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Wednesday 26th of April 2017 06:35:17 PM
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....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%. ... [Read full article on BBC ]
Friday 28th of April 2017 12:40:39 PM
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. The Trump administration has proposed slashing the rate of corporation tax with the aim of spurring economic growth, the Treasury Secretary said. ... [Read full article on BBC ]
Wednesday 26th of April 2017 12:20:53 PM
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.... . But at the meeting in Washington, US Treasury Secretary Steven Mnuchin said that President Donald Trump "believes in reciprocal trade deals and reciprocal free trade". ... [Read full article on BBC ]
Sunday 23rd of April 2017 09:58:15 AM
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.... . 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. ... [Read full article on BBC ]
Friday 28th of April 2017 02:26:12 PM
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....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. ... [Read full article on Guardian ]
Wednesday 26th of April 2017 09:00:47 PM
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....Bank customers ripped off by “extortionate” overdraft fees will get support next week from a parliamentary bill that promises to protect the most financially vulnerable from escalating charges. Rachel Reeves, a Labour MP who sits on the Treasury select committee, will outline plans on Tuesday for regulators at the Financial Conduct Authority (FCA) to cap the maximum amount that banks can charge customers for unauthorised overdrafts, similar to the limit imposed on charges on payday loans of £24 a month. ... [Read full article on Guardian ]
Sunday 23rd of April 2017 04:51:46 PM
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....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. ... [Read full article on BBC ]
Wednesday 26th of April 2017 03:35:41 PM
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Wednesday 26th of April 2017 07:38:46 AM
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....”. 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. ... [Read full article on Guardian ]
Thursday 27th of April 2017 06:01:09 AM
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.... The taxpayer stake, which was 43% at its peak, fell to 0. 89% on Friday as the Treasury continued to sell off shares. ... [Read full article on Guardian ]
Friday 28th of April 2017 03:24:55 PM
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....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. ... [Read full article on Guardian ]
Tuesday 25th of April 2017 10:39:40 AM
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.... . The administration is determined to get the tax reform done by this year, Treasury Secretary Steven Mnuchin said. ... [Read full article on BBC ]
Wednesday 26th of April 2017 08:19:48 PM
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.... 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”. ... [Read full article on Guardian ]
Tuesday 25th of April 2017 06:18:25 PM
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....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. ... [Read full article on Guardian ]
Saturday 29th of April 2017 04:00:03 PM
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Latest Finance News related to Treasury

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. ...
Bill sets out plan to tackle 'extortionate' UK overdraft fees image
Source : Guardian [Read Article] Sunday 23rd of April 2017 04:51:46 PM
....Bank customers ripped off by “extortionate” overdraft fees will get support next week from a parliamentary bill that promises to protect the most financially vulnerable from escalating charges. Rachel Reeves, a Labour MP who sits on the Treasury select committee, will outline plans on Tuesday for regulators at the Financial Conduct Authority (FCA) to cap the maximum amount that banks can charge customers for unauthorised overdrafts, similar to the limit imposed on charges on payday loans of £24 a month. ...
IMF meeting drops anti-protectionism pledge image
Source : BBC [Read Article] Sunday 23rd of April 2017 09:58:15 AM
.... . But at the meeting in Washington, US Treasury Secretary Steven Mnuchin said that President Donald Trump "believes in reciprocal trade deals and reciprocal free trade". ...
Low rates, tight margins: the mortgage market looks worryingly familiar image
....Hang on, though. It is clear that – just as with the Treasury and Bank of England’s Help to Buy scheme, which subsided deposits for first-time buyers – keeping the housing market afloat takes a constant layering of policies, one upon another, to keep even middle-income groups in the game while prices climb year on year. ...
HS2 is on its way but bid troubles and snap election could still derail project image
.... A new election means Theresa May is no longer wedded to her predecessor’s manifesto, while previous parliamentary champions have left the stage, and parties such as Ukip and the Greens actively oppose HS2. Gaines says: “We’ve got questions over the amount of commitment within May’s government, and we’ve heard that people in the Treasury aren’t very happy. ...
