2009 TESCO – JOBS TO INDIA Supermarket giant Tesco is transferring jobs from its WGC Headquarters to India, leaving workers facing redundancy.. Bosses have drafted in employees from their Bangalore Office to learn the ropes from British Counterparts. Staff from the 3,000 strong workforce at Shire Park, WGC contacted the WHT after seeing a story on our website – in which Tesco Bosses denied rumours of big job loses. One worker said that “ The Indian workers have spent the last two weeks doing our jobs, we have just had to sit and watch them take over. Its horrible people are worried about finding another job.” Someone in Corporate purchasing added – The whole department is being made redundant on April 14th.

07 03 2009 GOVERNMENT INCREASES LLOYDS HOLDING. The Government is to insure £260 billion of the bank's potentially "toxic" assets, according to the Treasury. In return the taxpayer will up its ownership of the bank from 43% to 65% - or 77% including non-voting shares.

08 03 2009 TAXPAYER FUNDS ANOTHER BANK BAILOUT. Alistair Darling insisted propping up LLOYDS was "vital" for the economy. Under the deal the Government's stake in the bank will rise from 43% to at least 65% - It already owns a near-70% stake in rival group Royal Bank of Scotland.

01 04 2009 TESCO TO OPEN BANKS. Supermarket giant Tesco is planning to open 30 bank branches in its stores by the end of the year and will start offering current accounts within the next two years.

03 04 2009 RBS SHAREHOLDERS VENT THEIR ANGER.

07 04 2009 RBS PLANNING TO AXE 4,500 UK JOBS. The Royal Bank of Scotland has begun consultation with unions over plans to cut up to 9,000 jobs in the next two years, OF WHICH 4,500 WILL BE IN THE UK. The bank is cutting the roles from its backroom staff under plans to save £2.5 billion over the next three years.

22 06 2009 SUPERMARKETS TAKE ON THE BANKS Tesco muscled in on the market for financial services about 12 years ago in a joint venture with the Royal Bank of Scotland (RBS). Since then, it has attracted more than six million customers and offers a range of 28 products and services. IT ALSO RECENTLY BOUGHT OUT RBS TO TAKE FULL CONTROL OF THE BUSINESS AND HAS REPORTED A "STEADY GROWTH IN CUSTOMER ACCOUNTS".

01 07 2009 TESCO 'COULD BID FOR NORTHERN ROCK' TESCO may launch a bid for Northern Rock as the Government attempts to sell off the nationalised lender before the General Election, according to reports. A Tesco spokesman said the report was "pure speculation".

04 09 2009 TESCO HEALTH SCAN OFFER CONDEMNED. Tesco has been criticised for offering vouchers for health scans through its Clubcard loyalty scheme. The Society of Radiographers (SOR) wants the promotion stopped, saying it is "inappropriate" for the retailer. It says the CT scans involve a risk from exposure to radiation which is not made clear to Clubcard customers before they take up the offer. TESCO SAYS THE FIRM THAT PROVIDES ITS SERVICE EMPLOYS QUALIFIED STAFF AND EXPLAINS ANY RISKS TO CUSTOMERS.

06 10 2009 SUPERMARKET GIANT TESCO – some £1.4 billion in profits for the first half of its financial year.

14 10 2009 TESCO CHIEF RAPS 'WOEFUL' EDUCATION. Sir Terry Leahy (previously on the Government's National Council for Educational Excellence) - money pumped into the education system had produced no improvement. AS THE LARGEST PRIVATE EMPLOYER IN THE COUNTRY, we depend on high standards in our schools.

01 11 2009 BLAIR LINKED TO MID EAST TESCO DEAL Tony Blair has negotiated with Tesco about helping the firm open supermarkets in the Middle East for a fee of up to £1 million, it is reported. But discussions between the former Prime Minister - who is a peace envoy to the region - and the supermarket chain ended after the two sides failed to agree terms, the Mail on Sunday said. Mr Blair's proposed role for Tesco would apparently have been to act as a figurehead for the group's bid to break into the Middle East market. Tesco is said to have wanted Mr Blair to use his international political and diplomatic connections to "open doors". Responding to the allegations, a spokesman for Mr Blair said: "Tesco is a great British company. However, Tony Blair and Tony Blair Associates have never done any work on behalf of Tesco. Tony Blair does not have any commercial relationship with Tesco and has not made any representations on their behalf. A statement from Tesco said: "We wouldn't comment on which advisers we may or may not talk to or speculation about potential markets for Tesco." Tesco has more than 2,000 stores in the UK and has also been expanding rapidly overseas, including into the US, China and South Korea. Its chief executive Sir Terry Leahy has been a Government adviser, and was knighted under Mr Blair's premiership.

