UK house prices are continuing to gain momentum on an upwards trend according to the Times today. Nationwide Building Society reports that average house prices are up 1.3% on the month.
I can't blame the commentors on this post for their extreme anger on the reported news that one Citibank executive is demanding that his $100 million (YES! $100 million!) 2009 pay deal be honoured despite the authroities supposed clampdown on banking bonuses.
To those who don't understand how the City really works these vast sums of money must look absolutely shambolic in consideration of the state of the National economy.
I have mixed views on bonus culture . . . It's not always black and white . . . But I think the bosses at Citibank should have a long, hard think about whether the sort of person with the lack of foresight and integrity to act sensibly in regard to their bonus structure is the sort of person they really need in an executive position right now.
The Times reports that some fixed rate bonds are now becoming available at rates of around 5% although customers will be forced to tie their cash up for a significant amount of time.
Laura Whately Reports that some bonds are requiring customers to lock savings away until 2014 in order to get the 5% rate with Clydesdale Bank & Newcastle Building Society offering 5% over 5 years.