Exxon Mobil denied permission to resume Russian oil work image
Source : BBC [Read Article] Friday 21st of April 2017 08:47:11 PM
....Oil giant Exxon Mobil will not be allowed to resume drilling in Russia after US President Donald Trump vowed to uphold sanctions. The US Treasury Department said that, after talks with Mr Trump, it would not waive trade sanctions on Russia for US firms seeking to restart work. ...
Lloyds: Taxpayers get all their money back after rescue image
Source : BBC [Read Article] Friday 21st of April 2017 05:01:52 PM
.... . "For the Treasury, the elephant in the room is of course RBS, which required twice as much financial support from the taxpayer as Lloyds. ...
Lloyds bank bailout repaid in full, says Philip Hammond image
Source : Guardian [Read Article] Friday 21st of April 2017 05:00:20 PM
....Speaking on the sidelines of the International Monetary Fund meeting in Washington on Friday, Hammond said the government was “not in the business of owning banks” and on the brink of selling off the last of its stake. The Treasury is able to make its claim by including £400m in dividend payments received from Lloyds as well as from selling shares in the bank. ...
Philip Hammond signals ditching of Tory 'no tax rise' pledge image
Source : Guardian [Read Article] Friday 21st of April 2017 12:58:04 PM
.... The original pledge gave Hammond until 2025 to balance the books but if he stuck to the pledge he would now have to speed up the process of deficit reduction to meet the target by 2022. The chancellor said the Treasury would look again at how it defined the timescale for achieving fiscal balance. ...
UK government drops plan to raise probate fees image
Source : Guardian [Read Article] Friday 21st of April 2017 08:17:01 AM
....If dumped, another source of revenue may be required by the MoJ to replace the projected £300m income the changes would have raised. Compared with her predecessors, Truss has been successful in securing new funds from the Treasury, but finance ministers may resist covering such a large shortfall solely from central funds. ...
Nasdaq hits new high on tax cut hopes image
Source : BBC [Read Article] Thursday 20th of April 2017 11:46:41 PM
...."Not only have the earnings been good, but there's a good picture being painted by the CEOs," said JJ Kinahan, chief market strategist at TD Ameritrade. Analysts also pointed to remarks from US Treasury Secretary Steven Mnuchin expressing confidence about cutting taxes this year. ...
The Guardian view on the IMF: a global institution in an age of protection | Editorial image
.... The IMF exemplifies the sort of elitist global organisation that Mr Trump has railed against on the campaign stump. Long-term critics of the IMF have been lined up for top international jobs at the US Treasury. ...
Virgin Money chief: 'I have battled with mental health all my life' image
Source : Guardian [Read Article] Thursday 20th of April 2017 04:15:42 PM
....Her personal profile rose after the Northern Rock deal. More accustomed to being an outsider trying to break into the City establishment – at one point in the interview she describes herself as “this rather strange woman” – Gadhia sat next to George Osborne when he was delivering his high-profile Mansion House speech two years ago, was one of David Cameron’s business advisers, and still leads a Treasury-backed initiative to boost diversity in financial services. ...
Presidential challenge image
Source : BBC [Read Article] Thursday 20th of April 2017 03:10:40 PM
.... . In fact, for some shorter term borrowing the French Treasury has to raise the money at a rate of below zero, which means that financial market investors have to pay the state to take their money. ...
Government cap on energy prices would spark backlash | Nils Pratley image
Source : Guardian [Read Article] Wednesday 19th of April 2017 06:12:57 PM
....In the distant past, select committees have sometimes been grossly under prepared when tackling business subjects. Those of us who covered the 2007 inquiry into the private equity industry by the Treasury committee remember angry MPs frustrating themselves, and their audience, as they failed to get beyond the jargon. ...
Reality Check image
Source : BBC [Read Article] Wednesday 19th of April 2017 01:31:06 PM
....Indirect taxes such as VAT and fuel duty are not progressive though - people with lower incomes do not pay lower rates - so we need to consider all taxes. 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. ...
Australia Post hits back at Amazon and eBay and says Coalition's GST model is best image
....It says if Australia Post was forced to collect GST on items arriving from overseas, it would cost the federal government roughly $900m a year – vastly exceeding the $300m revenue the GST could be expected to raise. “However, the ‘vendor’ model as proposed in Treasury Laws Amendment (GST Low Value Goods) Bill 2017 places relatively less burden on the Australia Post infrastructure, processing times and its costs of doing business,” its submission says. ...
