UK Treasury indy claims undermined by Bank of England Deputy Head

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Monday, 20 May 2013 21:01

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By Angela Haggerty

A speech from the Deputy Governor for financial stability at the Bank of England, Paul Tucker, has further undermined a UK Treasury paper on Scottish independence which warned Scotland would be economically vulnerable outside of the UK, according to SNP MP Stewart Hosie.

The SNP’s Treasury spokesman at Westminster said the speech - delivered to the ninth World Congress of the International Association of Restructuring, Insolvency and Bankruptcy on Monday - highlighted the value of cross-border cooperation and countered "scaremongering" tactics from Scottish Secretary Michael Moore.

RBS to shed 1400 jobs

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Thursday, 16 May 2013 21:02

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By a Newsnet reporter

The Royal Bank of Scotland has announced that it is to cut 1400 jobs from its retail banking head offices between now and 2015.

Around half the job losses will be at the bank's administrative headquarters at Gogarburn in Edinburgh, the bank has confirmed that no front line staff dealing directly with customers will be axed.

UK govt must not pander to poverty myths, say SNP

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Tuesday, 14 May 2013 22:08

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By a Newsnet reporter

Scottish National Party spokesperson for Work and Pensions Dr Eilidh Whiteford MP has slammed the UK Government for pandering to 'poverty myths' as new research shows more and more people believe that individual characteristics rather than societal issues cause poverty.

A report for the Joseph Rowntree Foundation has examined the links between public attitudes to poverty, welfare and the state of the economy using data collected as part of the British Societal Attitudes survey, and found that the traditional view that the poor were seen sympathetically during recessions has disappeared, with more people thinking that recipients of benefits are undeserving.

Co-operative Bank downgraded to 'junk' status

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Friday, 10 May 2013 20:54

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By a Newsnet reporter

The credit agency Moody's has downgraded the Co-operative Bank's credit rating to 'junk' status, after warning that it could need 'external support' to deal with problem loans.

The Co-op's Chief executive Barry Toottell resigned after the warning from Moody's that the bank's capacity to absorb future losses was now too low to support an investment grade rating.

Oil and gas funding doubled as Scottish energy boom set to create 95000 jobs

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Friday, 10 May 2013 17:13

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A doubling of planned funding to improve oil and gas training facilities and develop other energy sector skills courses has been announced by Scotland's First Minister.

Led by Skills Development Scotland and located at Robert Gordon University, Energy Skills Scotland (ESS) is being backed by an investment package worth £6.5 million – double the original amount unveiled last year, Alex Salmond has revealed during a visit today to the ASET industry training platform at Aberdeen College.

Oil and gas reserves may be greater than forecast says industry chief

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Wednesday, 08 May 2013 23:15

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By a Newsnet reporter

The bright future ahead of Scotland's oil and gas sector has been highlighted this week as the CEO of Oil & Gas UK made clear that he personally expects North Sea reserves to be higher than current estimates of 24 billion barrels.

During a conference at the University of Aberdeen on the politics of the oil and gas sector, Malcolm Webb made clear his personal view that the estimated 24 billion Barrels of Oil Equivalent (BOE) remaining in the waters off Scotland's coast is an "underestimate".

Benefit changes mean almost one in three children in UK will live in poverty by 2020

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Tuesday, 07 May 2013 21:28

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By a Newsnet reporter

A report published this week by the Institute for Fiscal Studies (IFS) has shown that as a result of the UK government's changes to the benefit system almost one in three children in the UK will be living in poverty by 2020.

The report shows that after taking housing costs into account, the percentage of Scots children living in poverty will rise from 2011's figure of 21.4% to a projected 28.4% by 2020, while in England and Wales 33.3% of children will live in relative poverty.