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30th of December 2010
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News Tag: overhaul

October 26, 2010

Barclays chief expresses concern for bank tax

by Kay Murchie
Barclays chief expresses concern for bank tax
Barclays president Bob Diamond has warned of the dangers that new taxes could have on British banks. The American multi-millionaire, who is set to take over the chief executive role from John Varley next year, made the remarks shortly before the Bank of England unveiled proposals to overhaul the banking system. In a speech at the CBI’s annual conference, Mr Diamond ...

October 11, 2010

UK has high number of “workless” households

by Kay Murchie
A study by the Centre for Policy Studies (CPS) has found that Britain has the highest rate of "workless" households of all major EU countries. A jobless households means those without any adults in employment. According to the Centre, one in eight British adults lives in a workless household, and the study established that a large percentage of adults (in particular, men) ...

Government announces incapacity benefit changes

by Kay Murchie
As part of the coalition Government’s welfare crackdown, Iain Duncan Smith, Work and Pensions secretary, has today announced that those on incapacity benefit will be forced to undergo medical tests. The tests, which will be trialled in Burnley and Aberdeen from today, will be rolled out throughout the country from next April. The move, which is aimed at saving billions of pounds, will see ...

August 18, 2010

Treasury reviews winter fuel and child benefit payments

by Kay Murchie
As part of the coalition Government’s welfare crackdown, announced in June, it has been revealed that winter fuel payments and child benefit, face severe overhauls. The massive overhaul of the system comes as part of the Government’s plans to reduce public spending. There is speculation that ministers are reviewing the provision of child benefit for “middle class” families, while the winter ...

August 1, 2010

Iain Duncan Smith calls for massive shake-up of benefits system

by Kay Murchie
In the Government’s emergency budget in June, it was revealed that the benefits system would be in line for a radical overhaul. One option being considered would see unemployment benefits and tax credits abolished and replaced with a single payment, Work and Pensions Secretary, Iain Duncan Smith, has announced. The move is designed to cut down on benefit spending ...

July 20, 2010

Chancellor Osborne unveils simpler tax system

by Kay Murchie
As expected, Chancellor George Osborne has today revealed plans to simplify the UK tax system, in a bid to encourage investment and stimulate economic growth. The Chancellor said the "spaghetti bowl" of UK tax law will be simplified and said: “The previous government took a complex tax system and made it even worse. A decade of meddling and intervening has made ...

June 28, 2010

Coalition proposes controversial plans for unemployed

by Kay Murchie
Proposals have been unveiled by Work and Pensions Secretary, Iain Duncan Smith, which could see unemployed people encouraged to seek jobs outside the areas where they live. According to Mr Duncan Smith, millions of people are "trapped in estates where there is no work" but have been unable to relocate because it would mean giving up their right to a home. However, the ...

June 16, 2010

France reveals overhaul to pensions system

by Kay Murchie
The French Government has announced the country’s retirement age will be lifted from 60 to 62 by 2018, as part of a sweeping overhaul to its pension system. The new measures are to be implemented to cut France's pension costs and reduce public borrowing. However, the shake-up has met with public anger after tens of thousands of people protested in Paris yesterday, ...

April 6, 2010

CBI calls for public sector pensions shake-up

by Kay Murchie
CBI calls for public sector pensions shake-up
Business group, the Confederation of British Industry (CBI), is calling for an overhaul of public sector pensions as concerns over the affordability of pensions for workers in the state sector, including nurses, teachers and the police, is growing. The CBI is urging the next Government to establish an independent commission within weeks of being elected to review the pensions paid ...

November 3, 2009

FTSE 100 falls below 5,000 mark

by Kay Murchie
FTSE 100 falls below 5,000 mark
The UK's FTSE 100 share index fell below the 5,000 mark today due to the overhaul of the UK’s banking sector. At 11:42 am, London’s FTSE 100 index was 111.56 points lower at 4,992.94, dipping below the 5,000 level for the first time since early October. Earlier today, the Treasury confirmed plans for Royal Bank of Scotland (RBS) and Lloyds Banking Group ...

September 1, 2009

Barclaycard overhauls online service

by David Masters
Barclaycard has updated its online account management service. The website has been redesigned to give customers more control over their Barclaycard accounts. Updates include giving customers the choice as to how they view their account information and spending, and simplified log-in, balance transfers and transaction disputes. Customers can choose to view their spending in categories, such as Leisure, Health, Entertainment and Groceries. Pie charts and bar graphs ...

June 18, 2009

Obama outlines regulatory overhaul for US financial system

by Kay Murchie
Obama outlines regulatory overhaul for US financial system
US President Barack Obama is proposing a major reform of banking regulation in order to prevent future meltdowns of the US banking system. Mr Obama described the reforms as biggest overhaul of the system since the 1930s, which will see major banks put more money aside against future losses to prevent excessive risk taking. The objective is to tackle the ...

May 30, 2008

Barclays to reduce overdraft charges to single digits

by Kay Murchie
Last month saw the eight banks, who include Abbey, Barclays, Clydesdale, Halifax Bank of Scotland, HSBC, Lloyds TSB, RBS NatWest and Nationwide Building Society, lose the first stage of the legal battle against the unfair charges case. However, it has now emerged that Barclays is to cut its overdraft charges. According to the bank, it has been able to reduce ...