RBS stake may be sold at a loss, chancellor admits image
Source : BBC [Read Article] Tuesday 18th of April 2017 11:01:26 PM
....The chancellor has admitted for the first time that the government is prepared to sell its stake in Royal Bank of Scotland (RBS) at a loss. The Treasury bailed out the bank by buying a 72% stake for £45bn, at 502p a share, at the height of the financial crisis in 2008. ...
Brexit, PPI and high cost credit are top priorities for City watchdog image
Source : Guardian [Read Article] Tuesday 18th of April 2017 05:32:29 PM
....“The UK’s withdrawal from the European Union will have important implications for the FCA over the coming years. We are liaising closely with the Treasury and the Bank of England to ensure a smooth transfer of EU rules and legislation into the domestic framework. ...
Libor rigging: chancellor urged inquiry into Bank of England allegations image
....BBC1’s Panorama programme said it had obtained a recording of a 2008 call between two bankers at Barclays in which the more senior person said the government and Bank of England were exerting pressure on it to lower the rate it offered for Libor. The BBC said its investigations added to evidence that the Bank of England had put pressure on commercial banks to push their Libor rates down and that the transcript of the phone conversation at Barclays called into question evidence to the Treasury select committee given in 2012 by the former Barclays boss Bob Diamond and Paul Tucker, former deputy governor of the Bank of England. ...
Higher interest rates. Great idea. Here’s why it won’t happen image
Source : Guardian [Read Article] Saturday 15th of April 2017 04:00:06 PM
.... Claudio Borio, head of the BIS, made a stab at it earlier this year. He rejected the argument put forward most forcefully by Larry Summers, the former US Treasury secretary, that baby-boomer saving, excessive by historical standards, has created a mismatch of supply and demand in financial markets and that with a surfeit of funds chasing a handful of investment opportunities, it was inevitable lending would yield low returns. ...
Trump, trade, interest and aid make for a challenging IMF summit image
Source : Guardian [Read Article] Saturday 15th of April 2017 03:00:05 PM
.... The US president, who worries a strong dollar makes his country less competitive, has also renewed his claim that other countries are devaluing their currencies, but withdrawn previous accusations that China was a currency manipulator. The US Treasury has indicated it is looking to the IMF to keep a close eye on global exchange rate policies. ...
Five pension tax mistakes that could hit YOUR nest egg image
Source : Daily Express [Read Article] Friday 14th of April 2017 06:01:00 AM
. The Treasury estimated pension changes introduced in 2015 would bring in £920million over the first two years of the policy, but HMRC has in fact pulled in double that at £2. ...
Six jumbo jets long … the £2.4bn ship that can lift an oil rig image
Source : Guardian [Read Article] Wednesday 12th of April 2017 05:30:26 AM
....“If you remember back to the 1970s, there was not a lot of thought to decommissioning, or recycling and sustainability,” said Alistair Hope, general manager for Shell’s Brent decommissioning project. He described the field as a “prolific national asset”, having produced £20bn in tax for the Treasury over its lifetime. ...
NS&I launches new market-leading investment bond with rate of 2.2 per cent image
Source : Daily Express [Read Article] Wednesday 12th of April 2017 12:01:00 AM
....Research from the price comparison website has found that around a quarter of all live fixed-rate bonds are now online only. And announcing the launch, the Treasury said the online-only availability of the bond reflects the changing nature of customer behaviour as more money is deposited online with NS&I than via any other individual sales channels. ...
Inflation rates puts squeeze on savers as UK is in the midst of a 'silent savings crisis' image
....”. Cox said the bond will still be popular because it is backed by the Treasury: “Unlike the NS&I pensioner bonds, launched in 2015, this is available to everyone aged 16 and over, with the offer open for a full year. ...
'Scant reward for savers!': New Government NS&I bond blasted by critics image
Source : Daily Express [Read Article] Tuesday 11th of April 2017 03:54:00 PM
....". Economic Secretary to the Treasury, Simon Kirby said: “From raising the ISA threshold to introducing the new Lifetime ISA, this government is committed to creating a nation of savers. ...
