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This caused mass concern about the bank's future. The Bank of England and the UK Government both insisted that the bank was secure and would not collapse. However this failed to stop thousands of customers withdrawing around £1billion from their savings.
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 £ ...
In the period September 2007 to December 2009, during the Global Financial Crisis, the UK government intervened financially to support the UK banking sector, and four UK banks in particular. At its peak, the cash cost of these interventions was £137 billion, paid to the banks in the form of loans and new capital.
The business, focused on Bunnings hardware stores, became a national and international brand, with stores across Australia and New Zealand, [4] and until 2018, the UK and Ireland. [1] The state's logging competition, organised by the Australia Day Sports Committee, named the 12in. standing block the Robert Bunning Memorial Cup, after Bunning ...
A UK government budget surplus in 2001-2 was followed by many years of budget deficit, [16] and following the 2007–2008 financial crisis, a period of economic recession began in the country. The first austerity measures were introduced in late 2008. [17]
Following the October 2008 bailouts of RBS, HBOS and Lloyds TSB together with Lloyds TSB's January 2009 merger with HBOS, the Government was holding a 43% stake in Lloyds Banking Group, but then on 6 March 2009, after it became apparent that the HBOS merger had been bad for Lloyds since HBOS had made losses of £11bn, the Government announced it would increase its stake in Lloyds to 65% (77% ...
A 2022 Freedom of Information request to the British Business Bank, the state-run body administering the bounce back loan scheme, found that almost one fifth, or 193,000 businesses had failed to meet their repayment terms as at 27 June 2022. [31] The UK government estimated that £4.9 billion of bounce back loans may have been lost to fraud. [32]
Masters Home Improvement was an Australian home improvement chain operated by two retailers; Woolworths [2] and Lowe's.It was established as a way for Woolworths to enter the hardware retail market, which has been historically dominated by Bunnings, owned by their competitor Wesfarmers.