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In addition to cash support, the UK government enacted a number of other schemes involving financial guarantees with the aim of restoring confidence in the banking sector. These were contingent liabilities that did not involve cash outlays. The National Audit Office (NAO) estimated that total guarantees added up to over £1 trillion at peak ...
In exchange, the federal government acquired a 79.9% equity stake in AIG. [14] Washington Mutual (WaMu) was seized in September 2008 by the US Office of Thrift Supervision (OTS). [15] Most of WaMu's untroubled assets were sold to JPMorgan Chase. [16] British bank Bradford & Bingley was nationalised
A statement on the government's website said the State Council had approved a plan to invest 4 trillion yuan in infrastructure and social welfare by the end of 2010. [5] [6] This stimulus, equivalent to US$586 billion, represented a pledge comparable to that subsequently announced by the United States, but which came from an economy only one third the size. [7]
The company planned to use that store as a test model prior to fine-tuning and expanding in that region. In April 2017, they bought a former B&Q store in Folkestone to be the fifth Bunnings store in the UK. [47] On 25 May 2018, after mounting losses, Wesfarmers sold the UK and Ireland Bunnings/Homebase operation to Hilco for a nominal sum of £ ...
“The Labour Government has ended the era of Tory austerity and delivered the largest budget settlement for Scotland in the history of devolution, boosting funding by £5.2 billion and enabling ...
The UK suffered its deepest recession in 300 years. [46] Government spending jumped from 39.1% of GDP to 51.9%, widening the deficit to a level not seen even during the 2008 financial crisis, and reversing austerity era efforts to balance national finances. [47]
The Commission concludes AIG failed and was rescued by the government primarily because its enormous sales of credit default swaps were made without putting up the initial collateral, setting aside capital reserves, or hedging its exposure—a profound failure in corporate governance, particularly its risk management practices. AIG's failure ...
Examples of government failure include regulatory capture and regulatory arbitrage. Government failure may arise because of unanticipated consequences of a government intervention, or because an inefficient outcome is more politically feasible than a Pareto improvement to it. Government failure can be on both the demand side and the supply side.