03 11 2009 EXTRA £30BN FOR BAILED OUT BANKS. The Treasury has announced the injection of some £25.5 billion into The Royal Bank of Scotland and some £5.7 billion into The Lloyds Banking Group, THIS NEW MONEY BEING NECESSARY IN COMPLYING WITH EU COMPETITION RULES.

28 11 2009 TESCO LAUNCHES ELECTRICALS ON EBAY. Supermarket giant Tesco has opened another branch on eBay featuring refurbished electrical lines including TVs, digital cameras, vacuum cleaners and iPods from brands such as Sony, Philips and Samsung, went live this week. The products are returns that have been checked, inspected, repaired, graded and reboxed with accessories and come with a 12-month warranty.

04 12 2009 £850BN BILL TO RESCUE BRITISH BANKS. The National Audit Office (NAO) says the total public sector support for Britain's banks runs to £850 billion - with the final cost of the financial rescue unlikely to be known for years. ADDITIONALLY THE COST OF FINANCIAL ADVICE TO THE TREASURY SINCE SEPTEMBER 2007 IS EXPECTED TO BALLOON TO £107 MILLION BY NEXT APRIL.

06 12 2009 BANKERS FACING WINDFALL TAX THREAT. Alistair Darling warns that the better-off may have to shoulder more towards the cost of the Nations economic recovery. new higher rate of income tax, of 50p on earnings of more than £150,000, TO BE INTRODUCED FROM NEXT APRIL.

13 04 2010 TESCO RESURRECTS ONLINE VAT DODGE DESPITE JERSEY'S ACTION TO HALT 'SHAM' Tesco has quietly returned to a multimillion-pound Channel Islands tax dodge four years after the authorities in Jersey banished the supermarket group's VAT-free CD and DVD website from the island, accusing Britain's largest retailer of operating a "sham" selling structure that brought the Channel Islands into disrepute.

10 05 2010 ROYAL BANK OF SCOTLAND SHEDS 2,600 MORE JOBS. Job cuts to come from sale of insurance arm and 318 bank branches – A CONDITION OF EU'S £54BN TAXPAYER SUPPORT. A RBS spokesperson said: "We are working hard to rebuild RBS in order to repay taxpayers for their support and having to cut jobs is the most difficult part of this process. The EU is also demanding that Lloyds Banking Group, in which the taxpayer has a 41% stake, sell off 600 branches in return for almost £20bn of government support. Even so, finance union UNITE HAS WARNED THAT UP TO 25,000 JOBS IN THE RBS AND LLOYDS BRANCH NETWORKS ALONE ARE AT RISK BECAUSE OF THE DEMANDS OF THE EU.

10 05 2010 WORLD STOCK MARKETS SOAR WITH $1TN EU BAIL-OUT - BRITAIN WITH £10BN BILL World stock markets and the euro soared today as investors cheered the European Union's $1 trillion (£650 billion) plan to defend the embattled 16-country currency and keep a spreading debt crisis from damaging the global economic recovery. But Britain could be exposed to extra payments if a member state defaulted on loans using the EU budget fund and the IMF. Speaking on BBC Breakfast, MR DARLING SAID: 'There is about 440 billion euros which the eurozone countries have put together. That is their responsibility - we are not involved in that.

Old News - British Airways (BA)

1979 JOHN KING KNIGHTED

1980 JOHN KING APPOINTED CHAIRMAN OF THE NATIONAL ENTERPRISE BOARD

1981 BA – A NATIONALISED INDUSTRY - Sir John King appointed as chairman mission to PRIVATISE BA

1983 BA - SIR JOHN KING HIRED COLIN MARSHALL AS CEO: King - SHED over 23,000 jobs。 Generous inducements for staff to leave / record losses of £545 million to the TaxPayers – under Thatcher (1979-90)

1987 BA – COMPANY PRIVATISED SIR JOHN KING STILL CHAIRMAN

1993 BA APOLOGISED "unreservedly" for a "dirty tricks" campaign against Virgin. £500,000 to Branson and a further £110,000 to his airline. Legal fees of up to £3 million.

1993 BA – LORD KING STEPS DOWN and becomes BA PRESIDENT (emeritus) - a role created specifically for him. The term is used when a person of importance in a given profession retires, so that his former rank can still be used in his title.

2005 LORD KING DIES 2007 BA - FINED £121.5 MILLION for price-fixing

2008 HEATHROW TERMINAL 5 - built exclusively for the use of BA at a cost of £4.3 billion.