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....The chancellor, Philip Hammond, revised the government’s pledge to bring down the deficit in his autumn statement last year when he set a target for a balanced budget by the middle of the next decade, rather than his predecessor’s forecast of 2020. The Office for Budget Responsibility, the Treasury’s independent forecaster, expects public sector net borrowing to increase this year and then resume its downward path. ... [Read full article on Guardian ]
Wednesday 21st of June 2017 10:49:47 AM
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....The Dodd-Frank Act was signed into law by Barack Obama in 2010, in response to the financial meltdown of 2008. On Tuesday, Treasury secretary Steven Mnuchin said that if he was king for a day, he would indeed repeal it. ... [Read full article on Guardian ]
Sunday 25th of June 2017 11:00:28 AM
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.... It is the notion that the Serious Fraud Office should have let whatever sleeping dogs there might be lie in the Barclays case. This argument holds that, whatever went on with the bank and Qatar in 2008, the UK Treasury avoided having to fund another expensive banking bailout, to sit alongside those at Royal Bank of Scotland and Lloyds TSB. ... [Read full article on Guardian ]
Tuesday 20th of June 2017 06:05:43 PM
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....Hinkley was a hangover from when Whitehall’s energy department took leave of its senses and approved anything that looked remotely “green”. It just passed the bill to the Treasury. ... [Read full article on Guardian ]
Friday 23rd of June 2017 09:02:28 AM
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.... Last year the property empire delivered a record £304. 1m to Treasury coffers and saw the value of its portfolio rise 9. ... [Read full article on Guardian ]
Sunday 25th of June 2017 06:00:22 AM
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....5% a quarter since the Brexit vote. The recession so confidently predicted by the Treasury ahead of the vote has not happened. ... [Read full article on Guardian ]
Sunday 25th of June 2017 01:05:57 PM
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Latest Finance News related to Treasury

Trump could use alternate routes to roll back bank reforms image
Source : Guardian [Read Article] Sunday 25th of June 2017 11:00:28 AM
....The Dodd-Frank Act was signed into law by Barack Obama in 2010, in response to the financial meltdown of 2008. On Tuesday, Treasury secretary Steven Mnuchin said that if he was king for a day, he would indeed repeal it. ...
Maxed-out consumers of concern to Bank of England image
Source : Guardian [Read Article] Sunday 25th of June 2017 06:00:22 AM
.... Last year the property empire delivered a record £304. 1m to Treasury coffers and saw the value of its portfolio rise 9. ...
Hinkley Point is a terrible deal. May must show courage and cancel it | Simon Jenkins image
....Hinkley was a hangover from when Whitehall’s energy department took leave of its senses and approved anything that looked remotely “green”. It just passed the bill to the Treasury. ...
UK budget deficit to increase this year amid living standards squeeze image
Source : Guardian [Read Article] Wednesday 21st of June 2017 10:49:47 AM
....The chancellor, Philip Hammond, revised the government’s pledge to bring down the deficit in his autumn statement last year when he set a target for a balanced budget by the middle of the next decade, rather than his predecessor’s forecast of 2020. The Office for Budget Responsibility, the Treasury’s independent forecaster, expects public sector net borrowing to increase this year and then resume its downward path. ...
SFO has clear public interest in pursuing Barclays case | Nils Pratley image
.... It is the notion that the Serious Fraud Office should have let whatever sleeping dogs there might be lie in the Barclays case. This argument holds that, whatever went on with the bank and Qatar in 2008, the UK Treasury avoided having to fund another expensive banking bailout, to sit alongside those at Royal Bank of Scotland and Lloyds TSB. ...
Brexiters have voted for a poverty even worse than austerity image
Source : Guardian [Read Article] Sunday 18th of June 2017 06:00:04 AM
....The terrible thing about the prospect of Brexit is that our underlying economic situation is already bad enough, and the Brexit decision, if not reversed, is guaranteed to make things a lot worse. In economics there are time lags between announcements and their consequences, and under George Osborne the Treasury overdid its warnings about the timing of the referendum’s effects. ...
