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....This had not been for the lack of effort on Osborne’s part. He had published a Treasury paper looking at the long-term implications of Brexit and had orchestrated heavyweight overseas support for the remain side from the International Monetary Fund, the World Trade Organisation and the Organisation for Economic Cooperation and Development. ... [Read full article on Guardian ]
Sunday 20th of August 2017 06:00:35 AM
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.... Male employment was at a level not seen since 1991, while female employment was at the highest rate since 1971. The ability of the economy to generate new jobs contradicts warnings by the Treasury before last year’s EU referendum that a vote to leave would lead to a sharp rise in the jobless total. ... [Read full article on Guardian ]
Wednesday 16th of August 2017 08:36:46 AM
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.... When Sir Arnold Robinson has advice to give to his successor, Sir Humphrey Appleby, he does it over lunch at a Pall Mall club. Lord Macpherson, until recently the Treasury’s top mandarin, has some advice for the current government: it’s time to move on from quantitative easing, the scheme that has been pumping electronic money into the economy since early 2009. ... [Read full article on Guardian ]
Monday 21st of August 2017 05:44:24 PM
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....In 2015, a report by MPs on the public accounts committee (PAC) found that “HMRC does not effectively monitor changes in the cost of tax reliefs, so is slow in identifying instances where a relief is being exploited for a purpose parliament did not intend”. It concluded – despite vehement denials from the Treasury – that “HMRC and HM Treasury often show a worrying lack of curiosity about the cost of tax reliefs”. ... [Read full article on Guardian ]
Sunday 20th of August 2017 06:00:35 AM
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. A former senior Treasury mandarin has compared quantitative easing to heroin and called for an end to almost a decade of electronic money printing by central banks. ... [Read full article on Guardian ]
Monday 21st of August 2017 12:50:12 PM
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.... “Despite July’s strength the chancellor may still find that he has little scope for any easing back on the planned fiscal squeeze in his November budget,” said Ruth Gregory, UK economist. The Office for Budget Responsibility, the Treasury’s independent forecaster, expects £58. ... [Read full article on Guardian ]
Tuesday 22nd of August 2017 09:50:40 AM
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....”. Hypothecated taxes have rarely won the trust of the public or the approval of the Treasury – and increasing the duty on other forms of transport would light the fuses of the UK’s Fair Fuel campaigners and airline bosses. ... [Read full article on Guardian ]
Saturday 19th of August 2017 02:59:16 PM
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....Jacob Rees-Mogg, the Conservative politician famed for never having changed a nappy and definitely not wanting to be prime minister, this week tweeted the good news that unemployment had fallen to a 42-year low. This, he suggested, gave the lie to the “Brexit disaster forecast by HM Treasury”. ... [Read full article on Guardian ]
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....In an interview with the Daily Telegraph in 2010, Daniels said he had done “the country a great service [by buying HBOS] by not costing the taxpayer a bomb”. Daniels was heavily criticised by the Treasury select committee in 2010 when it was revealed he did not know how many of his staff were paid more than him. ... [Read full article on Guardian ]
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Latest Finance News related to Treasury

Former Lloyds boss Eric Daniels sues bank for withheld bonuses image
Source : Guardian [Read Article] Tuesday 22nd of August 2017 11:22:18 AM
....In an interview with the Daily Telegraph in 2010, Daniels said he had done “the country a great service [by buying HBOS] by not costing the taxpayer a bomb”. Daniels was heavily criticised by the Treasury select committee in 2010 when it was revealed he did not know how many of his staff were paid more than him. ...
UK public finances notch up first July surplus since 2002 image
Source : Guardian [Read Article] Tuesday 22nd of August 2017 09:50:40 AM
.... “Despite July’s strength the chancellor may still find that he has little scope for any easing back on the planned fiscal squeeze in his November budget,” said Ruth Gregory, UK economist. The Office for Budget Responsibility, the Treasury’s independent forecaster, expects £58. ...