Government launches ‘market-leading’ savings account image
Source : Guardian [Read Article] Tuesday 11th of April 2017 03:25:30 PM
....As this is online only, there will be no paper documents sent out, but people will be able to log in to view and manage their investment. The Treasury said the new product “will provide a valuable boost for savers who have been affected by low interest rates”, pointing out that the average three-year, fixed-rate bond pays 1. ...
Barclays whistleblower case sparks calls for more protection image
Source : Guardian [Read Article] Tuesday 11th of April 2017 11:59:31 AM
.... This includes the senior managers and certification regime, which is aimed at improving individual accountability within the financial services industry. Andrew Tyrie, the chair of the House of Commons Treasury select committee, said: “The senior managers and certification regime is supposed to ensure that whistleblowers are protected. ...
Government 2.2% savings bond goes on sale image
Source : BBC [Read Article] Tuesday 11th of April 2017 08:00:16 AM
. A new government savings bond, offering what the Treasury says is a "market leading" rate of 2. ...
BBC to air recording that implicates Bank of England in Libor scandal image
Source : Guardian [Read Article] Monday 10th of April 2017 06:45:56 PM
....Revelations that the rate was rigged at the height of the financial crisis have led to banks being fined hundreds of millions of pounds from a variety of regulators, while bankers from Barclays and UBS have been jailed. The BBC said its investigations added to evidence the Bank of England had pressured commercial banks to push their Libor rates down and that the transcript of the phone conversation at Barclays called into question evidence to the Treasury select committee in 2012 by the former Barclays boss Bob Diamond and Paul Tucker, former deputy governor of the Bank of England. ...
Barclays boss used bank's security team to hunt for whistleblower image
Source : Guardian [Read Article] Monday 10th of April 2017 09:06:17 AM
.... However, Barclays admitted it was a “serious” offence that would lead to its chief executive receiving a formal written reprimand and a “very significant” cut to his bonus. John Mann, the Labour MP and member of the Treasury select committee, called on Staley to resign while the Institute of Directors said it was “clearly disappointing” that Barclays had breached its own rules on protecting whistleblowers. ...
Libor: Bank of England implicated in secret recording image
Source : BBC [Read Article] Sunday 9th of April 2017 11:01:47 PM
....The Bank of England said Libor was not regulated in the UK at the time. The recording calls into question evidence given in 2012 to the Treasury select committee by former Barclays boss Bob Diamond and Paul Tucker, the man who went on to become the deputy governor of the Bank of England. ...
America owes China $1tn. That’s a problem for Beijing, and Trump knows it image
.... This might sound counter-intuitive given that Beijing can deploy the economic nuclear option if Trump makes good on his campaign pledge to slap whopping tariffs on Chinese imports. The US owes China more than $1 trillion and Xi could send America’s economy into a tailspin by sanctioning a dumping of US Treasury bonds. ...
Lloyds to pay £100m fraud compensation image
Source : BBC [Read Article] Friday 7th of April 2017 08:40:13 AM
....It will examine who knew what within HBOS, and whether they told the regulator. The resumption of the FCA investigation was welcomed by Andrew Tyrie, the chair of the Treasury Committee. ...
Banks and building societies snub Lifetime Isa launch image
Source : BBC [Read Article] Wednesday 5th of April 2017 10:57:02 PM
....". The Treasury said other providers had already announced plans to launch Lisas. ...
Premium Bond winners to FALL in May: Savers warned as returns tumble image
Source : Daily Express [Read Article] Tuesday 4th of April 2017 04:21:00 PM
...."Commenting on the cuts, Steve Owen, acting chief executive at NS&I, said: “The new rates reflect current market conditions and allow us to continue to strike a balance between the needs of our savers, taxpayers and the stability of the broader financial services sector. “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. ...
RBS plan faces European Commission investigation image
Source : BBC [Read Article] Tuesday 4th of April 2017 03:42:35 PM
....RBS funding would also help develop financial technology for the wider banking sector. The Royal Bank plan, put forward by the Treasury for approval by the European Commission, is seen as so unusual that it is difficult to know how or whether it would work. ...