Debt bubble returns millions to days of 2008 crash image
Source : Guardian [Read Article] Saturday 17th of June 2017 11:05:51 PM
Ofcom fines Three £1.9m for failing to maintain 999 access image
Source : Guardian [Read Article] Friday 16th of June 2017 10:12:50 AM
....Ofcom also acknowledged Three had taken steps to ensure ongoing compliance with its emergency call service rules. The fine, which must be paid to Ofcom within 20 working days, will be passed on to the Treasury. ...
The Guardian view on austerity economics: it failed | Editorial image
Source : Guardian [Read Article] Wednesday 14th of June 2017 07:07:26 PM
.... Scrapping welfare cuts announced but yet to be implemented would cost £9bn, while protecting the schools budget from cuts would require a further £4bn. The Treasury could loosen the purse strings by £20bn or more without breaking its fiscal rules because there is a hefty margin of error built into its plans. ...
Thames Water needs to clean up its act after yet more fines | Nils Pratley image
.... It would be easier – and cheaper – to beef up the regulatory system than to buy an entire industry. Andrew Tyrie will be a hard act to follow as chairman of the Treasury select committee, as said here when the Conservative MP for Chichester announced his retirement from parliament before the election. ...
Ex-Barclays director who backed Vote Leave appointed City minister image
Source : Guardian [Read Article] Wednesday 14th of June 2017 04:45:30 PM
.... Big banks such as Goldman Sachs and JP Morgan have also said they would shift jobs out of London in response to Brexit. The MP for North East Cambridgeshire, who was first elected in 2010, has the formal title of economic secretary to the Treasury and replaces Simon Kirby, who lost his seat in last week’s election and had faced criticism while in the role. ...
As with everything Brexit, the battle for the City will be messy | Nils Pratley image
.... Yet the commission has also retained the nuclear option of enforced relocation for clearing houses, bodies that stand between two parties to a financial trade, when they’re dealing in euro-denominated derivatives. That will alarm London, and especially the Treasury. ...
Brussels plan could force euro clearing out of UK after Brexit image
Source : Guardian [Read Article] Tuesday 13th of June 2017 06:05:20 PM
.... The chancellor of the exchequer, Philip Hammond, is likely to tell his EU counterparts that any attempt to damage London’s euro clearing for national advantage would rebound on European firms with higher costs. A Treasury spokesman said: “The UK’s central counterparties [clearing houses] play a crucial role in supporting economic growth here and across the EU. ...
UK could get farm aid for two years after Brexit under EU budget plan image
Source : Guardian [Read Article] Tuesday 13th of June 2017 07:40:04 AM
....5bn, mostly in farm subsidies and economic aid for poorer regions. Grants to British scientists are not included in these Treasury figures, but the UK is the biggest beneficiary of EU research funding. ...
Dementia tax: Tory-DUP coalition could take care cost reforms off agenda, says ex minister image
...."The most we are likely to see is further tinkering as the government looks to fill its budget shortfall with further salami slicing of pension tax relief for higher earners. “The new Government will also shortly need to make up its mind about future changes to the state pension age, and the loss of a majority in the Commons means that the more aggressive increases which the Treasury would have preferred are now probably off the table. ...
Santander and RBS haunted by ghost of financial crisis image
Source : Guardian [Read Article] Wednesday 7th of June 2017 06:00:26 PM
.... To do so, they would need to prove they have the funding. While Goodwin looks likely to escape a court hearing, Rachel Reeves, who was a Labour MP on the Treasury select committee before the election was called, raised the prospect of the former RBS chief executive being called to parliament. ...
RBS court case called off but some investors still refuse settlement image
Source : Guardian [Read Article] Wednesday 7th of June 2017 11:58:42 AM
....”. While Goodwin now looks likely to escape a court hearing, Rachel Reeves, who was a Labour MP on the Treasury select committee before the election was called, raised the prospect of the former RBS chief executive being called to parliament again. ...
Fred Goodwin escapes high court appearance as RBS settles lawsuit image
Source : Guardian [Read Article] Tuesday 6th of June 2017 11:50:13 AM
....Goodwin has kept a low profile since leaving RBS at the time of its taxpayer bailout in October 2008. His last public appearance was before the Treasury select committee in February 2009. ...
