A report due to be released later this week by the European Commission is expected reveal the Government’s plans for reducing the budget deficit are not ambitious enough. A draft document, which has been seen by the Reuters news agency, warns Britain is not on target to trim its deficit in accordance with EU rules [...]
In an interview with Sky News, HSBC chief executive Michael Geoghegan has warned of the dangers of the new super tax, introduced by the Government to claw back some of the bailout funds used to rescue the banking industry. The warning comes just a week after London Mayor, Boris Johnson, warned that high-earning bankers are [...]
London Mayor, Boris Johnson, has warned that high-earning bankers are leaving the capital because of the super tax which has been introduced by the Government. In the recent Pre-Budget Report (PBR), UK Chancellor Alistair Darling confirmed there would be a one-off 50% tax on bankers’ bonuses paid above £25,000. The Chancellor said the banks, rather [...]
HM Revenue & Customs (HMRC) has confirmed that the bank bonus tax will not apply to staff of non-banking firms such as insurers, assets managers and stockbrokers. There were queries about which organisations would be affected by the 50% tax, which was announced the Pre-Budget Report, but it has been confirmed that it will apply [...]
The UK branch of the Turnaround Management Association (TMA) is warning that Alistair Darling’s bid to postpone tackling Britain’s debt mountain until after next year’s General Election creates a real risk of the country’s credit rating being downgraded. The body, which represents practitioners in corporate renewal and turnaround management, believes the delay could have “severe” [...]
In yesterday’s pre-Budget report, Chancellor of the Exchequer Alistair Darling confirmed that the Government’s Support for Mortgage Interest scheme will be extended for another six months. The scheme was introduced earlier this year, with the intention of helping mortgage borrowers remain in their homes if they suffer a temporary fall in income, but are expected [...]
The Chancellor of the Exchequer has chosen not to extend the stamp duty holiday, which comes to an end on 31st December, despite hopes that the UK’s housing market would be buoyed by a further concession on the tax. From 1st January, the duty becomes payable at 1% on properties worth between £125,000 and £175,000, [...]
At today’s Pre-Budget Report, Chancellor of the Exchequer Alistair Darling unveiled measures to claw back money in order to pay off the UK’s spiralling debt. Mr Darling confirmed there would be a one-off 50% tax on bankers’ bonuses paid above £25,000. The Chancellor said the banks, rather than the bankers, will pay the tax and [...]
Today is the day of the Pre-Budget Report and Chancellor Alistair Darling will give more detailed plans about how the Government intends to halve the £180 billion deficit. Moody’s credit rating agency has warned that Britain is facing a “fiscal crisis” unless the Government takes action to pay off the debt or risk losing its [...]
Over the weekend, it emerged that Chancellor Alistair Darling is expected to announce a windfall tax on British banks in Wednesday‘s Pre-Budget Report. The measure is one of many being planned by Mr Darling to target high earners. Other measures include increasing the number of people liable to pay inheritance tax, as well as an [...]
Prior to Wednesday’s Pre-Budget Report, Prime Minister Gordon Brown has outlined plans to slash public spending by £12 billion over four years – 25% more than originally thought a few months ago. Mr Brown will endeavour to show how Labour plans to slash the UK’s budget deficit by half. In a speech today, the PM [...]
In the Pre-Budget Report this week, Chancellor Alistair Darling is expected to announce a windfall tax on British banks. The measure is one of many being planned by Mr Darling to target high earners. Other measures include increasing the number of people liable to pay inheritance tax, as well as an increase in capital gains [...]
In next month’s pre-Budget report, Chancellor Alistair Darling is expected to sharply revise his forecast downwards for the UK economy, according to Treasury sources. The Chancellor is expected to say that the UK economy contracted by 4.75% in 2009 – far more than the 3.5% he predicted in March’s Budget. However, while he is expected [...]
The Bank of England’s latest quarterly inflation report, published today, has revealed a much better outlook for the UK economy than its previous report in August. The Bank increased its forecast for economic growth over the next two years predicting that gross domestic product (GDP) should rise above 4% early 2011 before slowing to 3% [...]
David Blanchflower, one of the more publicly recognised policy makers in the Bank of England, has given a warning shot to the government that unless evasive action is taken in order to tackle the recession head on, by spending in excess of £90bn on new projects, unemployment may reach unthinkable levels of 4 million. The [...]
Further details have emerged of the Government’s plans to help homeowners struggling with mortgage payments, as outlined in the Chancellor of the Exchequer’s November pre-budget report. The new measures allow homeowners who fit the criteria to defer interest payments on their loans for a period of up to two years. The Government will guarantee a [...]
After today’s Pre-Budget Report was delivered by Chancellor Alistair Darling, the FTSE 100 soared nearly 10% (the biggest ever one-day gain), as plans to boost the UK’s economy were unveiled. The measures announced by the Chancellor are hoped to prevent the economy from a ‘very deep recession’. However, the measures come at a high price [...]
Chancellor Alistair Darling’s plans to boost the economy were unveiled over the weekend after it was announced that he plans to cut VAT by 2.5% in a bid to stimulate the economy and prevent a ‘very deep recession’. However, the plans to boost the economy are to come at a high price after the Government [...]
Chancellor Alistair Darling is to announce plans to boost the economy in his Pre-Budget report this week. The plans are expected to include spending rises and a cut in VAT by 2.5% in a bid to stimulate the economy and prevent a ‘very deep recession’. However, the plans will come at a huge price as [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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