In between, the stock almost doubled, then collapsed after a profits warning.The picture has not improved. Sales targets were missed over the winter season due to lack of proper promotion, and stock had to be even more heavily discounted. But as well as demanding some clarity on future trading, investors will be especially keen to know what the group’s management is going to look like following the shock resignation of Angus Monro. Reports of clashes over group strategy will fuel the City’s desire to know how Matalan plans to recover.Things will briefly grind to a halt on Thursday this week when the Bank of England’s Monetary Policy Committee gives its decision on interest rates.

The last set of minutes showed the committee was ready to react to the signs of a slowing UK economy, and weaker GDP, services and manufacturing numbers suggest a rate cut is on the cards.The majority of economists believe a quarter per cent cut will do the trick, making a combined cut of 75 basis points in just four months.The ECB, meanwhile, is almost certain to leave rates on hold. Its vociferous defence of the “wait and see” approach is based on a slavish attention to the headline inflation rate. With that increasingly likely to rise, most analysts do not think the ECB will move for at least another month.. Mergers and takeovers tend to be lengthy procedures ­ even before the approval of shareholders, regulators and other interested parties has been sought. So it’s good news that the talks between the Halifax and Bank of Scotland were speedy. Mergers and takeovers tend to be lengthy procedures ­ even before the approval of shareholders, regulators and other interested parties has been sought. So it’s good news that the talks between the Halifax and Bank of Scotland were speedy.
Directors hammered out a deal on Thursday night ahead of the Bank Holiday weekend.

Part of the rush is no doubt down to the banks wanting to avoid a late, hostile bid from another bank, which would scupper the deal. And with the prevailing trend towards consolidation in the banking sector, that is a very real threat.So HBOS, the funny-sounding bank with the unimaginative logo, will come into being if shareholders approve the £28bn deal. It looks to be good news for shareholders, who should see boosted profits as a result of cost-cutting. The streamlining of the businesses, the loss of a couple of thousand jobs and the opportunities for cross-selling across brands, make good business sense.There is some concern that BoS shareholders won’t do as well out of the deal as their Halifax counterparts. In effect, it looks as if Halifax has taken over the BoS, since the UK’s biggest mortgage lender takes the top three positions ­ chairman, chief executive and finance director ­ in the new business. The shifting of the headquarters to The Mound in Edinburgh, where BoS is based, looks like an attempt to sweeten what could otherwise have been a bitter pill.But while it’s a good deal all-in-all for shareholders, banking customers may face real problems.

Although HBOS will be the combined brand, Halifax and BoS will remain separate businesses. So Halifax mortgage customers will still have a Halifax mortgage.But the combination, creating the fifth biggest bank in the UK, means there will be even less choice for customers in general. HBOS may be marketing itself as a “consumer champion” but less competition among banks is ultimately a bad thing as there is less pressure to keep lending cheap and make saving attractive.If the HBOS deal is waved through by regulators, how much harder will it be to deny the takeover of Abbey National by Lloyds TSB? The Government was concerned that such a deal would stifle competition but it might see the creation of HBOS as a threat to a monopoly of the market by the big four.Lloyds has already taken over TSB and Cheltenham & Gloucester, RBS ended NatWest’s independence, and Barclays has taken control of Woolwich. The future of banks like Alliance & Leicester and Northern Rock seems precarious. With competition fierce, consolidation is by no means over.What can customers do? Shopping around might be harder with fewer providers, but it is becoming more important than ever.m.bien independent.co.uk.

If you are not among the 12 million people who live in, work in or generally interact with, London every day, you may be bored stiff with the debate about how to revive the Underground. But before you are tempted to move on to the next article, let me point out the effect of the London Transport debacle on Britain at large. If you are not among the 12 million people who live in, work in or generally interact with, London every day, you may be bored stiff with the debate about how to revive the Underground. But before you are tempted to move on to the next article, let me point out the effect of the London Transport debacle on Britain at large.
The economy of London cannot be accurately assessed, but we can make some safe assumptions. One is that the capital generates at least a quarter, and possibly as much as a half, of the GDP of the UK.