Quantitative easing is a costly habit we should have kicked long ago | Larry Elliott image
.... When Sir Arnold Robinson has advice to give to his successor, Sir Humphrey Appleby, he does it over lunch at a Pall Mall club. Lord Macpherson, until recently the Treasury’s top mandarin, has some advice for the current government: it’s time to move on from quantitative easing, the scheme that has been pumping electronic money into the economy since early 2009. ...
Quantitative easing is like heroin, says former Treasury official image
Source : Guardian [Read Article] Monday 21st of August 2017 12:50:12 PM
. A former senior Treasury mandarin has compared quantitative easing to heroin and called for an end to almost a decade of electronic money printing by central banks. ...
There are now more than 1,000 tax relief schemes. Give us a break image
Source : Guardian [Read Article] Sunday 20th of August 2017 06:00:35 AM
....In 2015, a report by MPs on the public accounts committee (PAC) found that “HMRC does not effectively monitor changes in the cost of tax reliefs, so is slow in identifying instances where a relief is being exploited for a purpose parliament did not intend”. It concluded – despite vehement denials from the Treasury – that “HMRC and HM Treasury often show a worrying lack of curiosity about the cost of tax reliefs”. ...
Weak pound could boost manufacturing, if manufacturing itself wasn’t so weak image
....This had not been for the lack of effort on Osborne’s part. He had published a Treasury paper looking at the long-term implications of Brexit and had orchestrated heavyweight overseas support for the remain side from the International Monetary Fund, the World Trade Organisation and the Organisation for Economic Cooperation and Development. ...
BHP’s shale sale could happen: this is not a drill image
Source : Guardian [Read Article] Sunday 20th of August 2017 06:00:35 AM
....Jacob Rees-Mogg, the Conservative politician famed for never having changed a nappy and definitely not wanting to be prime minister, this week tweeted the good news that unemployment had fallen to a 42-year low. This, he suggested, gave the lie to the “Brexit disaster forecast by HM Treasury”. ...
Seven ways to cut the cost of Britain’s rail tickets image
Source : Guardian [Read Article] Saturday 19th of August 2017 02:59:16 PM
....”. Hypothecated taxes have rarely won the trust of the public or the approval of the Treasury – and increasing the duty on other forms of transport would light the fuses of the UK’s Fair Fuel campaigners and airline bosses. ...
UK pay growth picks up as unemployment rate falls again image
Source : Guardian [Read Article] Wednesday 16th of August 2017 08:36:46 AM
.... Male employment was at a level not seen since 1991, while female employment was at the highest rate since 1971. The ability of the economy to generate new jobs contradicts warnings by the Treasury before last year’s EU referendum that a vote to leave would lead to a sharp rise in the jobless total. ...
Pound falls against dollar as inflation comes in lower than expected image
Source : Guardian [Read Article] Tuesday 15th of August 2017 05:10:12 PM
.... The Chartered Institute of Personnel and Development and recruitment firm Adecco said on Tuesday that basic pay over the next 12 months was expected to rise by just 1%, well below the pace of inflation, even amid low levels of unemployment. “Although inflation is likely to start falling next year, we understand some families are concerned today about the cost of living,” said a spokesperson for the Treasury. ...
UK may have to pay EU in temporary customs union, Davis suggests image
Source : Guardian [Read Article] Tuesday 15th of August 2017 08:32:19 AM
.... He said: “Of course there are different views on elements of the deal, because departments have their own specific interests. “Treasury is obviously concerned about the City; Business, Energy and Industry are concerned about things like research and manufacturing. ...
Rail users face steepest fare rise in five years as inflation hits 3.6% image
Source : Guardian [Read Article] Tuesday 15th of August 2017 08:32:02 AM
....James Tucker, the head of CPI inflation at the Office for National Statistics, said RPI was not seen as a good measure by the statistics authority. However, the Treasury said the use of RPI was “consistent with the general approach adopted across the rail industry”, while the measure is used to account for inflation in the cost of running train services. ...
