More Bad News For Co-Op

One awkward detail for Ed Balls in the Prudential Regulatory Authority’s first report assessing British banks out yesterday. The Co-Op bank told them they currently hold £1.7 billion of core capital, though adjusted by the PRA to reflect expected future losses that figure falls to a worrying £200 million. In ratio terms the PRA advise banks to hold 7%, crucially today’s figures show the Co-Op holds a dangerously low 0.94%.

They need that £3.6 million Labour owe them more than ever. And what about Balls’ £50,000-a-year?




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Dominic Raab wrote in his letter of resignation…

“This is, at its heart, a matter of public trust,” he told the PM, concluding: “I cannot reconcile the terms of the proposed deal with the promises we made to the country in our manifesto at the last election… I believe that the regulatory regime proposed for Northern Ireland presents a very real threat to the integrity of the United Kingdom. I cannot support an indefinite backstop arrangement, where the EU holds a veto over our ability to exit…”

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