Fears for state pension: Over-55s believe vital income could be SCRAPPED by Government image
....Vince Smith-Hughes, retirement income expert at Prudential, said: "Two years on from the introduction of the new rules there is also widespread confusion with two out of three over-55s admitting they don’t fully understand the reforms. "This lack of understanding may be a contributing factor in pension-related tax paid to the Treasury being higher than originally expected. ...
Lloyds to shrink hundreds of UK branches to two staff image
Source : Guardian [Read Article] Monday 3rd of April 2017 06:29:14 PM
....In January, HSBC said it was shutting a further 62 branches this year, on top of 55 already earmarked for closure, while Yorkshire Building Society revealed it was closing 48 branches, 28 of which are Norwich & Peterborough outlets. Susan Kramer, the Treasury spokesperson for the Liberal Democrats, said: “Lloyds and other banks are turning their backs on the communities that have been the foundation of its business for generations. ...
Welfare shakeup 'will push a quarter of a million children into poverty' image
....Osborne announced the two-child policy in 2015 as part of a £12bn programme of social security cuts. It is expected to save £1bn a year for the Treasury by 2021. ...
Chancellor Hammond leading UK trade mission to India image
Source : BBC [Read Article] Sunday 2nd of April 2017 10:18:21 AM
....Mr Hammond said the UK was about to embark on an "exciting new phase of our economic history". As well as Mr Garnier, Mr Carney and Commercial Secretary Baroness Neville-Rolfe, the Treasury said the trade mission includes some of the UK's most experienced leaders in financial services and financial technology. ...
Osborne’s huge tax giveaway starts for rich – as the poor are hit image
Source : Guardian [Read Article] Saturday 1st of April 2017 11:05:38 PM
....In her speech outside No 10 last July, as she started her premiership, Theresa May made a specific pledge to help the poorest in society. A Treasury spokesperson said: “By cutting taxes for millions of people; giving the lowest earners a pay rise with the national living wage; doubling free childcare for nearly 400,000 parents and freezing fuel duty, we are helping people who need it most. ...
Pension changes: Workers warned as tax perks SLASHED after April 5 image
Source : Daily Express [Read Article] Saturday 1st of April 2017 09:01:00 AM
....“The Government needs to stop tinkering at the edges and accept the current rules are not fit for purpose. "It should shelve this unfair cut in pension savings incentives and go back to the drawing board so we have a system that works for savers as well achieving the cost savings the Treasury is aiming for. ...
Mortgage tax relief cut doesn’t add up for buy-to-let landlords image
Source : Guardian [Read Article] Saturday 1st of April 2017 06:00:17 AM
....It’s not just landlord bodies that have expressed concern. In December Kate Barker, an influential economist, housing market expert and former member of the Bank of England’s monetary policy committee, told the Commons Treasury select committee that while she was generally supportive of the decision to increase stamp duty for people who were buying to let, she had more difficulty with the change to mortgage tax relief. ...
Government raises £11.8bn with Bradford & Bingley mortgage sale image
Source : Guardian [Read Article] Friday 31st of March 2017 09:15:51 AM
....8bn package of Bradford & Bingley loans bought by the taxpayer at the height of the financial crisis. The loan book will be sold to the insurer Prudential and US private equity firm Blackstone, after what the Treasury described as “a highly competitive sale process”. ...
Leading City firms begin to lay groundwork for London jobs exodus image
Source : Guardian [Read Article] Thursday 30th of March 2017 01:06:02 PM
....The Liberal Democrats warned that JP Morgan’s potential Dublin deal and the new Brussels office for Lloyd’s were a sign that jobs could be lost in the City of London due to Brexit. Susan Kramer, the Lib Dem Treasury spokeswoman, said: “It is the prime minister’s choice to drive Britain out of the single market, and that is driving jobs and wealth creation out of the UK. ...
Crackdown on contactless card security flaw welcomed by MPs image
Source : Guardian [Read Article] Thursday 30th of March 2017 09:13:12 AM
....The City regulator has set out measures to tackle fraudulent payments on contactless cards which have been reported lost or stolen. In a letter to the Treasury select committee, published on Thursday, the Financial Conduct Authority (FCA) said consumer losses on contactless payments were relatively small but in some circumstances cards could be used by a fraudster several months after it had been cancelled. ...
