UK industrial output fell by 1.2 percent in August despite widespread
claims, led by the UK government that Britian is in economic recovery
Scottish News: News in Scotland - Wednesday
Banks in Scotland to unveil controversial mortgages
The Bank of Scotland and RBS will soon offer mortgages under the controversial Help to Buy scheme which was introduced by the UK government in order to, they claim, help get people on the property ladder. People unable to afford large deposits will be given 95 percent mortgages with 15 percent of the property value being guaranteed by the taxpayer. The £12bn taxpayer guarantees scheme will lead to an unsustainable rise in housing prices say critics who believe the Chancellor Osborne is aiming to instil a feelgood factor in order that the Tories can win the next election. The risk say sceptics is that when house prices crash again new homeowners will be stuck with debts larger than the market value of their homes.
Scottish Buddhist monastery founder killed in China
A highly influential Buddhist monk, Dr Choje Akong Rinpoche, who established the first Tibetan Buddhist centre in the west - in Scotland - has been killed in China. The monk was reportedly stabbed to death along with his nephew and driver in a dispute over money, claim local Chinese police. Dr Rinpoche established the Samye Ling Monastery in Eskdalemuir - the first Buddhist monastery in the UK - also established numerous projects in Tibet. His borther, Lama Yeshe Rinpoche, said on the Samye Ling website: "I am very, very sorry to inform you all that tragically, my brother Choje Akong Rinpoche, my nephew and one monk who was travelling with then, were all killed in Trengdu today. Rinpoche’s body has been taken to hospital where a post mortem will be carried out. That is all the news I have so far. If I receive further news I will let you know."
More Scottish news:
- UK crisis: Corruption levels soaring since 2008 financial crash
- Scottish independence: Man's limitations and Scotland's money
- 'No' vote to independence risks population exodus
- Bank of England should be abolished
UK crisis: Industrial output in 'unexpected fall'
Widespread claims of British economic recovery appear optimistic after official UK industrial output fell by 1.1 percent in August representing the biggest drop since September 2012. The figures come after many surveys showed increasing optimism across manufacturing and construction. However, much of this optimism may related to government programmes such as Funding for Lending and Help to Buy as well as various other Bank of England quantitative easing schemes.
Print money or face a bond collapse, warns IMF
The International Monetary Fund (IMF) has warned that $2.3tn could be wiped off bond markets if the US moves towards a policy of 'monetary tightening'. The IMF also warned that should the US not raise its debt ceiling and so default on a portion of its debt obligations there global economy and financial system could be seriously damaged. The warnings raise significant questions over widespread claims by financiers and politicians that the international economy is undergoing a recovery.
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