Royal Mail shares will be priced at 330p when it makes its stock market debut, valuing the group at £3.3 billion, the Government announced.
The Lib Dem conference just wouldn't be the same without Vince being Vince. He was on fine form, laying into the Tories at every turn
The leader is safe (by and large). Vince is on message (mostly). And the storm clouds in Glasgow are meteorological (rather than political).
Business Secretary Vince Cable told ITV News the Bank of England's decision to stop the Funding for Lending scheme for households was "good and timely".
Mr Cable said ending the policy which helped lower mortgage rates would "deflate this emerging boom in house prices, particularly in London and the South East that could create the old-fashioned boom and bust cycle."
The state-backed Royal Bank of Scotland has hired a law firm to investigate claims of "unscrupulous" treatment of small businesses - described as "shocking" by Chancellor George Osborne.
A new report alleges that the lender drove firms to collapse to buy back their assets at rock-bottom prices.
Businessman Lawrence Tomlinson said he had uncovered a dossier of evidence that RBS had deliberately forced companies into default to seize their properties.
Once again we have the bank that we own most of becoming a poster child for bad behaviour in the banking industry.
It's worth saying though that we have been told about cases where other banks have forced companies to revalue their properties, sometimes with some pretty grim consequences.
But I think it is also worth saying that while there is a lot of evidence - some of it in this report, some of it that we've heard over that last couple of years - of a lot of sharp practices and sharp elbows going on when companies go into trouble.
It's quite another thing to say that there is actually systemic evidence of fraud and abuse of this kind.
Having read this Tomlinson report, I'm not quite sure that there is quite enough evidence in there to say there is absolutely categorical proof of fraud or systematic things going on that really shouldn't have done.
That said, RBS would admit privately that not everything has gone as it should in some cases, there have been some things they wish they hadn't done.
But this is again another reminder of that nasty hangover that we are still all struggling with of that binge of credit, when lots of banks lent to businesses that probably could not afford it and they are still, more than five years on, having to clean up those mistakes.
RBS chief executive Ross McEwan wrote to Sir Andrew Large, Deputy Governor of the Bank of England, to confirm that Clifford Chance will investigate small business lending.
Your report also highlights that when times are tough for our customers, some have said they were angry about the treatment they received.
As you say in your report, many are happy with the skills and expertise we provide at times of financial distress, but to ensure our customers can have full confidence in our commitment to them I have asked the law firm, Clifford Chance, to conduct an inquiry into this matter, reporting back to me in the new year.
It is important that we get this right, especially as our regulators want the bank to remove problem loans more quickly.
Business Secretary Vince Cable has warned that regulating payday loans creates a risk of "letting the 'baseball bat brigade' into this industry" - apparently referring to loan sharks.
Speaking on BBC Breakfast, he said he supported the action being taken to cap charges, but added that it had to be "very, very carefully done".
– vince cable, business secretary
There is evidence in both directions here. In the United States they have introduced caps on interest rates, they do seem to work.
On the other hand, we commissioned a study from the University of Bristol that warned about the dangers, if it is not done carefully, of letting the 'baseball bat brigade' into this industry.
State-backed Royal Bank of Scotland has hired a law firm to investigate claims of "unscrupulous" treatment of small businesses after a report alleged that the lender drove firms to collapse to buy back their assets at rock-bottom prices.
Chancellor George Osborne said the reports about RBS were "shocking". He told ITV's Daybreak:
We are actively trying to seek out these problems, we are not trying to brush them under the carpet.
We are trying to make sure the banks are working for small businesses, the banks are working for hard-working families.
We are, of course, investigating now the findings of this report but, generally, what I've been trying to do is make sure, which is fingered in this report, is working for the families of this country.
A report into RBS' treatment of small businesses by Vince Cable's adviser Lawrence Tomlinson gives examples of some of the costs businesses say they incurred through the lender's restructuring group.
- One business demonstrated that their time in GRG cost them £256,000 in fees alone
- RBS made a firm pay an immediate sum of £40,000 to carry on with current lending
- Examples of fee levels included a range from £25,000 through to hundreds of thousands of pounds.
A Government adviser's damning report on RBS' treatment of small firms accuses banks of "heavy-handed profiteering and abhorrent behaviour" towards businesses.
The 20-page Tomlinson Report, which Business Secretary Vince Cable has passed to the Financial Conduct Authority, details what is terms a conflict of interest in the lender's relationship with small firms and its property arm West Registery.
Lawrence Tomlinson, who compiled the dossier, accuses RBS of "engineering" the collapse of some small businesses so it could buy their assets back on the cheap.
Explosive accusations levelled at Royal Bank of Scotland accuse the taxpayer-backed lender of "engineering" the collapse of some small firms in order to buy back the businesses' properties and assets at rock-bottom prices to boost its property arm.
An independent report compiled by businessman Lawrence Tomlinson, who is entrepreneur in residence at the Department for Business, Innovation and Skills, claims to have evidence of RBS' "unscrupulous" treatment of small businesses.
He says that there is a conflict of interest between RBS' Global Restructuring Group (GRG) division, which is designed to help small firms "get back on their feet" and its property portfolio West Register.
He says some firms not necessarily in immediate financial distress have been hit with exorbitant rates and fees, which in some cases cause them to collapse, allowing RBS to buy their property and assets on the cheap.