Tax return fines: HMRC wrongly hunts ONE MILLION taxpayers for late filing penalties  image
.... . Nicky Morgan MP, chairman of the House of Commons Treasury select committee, said her committee would consider an investigation into why HMRC had tried to fine innocent taxpayers. ...
Half of landlords in one London borough fail to declare rental income image
Source : Guardian [Read Article] Sunday 13th of August 2017 01:04:01 PM
....”. The Treasury did not respond to a request for comment. ...
We helped save Europe: now Europe could save us from Brexit image
Source : Guardian [Read Article] Sunday 13th of August 2017 06:00:06 AM
....Sir Brian was involved in the occasional negotiation with Brussels, not least on behalf of Mrs Thatcher during the EEC budget-rebate squabble during the early 1980s. The Treasury was never wholly in love with the rest of the EU, but it does know where this country’s bread is buttered, and it can recognise a suicide note when it sees one. ...
Aw, Snapchat! Its shares stood little chance in the face of Facebook image
Source : Guardian [Read Article] Sunday 13th of August 2017 06:00:06 AM
.... One of the UK’s best-connected individuals – her parents both had leading roles in John Major’s government and her grandfather was Quintin Hogg, better known as Lord Hailsham – had forgotten to disclose that her brother (also Quintin) worked at Barclays. She compounded her error by telling MPs on the Treasury select committee that the Bank knew about her brother’s role, before having to admit that she had not disclosed this and was therefore in breach of the Bank’s code of conduct – which she had helped write. ...
Smoking and Drinking tax: How HMRC cashes in on our vices image
Source : Daily Express [Read Article] Sunday 13th of August 2017 12:01:00 AM
....It says smokers pay £9. 5 billion a year in duty on tobacco products, then give the Treasury another financial kick because they die much earlier. ...
For the first time ever I am defending banks. Here’s why | John Harris image
....Meanwhile, even bigger anxieties swirl around. Some relate to the disastrous possibilities of a cliff-edge Brexit, glimpsed this week in the letter written to the House of Commons Treasury select committee by the deputy governor of the Bank of England in charge of the Prudential Regulation Authority, which essentially exists to prevent financial crises. ...
10 years after the crash, alternatives are emerging | Letters image
Source : Guardian [Read Article] Thursday 10th of August 2017 06:12:03 PM
....When he writes “there is not some magic bullet”, it resonates with the now discredited “myth” that “there is no magic money tree”, employed by Thatcher, Cameron and May. After all, from his time in the department he must surely have been aware that in 2013, tucked away in the bundle of Treasury documents tabled by the then chancellor, George Osborne, on budget day, was one with this paragraph: “For example, it is theoretically possible for monetary authorities to finance fiscal deficits through the creation of money. ...
Bank of England to keep animal fat in banknotes despite complaints image
Source : Guardian [Read Article] Thursday 10th of August 2017 10:11:31 AM
....5m over the next 10 years, on top of the £70m cost of reprinting the £5 and £10 notes. The Treasury advised that a switch to palm oil would not represent value for money for taxpayers. ...
Investors move to safe havens as US and North Korea trade threats image
Source : Guardian [Read Article] Wednesday 9th of August 2017 04:25:55 PM
....In another sign of the risk-averse mood, investors moved money into government bonds. The yield – or interest rate – on a benchmark 10-year US Treasury bill dropped to 2. ...
Bank of England to name conflicts officer to vet appointments image
Source : Guardian [Read Article] Wednesday 9th of August 2017 11:22:09 AM
....The report also recommends that the Bank’s head of compliance role be turned into a more senior position and that a system be put in place to capture and review data on relationships and conflicts. Hogg resigned after the Treasury select committee of MPs published a highly critical report, prompted by her failure to disclose that her brother works for Barclays, which is regulated by the Bank. ...
Alistair Darling: 'RBS said it would run out of money in early afternoon' image
Source : Guardian [Read Article] Wednesday 9th of August 2017 07:59:03 AM
.... The French bank said at the time it was unable to place a value on them because the market for these products, or “securities”, had dried up. Jack Lew, the former US Treasury secretary and an adviser to Barack Obama during the financial crisis, recalled the intensity of the situation as it unfolded. ...
