Tag: taxpayers

Public sector pensions require radical reform, says report

Public sector pensions require radical reform, says report

A report published by the independent Public Sector Pensions Commission is suggesting the Government needs to urgently review Britain’s public sector pension system. According to the report, a radical reform is needed as public sector pensions cost double the amount previously thought. The report said State pensions are “unreasonably forced on to future taxpayers” with [...]

July 7, 2010 | 0 Comments More
HMRC to see big rebound in income tax

HMRC to see big rebound in income tax

HM Revenue & Customs (HMRC) has said the Government is expected to see a rise in income tax revenue this year. Income tax revenue has plummeted over the last two years, one of the reasons is the recession which has hit tax revenues. Tax receipts and corporation tax takings have been lower, as well as [...]

May 5, 2010 | 0 Comments More
Radical shake-up of UK banking system needed

Radical shake-up of UK banking system needed

MPs are calling for a radical reform of the UK banking system so that taxpayers are not footing the bill for future bail-outs. In its latest report into the banking crisis, published today, the Treasury Select Committee said taxpayers would not stand for another bail-out of the banks and is urging ministers not to rule [...]

March 29, 2010 | 0 Comments More
Chancellor unveils Budget 2010

Chancellor unveils Budget 2010

The Pre-Election Budget has been delivered today by Chancellor Alistair Darling with items such as stamp duty changes confirmed. The Chancellor said stamp duty will be abolished on house purchases up to £250,000. The change, which will apply this year and next year, means 90% of first-time buyers will not pay the duty. Furthermore, Mr [...]

March 24, 2010 | 0 Comments More
Bank of America sued over Merrill Lynch takeover

Bank of America sued over Merrill Lynch takeover

US banking giant, Bank of America (BoA), has been sued by the New York Attorney General, Andrew Cuomo, for defrauding investors and the Government over its takeover of Merrill Lynch. BoA, and two of its senior executives, Ken Lewis and Joseph Price, have been accused of “enormous fraud” on taxpayers and shareholders over the takeover [...]

February 5, 2010 | 0 Comments More
Citigroup reports Q4 loss of $7.6bn

Citigroup reports Q4 loss of $7.6bn

Citigroup, which is the third largest US bank, has today posted a loss for the fourth quarter of 2009, as a result of the repayment of Government loans. The bank said it repaid $20 billion to the US Government during the 2009 year. The Wall Street banking giant said losses totalled $7.6 billion (£4.7 billion) [...]

January 19, 2010 | 0 Comments More
Obama pledges to recoup losses for American taxpayers

Obama pledges to recoup losses for American taxpayers

US President Barack Obama has pledged to repay taxpayers the losses they are owed from bailing out the banks as he criticised bankers for the “massive profits and obscene bonuses.” The President said: “My commitment is to recover every single dime the American people are owed. “My determination to achieve this goal is only heightened [...]

January 14, 2010 | 0 Comments More
Banking sector overhaul sees Lloyds and RBS broken up

Banking sector overhaul sees Lloyds and RBS broken up

Last week, it was announced that nationalised Northern Rock is to be split into two, after receiving the necessary approval from the European Union (EU). Meanwhile this weekend, it has been confirmed by Chancellor of the Exchequer, Alistair Darling, that Lloyds Banking Group, Royal Bank of Scotland (RBS) are to broken up. The new banks [...]

November 1, 2009 | 0 Comments More
Taxes may rise as chancellor admits 2009 to be difficult year

Taxes may rise as chancellor admits 2009 to be difficult year

Alistair Darling, Chancellor of the Exchequer, has admitted that 2009 will be a difficult year for the economy, as taxes will have to rise again to plug the millions that have been blown away following the economic crisis. With public finances in such dire straits and with the budget to be announced on the 22nd [...]

April 6, 2009 | 0 Comments More
RBS and Lloyds to follow Northern Rock by boosting mortgage lending

RBS and Lloyds to follow Northern Rock by boosting mortgage lending

Following on from Monday’s announcement that Northern Rock is set to return to the mortgage market by lending £14 billion over the next two years, Royal Bank of Scotland (RBS) and Lloyds Banking Group are set to increase loans to homeowners and SMEs in exchange for £500 billion of taxpayers’ assistance. Discussions are currently taking [...]

February 25, 2009 | 0 Comments More
Taxpayer-owned banks pressured to stop overdraft fees

Taxpayer-owned banks pressured to stop overdraft fees

Banks are under pressure to back down from their multi-million pound court appeal in favour of overdraft charges. The banks are currently appealing a High Court ruling from last April that allowed the Office of Fair Trading (OFT) to determine the fairness of bank charges. Some banks were known to charge customers up to £39 [...]

January 22, 2009 | 1 Comment More
Which? asks the Government where is consumer bailout?

Which? asks the Government where is consumer bailout?

Following the Government’s announcement last month that billions of pounds of taxpayers’ money will be pumped into the UK’s struggling banks, consumer group, Which? says now is the time for banks to help out consumers. The group, which has introduced a new campaign to reform banking, said the Government must ensure that the banks are [...]

November 18, 2008 | 0 Comments More
UKFI to manage Government’s investments in High Street banks

UKFI to manage Government’s investments in High Street banks

A new company called UK Financial Investments Ltd (UKFI) is to oversee the Government’s shareholdings in the three High Street banks it rescued last month. It was announced recently that the UK Government is to pump £37 billion into three of the country’s largest banks. £20 billion is to be injected into Royal Bank of [...]

November 4, 2008 | 0 Comments More
Taxpayers face £1 billion loss due to nationalisation of Northern Rock

Taxpayers face £1 billion loss due to nationalisation of Northern Rock

The Government’s own advisers, Goldman Sachs, have warned that taxpayers could lose up to £1.28 billion due to the nationalisation of crisis-torn Northern Rock. Northern Rock was nationalised in February after the Government rejected takeover bids from the board of Northern Rock and a consortium led by Sir Richard Branson’s Virgin Group. A judicial review [...]

August 26, 2008 | 0 Comments More