Banks to be fined £2.1bn in foreign exchange scandal, interest rates stay slow and Sainsbury's announce price cuts

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Banks to be fined £2.1bn in foreign exchange scandal, interest rates stay slow and Sainsbury's announce price cuts
12th November 2014

As it was announced banks will be fined £2.1bn for their part in the foreign exchange scandal, Russell describes the news as a "day of shame" for the global banking industry as revelations of price rates fixing, traders manipulating rates and serious staff misconduct came to light, with some bankers described as "not knowing the difference between wrong and right."

It's been announced that interest rates will raise later rather than sooner. A rise is expected to be after the general election at the earliest, after growth rates have been slow and recovery of the economy has proven to be wobbly. It's bad news for savers but good news for those with a fixed rate mortgage. 

The supermarket industry was hit with further bad news, as Sainsbury's were the latest to unveil price cuts, forced as they struggle to compete with the likes of Tesco, Morrison's and Asda, as well as the newer threat of Aldi and Lidl. The news means they will have to cut their dividends. 

Jim Armitage discusses the banking fine on Headline London.

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