We let the 2007 financial crisis go to waste | Torsten Bell image
Source : Guardian [Read Article] Wednesday 9th of August 2017 05:00:01 AM
Bank of England warns Brexit will put strain on regulatory resources image
Source : Guardian [Read Article] Tuesday 8th of August 2017 11:01:03 PM
.... “It is incumbent on us to manage this burden but we may have to make some difficult prioritisation decisions in order to accommodate it,” said Woods, chief executive of the PRA. In a letter to Nicky Morgan, the Conservative MP and new head of the Treasury select committee, Woods also described handling the fallout from Brexit as a top priority for the PRA. ...
Bank of England deputy's Brexit warning is strong stuff | Nils Pratley image
Source : Guardian [Read Article] Tuesday 8th of August 2017 11:01:03 PM
....The sums will be much larger in other public institutions that are obliged to draw up contingency plans for Brexit. Nicky Morgan, chair of the Treasury select committee, has performed a useful service in extracting Woods’s update on the Bank’s preparations. ...
Two pints of best and an English rosé as wine comes to the beer festival image
.... In March this year, Charlotte Hogg resigned as deputy governor of the Bank of England after MPs concluded that she was not up to the role she was promoted into barely two weeks previously. The Treasury select committee published a highly critical report into her failure to disclose that her brother worked for Barclays, which is regulated by the Bank of England. ...
Student debt: What is going on with the Student Loans Company? image
Source : Guardian [Read Article] Saturday 5th of August 2017 06:00:04 AM
.... Legally, it is owned by the Department for Education in England, and its equivalents in Scotland, Wales and Northern Ireland, suggesting that Justine Greening, the education secretary, has lead responsibility. But repayments are governed by the Department for Business, Innovation and Skills, which is headed by Greg Clark, the secretary of state, while a Transformation Programme that began in 2013 was a result of collaboration with BIS, the Cabinet Office and the Treasury. ...
Help To Buy: Fears first-time buyer scheme will be AXED image
Source : Daily Express [Read Article] Friday 4th of August 2017 03:33:00 PM
....6 billion for the scheme to 2021. Stephen Barclay, economic secretary to the Treasury recently said: “We want to make sure that anyone who works hard and aspires to own their own home has that opportunity. ...
RBS plans move to Amsterdam for post-Brexit EU hub image
Source : Guardian [Read Article] Friday 4th of August 2017 06:44:41 AM
....McEwan said the decision to sell was the government’s and Hammond has previously cited the DoJ settlement as an impediment to a sale but also signalled that the shares could be sold at a loss. The Treasury repeated a statement that it would “continue to seek opportunities for disposals, but the need to resolve legacy issues makes it uncertain as to when these will occur. ...
How Britain fell out of love with the free market image
Source : Guardian [Read Article] Friday 4th of August 2017 05:00:34 AM
....The culmination of all these revolts, some hoped, would be the party leadership of the one senior New Labour figure who had never been fully converted to the free market, Ed Miliband. “When Ed and I worked for Gordon at the Treasury,” says the Labour peer Stewart Wood, who became a Miliband advisor, “we used to sneak off for a drink at the end of the day, and say to each other, ‘Why isn’t the government doing anything to challenge the market?’”. ...
Do your fellow Brits a favour. Stop going on holiday | Simon Jenkins image
Source : Guardian [Read Article] Thursday 3rd of August 2017 06:00:08 AM
.... It leaves Britain in Europe’s transport dark ages. It is the crude price the Treasury has exacted from the transport secretary, Chris Grayling, for his gutless refusal to do the sensible thing and put the HS2 vanity project on indefinite hold. ...
Nicky Morgan requests assessment of City's readiness for hard Brexit image
Source : Guardian [Read Article] Monday 31st of July 2017 11:01:01 PM
....The Conservative MP Nicky Morgan has asked the Bank of England to provide comprehensive details of the City’s readiness for a hard Brexit, in an early indication of the agenda she hopes to pursue as head of one of parliament’s most influential committees. The newly elected chair of the Treasury select committee also called on the Bank to provide its views on what a Brexit transition deal should look like to minimise damage to the City. ...