If you want to get technical, recession records are nothing to brag about | Greg Jericho image
.... That is supposedly going to beat the streak held by the Netherlands from 1981 to 2008. I’m not sure where this talk of a record period of growth has come from – possibly a speech by then Treasury secretary Martin Parkinson in 2014 in which he suggested the Netherlands went 26. ...
Gin sales help fill Treasury coffers as spirits raise more money than beer image
....32bn. However, the Treasury still pockets more from wine than either beer or spirits, with quaffers paying nearly £4. ...
Nearly 10 million Britons are in insecure work, says union image
Source : Guardian [Read Article] Monday 5th of June 2017 06:01:45 AM
....A year ago, Citizens Advice warned that families were struggling to manage budgets and plan for the future as it estimated that a sixth of workers in England and Wales were insecurely employed. Roache said workers were likely to suffer more if the UK economy slowed further, and the Treasury was being deprived of tax receipts. ...
Highest rate taxpayers at record level image
Source : BBC [Read Article] Thursday 1st of June 2017 08:14:15 AM
....3 million taxpayers in the UK. The Treasury published analysis at the time of the Budget predicting what proportion of incomes people would be spending on all taxes by 2019-20. ...
Tory plans mean no one will be left to build homes | Michael Thirkettle image
.... When houses were sold off under right to buy legislation of the Thatcher years was not matched by replacement building of affordable and social housing. Shelter revealed in 2015 that a third of councils in England had not replaced a single home sold through the right to buy scheme since 2012, and in March this year it was revealed councils have been forced to pay more than £800m from right-to-buy sales to the Treasury over the past five years – money that could have been used to build more than 12,000 additional council properties. ...
Insurance premiums 'rise due to tax change' image
Source : BBC [Read Article] Wednesday 31st of May 2017 11:04:53 PM
....A percentage tax bears heaviest on those who have the most expensive policies, such as young drivers or people living in less well-off areas or flood zones. A spokesman for the Treasury said: "Insurance Premium Tax is a tax on insurers, not consumers - insurance firms decide whether to pass it on to their customers or not. ...
Election rules hit Bank's recruitment as monetary policy committee shrinks image
....External MPC member Kristin Forbes is also due to step down in June, while chief economist Andrew Haldane’s term ends next week. The Treasury has put recruiting on hold as it is unable to make appointments during so-called purdah rules on government announcements during the election period. ...
Tories and Labour not being honest with voters: IFS image
Source : BBC [Read Article] Friday 26th of May 2017 08:21:41 AM
.... . David Gauke, the Conservative Chief Secretary to the Treasury, said taxes would rise to their highest peacetime level under Labour: "Jeremy Corbyn is not being transparent about how his plans will hit ordinary working families. ...
Contactless payment fraud soars to £7m image
Source : BBC [Read Article] Thursday 25th of May 2017 11:37:11 PM
.... . In a letter to the Treasury Select Committee earlier this year, John Griffith-Jones, Chair of the Financial Conduct Authority said "public confidence could be eroded without further action". ...
White House denies 'egregious' budget accounting error image
Source : BBC [Read Article] Wednesday 24th of May 2017 05:46:23 PM
....The White House has denied the president's budget proposal contains an "egregious" maths error. Former US Treasury Secretary Larry Summers pointed out the spending plan double-counts $2tr (£1. ...
Talks to avert RBS court case to continue into June image
Source : Guardian [Read Article] Wednesday 24th of May 2017 06:35:03 AM
....Goodwin has been scheduled to give evidence for two days from 8 June – the first time since February 2009 that he would be forced to account for this actions at the helm of RBS. Eight years ago, when he appeared before the MPs on the Treasury select committee, he offered a “profound and unqualified apology for all of the distress that has been caused”. ...
The economy is stagnant because people fear for the future | Robert Shiller image
.... Long-term real (inflation-adjusted) interest rates did not really reach low levels during the 2007-09 period. If one looks at a plot of the US 10-year Treasury yield over the last 35 years, one sees a fairly steady downward trend, with nothing particularly unusual about the Great Recession. ...
Last-ditch RBS talks continue as court is adjourned for a second day image
Source : Guardian [Read Article] Tuesday 23rd of May 2017 08:55:34 AM
....Goodwin has been scheduled to give evidence for two days from 8 June. If the settlement talks fail and the case goes ahead, the former RBS chief executive would be forced to account for his actions in public for the first time since February 2009, when he appeared before MPs on the Treasury select committee and offered a “profound and unqualified apology for all of the distress that has been caused”. ...
