This email was sent to Money Box subscribers on 24 October 2008

Dear listener (asterisks tell you what items are in the programme),

The week started with billions more euros and dollars (£35bn altogether) being put into banks (Netherlands put 10bn euros into ING, France put 10.5bn euros into six major banks, and South Korea put $30bn more into its banks) moved through a takeover of Barnsley, the 34th biggest building society, which had possibly lost £10m in Icelandic banks, by the third biggest, Yorkshire, then saw a run on the currencies of eight countries with five of them asking for emergency loans from the International Monetary Fund, and ended with the oil producer’s cartel OPEC saying it would cut production to push the price of oil back up from $70 and the UK economy shrinking for the first time since spring, 1992. Oh, and share prices around the world tumbled once more – the FTSE 100 index of shares in London was down 9% on Friday at one point. So just another week in the global economic crisis which is still a long way from over.

*** An economist will tell us what it all means for us.

*** The courts may be less likely to repossess homes of people who cannot pay their mortgages following new guidelines about how lenders should behave. The justice minister tells us what she hopes will come from the move and the mortgage lenders respond.

*** Some married women will be able to boost their state pension following concessions announced by the government on Friday. But they are not as generous as early reports indicated. Indeed, they will cost the government nothing overall.

*** If mum went to Iceland with her savings we bring you the latest news on when her money might leave the frozen goods cabinet. Plus more on Guernsey and Isle of Man where some of it may be lost forever.

*** And if you want to take your investments out of Norwich Union or Friends Provident you will be charged a hefty penalty. The so-called Market Value Reductions were brought back this week in view of stock market turbulence.

We will try, I promise, to squeeze all that in. But some of it may end up on the cutting room floor. To find out what is on or off the agenda tune in Saturday at noon, Sunday at nine (for the repeat) or go online anytime this week or sign up for the podcast. And if all else fails read the transcript available early next week.

Best wishes,

Paul

PS Don’t forget the programme taster on BBC Breakfast between quarter to nine and nine o’clock. If you miss it, you can watch it on the web until Wednesday after which it will be replaced by Samantha Washington’s midweek money headlines.


Writing Archive


Paul Lewis front page

e-mail Paul Lewis


All material on these pages is © Paul Lewis 2008