HSBC shows what happens when a bank stops shooting itself in the foot | Nils Pratley image
.... When the regulator says it is considering whether unarranged overdrafts should even have a place in modern banking, it is already obvious that the current set-up is not going to survive. In her first outing as chair of the Treasury select committee, Nicky Morgan wants a report from the Bank of England on how banks and insurers are preparing for Brexit, with particular reference to the risks created by a “no deal” outcome. ...
Brexit border chaos will cause huge delays and cost £1bn a year, says report image
.... It also follows a week in which cabinet Brexiters signalled they were ready to adopt a comprehensive transitional deal for up to three years, as ministers attempt to buy time to tackle a series of unresolved policy challenges raised by Brexit. The complexities of creating a new customs regime as close as possible to the current arrangements is one of the major concerns for the Treasury, as it seeks to avoid serious disruption. ...
Labour used to be the party that saw the folly of leaving the EU image
Source : Guardian [Read Article] Saturday 29th of July 2017 11:05:04 PM
....Joining the European single market in the mid-1990s was one of Thatcher’s finest achievements. Last weekend I met a Treasury minister from those days who recalled that, at the time, Tory Eurosceptics were overjoyed by it. ...
Chancellor appoints Sir David Ramsden to Bank of England deputy role image
Source : Guardian [Read Article] Thursday 27th of July 2017 05:28:15 PM
....Philip Hammond has filled the vacancy on the Bank of England’s interest rate setting committee left by the departure of Charlotte Hogg, following the appointment of Sir David Ramsden as the central bank’s new deputy governor. The chancellor said Sir David, who is the Treasury’s chief economic adviser, would take up the role as deputy governor of markets and banking, making him Threadneedle Street’s eyes and ears on the banking sector while also giving him a position on the nine-strong monetary policy committee (MPC). ...
BBC women let pay gap happen, review co-chair says image
Source : Guardian [Read Article] Thursday 27th of July 2017 03:18:53 PM
....”. Nicky Morgan, the chair of the Treasury committee, who appointed Hampton to carry out the review, told the Standard: “Surely we have moved beyond it being about who marches into the boss’s office asking for a pay rise. ...
FCA to extend regulatory regime to 47,000 firms image
Source : Guardian [Read Article] Wednesday 26th of July 2017 05:37:53 PM
....The FCA’s consultation paper sets out five “conduct” rules for firms: act with integrity; act with due care, skill and diligence; be open and cooperative with regulators; pay due regard to customer interests and treat them fairly; and observe proper standards of market conduct. The Treasury had called for the broadening of the new regime two years ago when it also dropped a plan to “reverse the burden of proof” for managers, which would have forced them to demonstrate they had done the right thing if wrongdoing emerged on their watch. ...
How much do YOU pay in tax? Hardworking British families hit with £24k tax bill last year image
.... On top of income tax and national insurance, households are hit with council tax, fuel duty, VAT, as well as stamp duty, fuel duty and inheritance tax. The Treasury's is burdening Britons with an average £1,500 more tax compared to last year, according to the Taxpayers Alliance. ...
THIS is how much savers are taking from pensions: How do YOU compare? image
Source : Daily Express [Read Article] Wednesday 26th of July 2017 03:42:00 PM
.... The watchdog fears the trend will leave many people poorer in retirement. The pension reforms have also generated more tax than expected for the Treasury. ...
While Hammond looks for a magic money tree, Labour has found one | Larry Elliott image
.... It is hard to think of any other sector where this is true. The Treasury has always been opposed to a financial transaction tax, in large part due to its institutional capture by the City. ...