Could citizens’ wealth funds halt the dominance of the financial elite? image
....Tucked away in the Conservative Party manifesto, and largely unremarked, is a promise to create a number of UK sovereign wealth funds, to be called “Future Britain Funds”. This builds on last year’s proposal in a Treasury Consultation Paper to create a “shale wealth fund” from tax revenue from the extraction, through fracking, of shale gas. ...
RBS court battle with investors adjourned image
Source : BBC [Read Article] Monday 22nd of May 2017 12:12:00 AM
....Mr Goodwin is due to be cross-examined on 8 June, the day of the general election. It will be the first time he has spoken about his role at RBS since 2009 when he told MPs on the Treasury select committee that he "could not be more sorry" for what had happened. ...
Growth slump as rising prices slowed consumer spending, figures to show image
....It was the lowest deficit since 2007-08, and meant that chancellor Philip Hammond essentially met his £51. 7bn target, set by by the Treasury’s independent forecaster, the Office for Budget Responsibility, at the time of the budget in March. ...
RBS shareholders take battle over cash call to high court image
Source : Guardian [Read Article] Sunday 21st of May 2017 01:03:31 PM
....Goodwin is scheduled to give evidence for two days, starting on 8 June – the day of the general election. He has not publicly discussed his role at RBS since February 2009, when he appeared before the Treasury select committee and offered a “profound and unqualified apology for all of the distress that has been caused. ...
From tax to Brexit, the Tories will do anything to stay in power image
Source : Guardian [Read Article] Sunday 21st of May 2017 06:00:47 AM
.... Philip Hammond had made the point that running the economy demanded flexibility in tax policy. He knew all too well that the practice of ruling out increases in specific tax rates restricted the Treasury’s room for manoeuvre. ...
Five minute guide to investing in the UK's big banks image
Source : Daily Express [Read Article] Sunday 21st of May 2017 12:01:00 AM
....”. The Treasury also expects to recover the cash lent to Bradford & Bingley and Northern Rock, from cash flows and asset sales generated during their wind-down. ...
How workable – and how expensive – might Labour’s renationalisations be? image
....Labour says Royal Mail has paid out £640m in dividends in three years while closing 10% of delivery offices. As an owner of Royal Mail, the government did much the same: the Treasury took all the surpluses and invested very little in new machinery or processes. ...
Ex-RBS boss Fred Goodwin returns to spotlight in £520m court battle image
....Goodwin is scheduled to appear at the high court over two days starting on the day of the general election, 8 June. It will be the first time Goodwin has been forced to publicly account for the bank’s £45bn taxpayer bailout since politicians on the Treasury select committee questioned him in February 2009. ...
Share sale returns Lloyds to private sector image
Source : BBC [Read Article] Tuesday 16th of May 2017 04:54:38 PM
...."Lloyds is now back to business as usual, and the withdrawal of a large seller from the market should be positive for the share price," said Laith Khalaf, senior analyst at Hargreaves Lansdown. "The Treasury won't be making a song and dance about the Lloyds sale, seeing as we are in a period of purdah running up to the general election. ...
Lloyds reaches landmark as government sells final shares image
Source : Guardian [Read Article] Tuesday 16th of May 2017 04:45:44 PM
....3bn bailout of the high street lender. It will be confirmed on Wednesday that the Treasury has finally extricated itself from its shareholding in the bank – owner of Halifax, Bank of Scotland and Scottish Widows –which it rescued during at the depths of the financial crisis. ...
Labour reveals 'fat cat' tax pledge aimed at reining in excessive pay image
....The Tories hit back at Corbyn and described his policies as a shambles. The chief secretary to the Treasury, David Gauke, said: “His economic ideas are nonsensical, his views on national security indefensible – and he’d make a total mess of the Brexit negotiations. ...
General election 2017: Labour 'plans water industry nationalisation' image
....The Conservatives said taxpayers would have to foot the bill for Labour's unfunded spending commitments. "Jeremy Corbyn's economic ideas are nonsensical," said Treasury minister David Gauke. ...