'Bond King' Bill Gross settles Pimco feud for $81m image
Source : BBC [Read Article] Monday 27th of March 2017 10:01:31 PM
.... However, both sides have said that any proceeds from the suit will be donated to charity. Mr Gross earned the moniker "the Bond King" from making good bets on US Treasury bonds, particularly during the dot com bubble and the housing crisis. ...
New 12-sided £1 coin hits shops tomorrow edging out old round pound after 30 years image
.... . He said: “We support the Royal Mint and the Treasury's actions to protect the integrity of currency in the UK and reduce the level of fake coins in operation. ...
'Bank of mum and dad' making housing market more unfair, study finds image
Source : Guardian [Read Article] Sunday 26th of March 2017 11:01:43 PM
....The proportion of people living in private rented homes has doubled since 2000. “It is welcome that the government recognises the growing problem people face in getting on the housing ladder,” said Milburn, who was a Treasury and health minister in Tony Blair’s governments. ...
Apprenticeship levy will deepen north-south divide, IPPR says image
Source : Guardian [Read Article] Sunday 26th of March 2017 11:01:43 PM
....5% of their annual wage bill. The Treasury has estimated it will raise nearly £3bn a year. ...
New pound coin: 12-sided piece enters circulation NEXT week - here's what you need to know image
....Jonathan Hart, chief executive of the AVA, said the upgrades needed for the new £1 coin will cost the vending industry an estimated £32 million. He said: "We support the Royal Mint and the Treasury's actions to protect the integrity of currency in the UK and reduce the level of fake coins in operation. ...
State pension age could be raised to 70, says report image
Source : BBC [Read Article] Thursday 23rd of March 2017 12:05:44 AM
....Former pensions minister Steve Webb was highly critical of the GAD's scenario. "This is not what parliament voted for and is clearly driven by the Treasury. ...
Plusnet fined £880,000 for billing former customers image
Source : BBC [Read Article] Wednesday 22nd of March 2017 11:35:44 AM
....The remaining funds, for customers whom it could not contact, have been donated to various charities. The fine, which will be passed on to the Treasury, must be paid within 20 working days. ...
The last call for savers to cash in on tax relief image
Source : Daily Express [Read Article] Wednesday 22nd of March 2017 12:01:00 AM
.... . Their warnings come after reports that the Treasury is considering a drastic cut to valuable pension incentives, designed to encourage people to save for retirement. ...
Police to examine 'Global Laundromat' money laundering allegations image
Source : Guardian [Read Article] Tuesday 21st of March 2017 06:33:29 PM
....Fraud investigators have launched a review of the activities of Britain’s high street banks following revelations in the Guardian about a $20bn money laundering scam that MPs described as a national disgrace and scandal. Forced to answer urgent questions in the House of Commons, the Treasury minister Simon Kirby announced the Financial Conduct Authority (FCA) and the National Crime Agency (NCA) would be examining allegations that Britain’s banks processed vast amounts of tainted money from Russian criminals without noticing. ...
City minister in right and proper pickle over financial crime image
Source : Guardian [Read Article] Tuesday 21st of March 2017 04:53:03 PM
....Kirby was on a warning. Having recently been relieved of any involvement in Brexit after everyone realised he was hopelessly out of his depth, the Treasury was conducting a process of elimination to discover if there was anything he could do well. ...
Carney: Bank of England deputy should not have quit for 'honest mistake' image
....In a speech at Threadneedle Street, Mark Carney said he had spoken to the top bosses of the major banks last week to tell them they should not feel under pressure to fire staff for making similar errors. Hogg, his number two, quit last week in the face of a damning report by the Treasury select committee into her failure to disclose that her brother worked at Barclays, which is regulated by the Bank of England. ...
Carney defends Bank of England over Hogg resignation image
Source : BBC [Read Article] Tuesday 21st of March 2017 11:22:41 AM
....However, he called her omission an "honest mistake that was freely and transparently admitted" and "not a firing offence". He said he respected the Treasury Committee's decision to publish a highly critical report on Ms Hogg, as well as her decision to resign. ...

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