General election 2017: 'Robin Hood tax' on City pledged by Labour image
....Lib Dem former Business Secretary Vince Cable said Labour's economy policy was "less Robin Hood than Mickey Mouse". Jane Ellison, the Conservative financial secretary to the Treasury, said Labour London mayor Sadiq Khan had described a financial transaction tax as "madness". ...
UK will face pay squeeze this year as inflation spikes, warns thinktank image
Source : Guardian [Read Article] Wednesday 10th of May 2017 04:57:33 AM
....The prediction for a spike in inflation of 3. 4% is well above the level forecast by the Office for Budget Responsibility, the Treasury’s independent forecaster, which said earlier this year inflation would reach 2. ...
The secret history of inflation, from Black Wednesday to Brexit image
Source : Guardian [Read Article] Sunday 7th of May 2017 05:59:25 AM
....It was not full-scale independence but “operational independence” in monetary policy: that is, the freedom to change interest rates without having to consult the chancellor. The Bank is still the Treasury’s agent in other matters, such as decisions about the nation’s currency reserves. ...
General election 2017: Lib Dems pledge winter fuel cuts to protect pensions image
....". Under the proposals, an estimated 600,000 pensioners with annual incomes above about £45,000 - 5% of those under 80 and 2% of over-80s - would lose the winter fuel payment, saving the Treasury around £105m. ...
The Guardian view on the Bank of England: independence and accountability | Editorial image
.... To be fair, this was not entirely the Bank’s fault. The crisis exposed the weaknesses of Labour’s tripartite system of financial supervision, with responsibility shared between the Treasury, the Bank of England and the Financial Services Authority. ...
MPs' report on FOBTs found to breach parliamentary standards image
Source : Guardian [Read Article] Wednesday 3rd of May 2017 05:51:21 PM
.... Casinos and amusement arcades have lined up on the side of campaigners who say the machines stoke problem gambling and allow excessively high stakes. The ABB has said there is no evidence to suggest that FOBTs fuel problem gambling and argues that thousands of jobs would be lost, as well as millions of pounds due to the Treasury, if they are reined in. ...
Hard Brexit would cost us £500m a year, says oil and gas industry image
Source : Guardian [Read Article] Wednesday 3rd of May 2017 02:09:22 PM
.... Ministers have not given any signal yet of whether the UK will remain in the market. The UK oil industry has contributed £190bn to the Treasury since the 1960s, not adjusted for inflation, but prospects for the coming few years are uncertain, and oil majors have begun to sell North Sea assets to smaller, independent players. ...
Trump is considering new Glass-Steagall-style bank rules image
Source : BBC [Read Article] Monday 1st of May 2017 06:18:44 PM
....Among other provisions, it required banks keep money in reserve at levels the president has said he thinks are onerous on smaller operations. Earlier, US Treasury Secretary, Steve Mnuchin said he believed the American economy could be growing at a rate of three percent within two years, thanks to the administrations proposed tax reforms. ...
Blow to savers as Premium Bond prizes are slashed by £7m image
Source : Daily Express [Read Article] Sunday 30th of April 2017 10:40:00 PM
.... The changes, including those made to Premium Bonds, will impact more than 21 million customers. Steve Owen, acting chief executive at NS&I, said: “We appreciate that savers will be disappointed but we believe that the new rates present a fair offer to customers who will continue to benefit from our 100 per cent HM Treasury guarantee on all holdings as well as tax-free prizes for Premium Bonds. ...
General election: May paves way for end to pledges on NI and income tax image
....Hammond was forced to reverse a budget decision to raise national insurance for self-employed workers as part of an effort to close the gap between that group and other workers. He signalled the change of heart in a letter to the Tory MP Andrew Tyrie, who chairs the Treasury select committee, after anger among the party’s MPs. ...
Bankruptcy risk as ‘desperate’ councils play the property market image
Source : Guardian [Read Article] Saturday 29th of April 2017 10:10:17 PM
....Between 2010 and 2015, there was a 37% cut in real terms in central government funding to local authorities. One option – popular in the last couple of years – has been to borrow from the Treasury-run Public Works Loan Board (PWLB) at very low rates of interest and then use the money to invest in commercial property ventures that offer returns of as much as 8%. ...
Pensioners will carry on hoarding cash if state won’t step in image
Source : Guardian [Read Article] Saturday 29th of April 2017 04:00:03 PM
....On the surface, scrapping the third element of the triple lock, the guarantee of a 2. 5% annual rise in the state pension, merely fits into this broad tax and benefit grab by the Treasury. ...
RBS and Lloyds IT faults cause online banking frustrations image
Source : Guardian [Read Article] Friday 28th of April 2017 03:24:55 PM
.... The taxpayer stake, which was 43% at its peak, fell to 0. 89% on Friday as the Treasury continued to sell off shares. ...
'Fire sale' risk with Bank capital approach, says Vickers image
Source : BBC [Read Article] Friday 28th of April 2017 02:26:12 PM
.... . Parliament's Treasury Committee, which has the responsibility of examining the government's work on economic and regulatory matters, is aiming to discover whether new plans for banks will mean they can avoid needing taxpayer help the next time trouble calls. ...
US growth rate hits three-year low image
Source : BBC [Read Article] Friday 28th of April 2017 12:40:39 PM
....In a bid to fulfil that promise, on Wednesday the White House proposed slashing the rate of corporation tax. Treasury Secretary Steven Mnuchin unveiled President Trump's tax blueprint, which aims to cut the business tax rate from 35% to 15%. ...
The Crusader: Overhaul of LOGBOOK LOAN laws spells better deal for car buyers image
Source : Daily Express [Read Article] Thursday 27th of April 2017 06:01:00 PM
....Those who buy second hand in good faith can also unexpectedly find themselves losing the vehicle or having to pay off someone else’s loan. Following recommendations by the independent watchdog the Law Commission last year, the Treasury now plans to protect buyers and borrowers alike. ...
AA boss shortlisted for economics prize for ‘road miles’ allowance plan image
....”. A study by the Institute of Fiscal Studies for the RAC Foundation forecast that Treasury revenues from motorists are due to drop by more than a third to £25bn by the end of the next decade, making a £250,000 award seem cheap at the price. ...
Theresa May weighing up cheaper 'double lock' for pensions image
Source : Guardian [Read Article] Wednesday 26th of April 2017 09:00:47 PM
....65 a week. The cost to the Treasury has been about £6bn a year more in 2015–16 compared with uprating in line with earnings alone, and £4bn more than uprating in line with inflation. ...
Wall Street edges down after Trump tax plan image
Source : BBC [Read Article] Wednesday 26th of April 2017 08:19:48 PM
.... . The administration is determined to get the tax reform done by this year, Treasury Secretary Steven Mnuchin said. ...
In the small print image
Source : BBC [Read Article] Wednesday 26th of April 2017 03:35:41 PM
....But the main way they say it will be paid for is through increased economic growth - this spurs tax revenue. Treasury Secretary Steve Mnuchin, a former investment banker, has said the tax changes will act as a stimulus that will lead to economic growth of 3% - much higher than most economic projections. ...
Trump seeks tax windfall for business image
Source : BBC [Read Article] Wednesday 26th of April 2017 12:20:53 PM
Andrew Tyrie, scourge of bankers, deserves new City role | Nils Pratley image
Source : Guardian [Read Article] Tuesday 25th of April 2017 06:18:25 PM
.... Now he is leaving parliament, a surprise announcement that should depress anyone who has listened to hours of select committee hearings over the years. As chair of the Treasury committee, and also the parliamentary commission on banking standards, Tyrie says he’s “done what I can to make a contribution, particularly in efforts to improve banking standards and to shape a more trusted and resilient financial sector”. ...
Andrew Tyrie to stand down as Conservative MP after 20 years image
Source : Guardian [Read Article] Tuesday 25th of April 2017 05:33:38 PM
....”. Tyrie took over as chair of the Treasury committee after the 2010 election after not getting a ministerial job in Cameron’s coalition government. ...
UK government borrowing at lowest level since 2008 financial crisis image
Source : Guardian [Read Article] Tuesday 25th of April 2017 10:39:40 AM
....The lower deficit meant the chancellor, Philip Hammond, essentially met his £51. 7bn target for borrowing in 2016-17, as outlined by the Treasury’s independent forecaster, the Office for Budget Responsibility, at the time of the budget in March. ...

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