The UK’s Brexit negotiators are powered by little more than hope image
Source : Guardian [Read Article] Saturday 22nd of July 2017 04:00:42 PM
....This is the cake-and-eat-it deal that secures full access to the single market, without making any concessions on the free movement of labour or the power of the European court of justice over disputes involving UK citizens and businesses. This message can also be heard inside the Treasury, where senior officials believe that when the final deal is announced, British business will smile at the result and UK plc will sail on happily as an independent nation. ...
Full speed ahead for train builders as minister pulls plug on electrification image
....That episode underlined the political importance of the rail industry, secured again by HS2 and train building. But questions over whether the billions invested in the industry represent value for money should make ministers hesitate before opening the Treasury vaults again. ...
Budget deficit leaps as Brexit-fuelled inflation troubles Hammond image
Source : Guardian [Read Article] Friday 21st of July 2017 11:29:19 AM
....There was good news for the chancellor after data indicated that the dramatic slowdown in the economy during the first quarter had so far failed to reduce tax receipts. Corporation tax fell by more than 4% compared with June last year but all the main sources of tax receipts – income tax, national insurance and VAT – were up more than that predicted by the Treasury’s independent forecaster, the Office for Budget Responsibility (OBR). ...
Big-budget films receive increase in tax relief to almost £600m image
Source : Guardian [Read Article] Thursday 20th of July 2017 05:30:42 PM
....The government paid out almost £600m in tax relief last year to the makers of blockbusters including Baby Driver, Star Wars and T2: Trainspotting, as well as big-budget TV dramas including The Crown. The payouts were part of £751m that the Treasury awarded in tax relief to films, high-end dramas, video games, animations, children’s TV shows and theatre productions that passed a “cultural test” that qualified them as British. ...
Exxon fined $2m for violating Russia sanctions while Rex Tillerson was CEO image
.... The state department declined to comment on Tillerson’s role, referring all questions to Exxon. Treasury’s office of foreign assets control (Ofac) said Exxon caused “significant harm” to the sanctions program by engaging in transactions with a person who is “an official of the government of the Russian Federation contributing to the crisis in Ukraine”. ...
Recruitment sector tax scheme liquidates hundreds more firms image
Source : Guardian [Read Article] Thursday 20th of July 2017 02:17:53 PM
....The Guardian’s investigation triggered a series of parliamentary questions by Frank Field MP, the chairman of the House of Commons work and pensions select committee, who last week asked the chancellor: “What assessment has [the chancellor] made of HMRC’s ability to investigate and recover tax revenue lost to aggressive tax avoidance schemes promoted by the Anderson Group and others?”. Responding this week, Mel Stride, financial secretary to the Treasury and paymaster general, said: “HM Revenue and Customs does not comment on individual taxpayer cases. ...
HS2 cost concerns as NAO uncovers £2.7m in redundancy payouts image
Source : Guardian [Read Article] Wednesday 19th of July 2017 02:41:26 PM
....”. HS2 has an agreement with the Treasury to allow it to pay higher wages than elsewhere in the public sector, which Higgins has insisted is vital to recruit the best talent. ...
Incomes in south-east of England 'are 25% higher than in West Midlands' image
....”. A Treasury spokesman said that recent figures from the Office for National Statistics showed inequality in disposable income was lower than it had been for three decades, and the UK had the fifth lowest persistent poverty rates of the 28 countries in the EU. ...
End of the 'rip-off': all charges for paying by card to be banned image
Source : Guardian [Read Article] Tuesday 18th of July 2017 11:01:04 PM
....All extra charges added to payments for goods and services made by card are to be outlawed, ending a “rip-off” that costs Britons hundreds of millions of pounds a year, the government has announced. Fees for paying with plastic – most commonly a credit card – are routinely levied on everything from low-cost flights and tax bills to cinema tickets and takeaway meals, but the Treasury announced that these would be consigned to history from January 2018. ...
HS2 supporters boast of benefits – but costs keep going off the rails | Nils Pratley image
....The better question is to ask is whether HS2 is the most effective way to pursue such goals and whether the promised “jobs bonanza” – another pet phrase of the HS2 fans – could be delivered more cheaply by other means. Last year, the House of Lords economic affairs committee and the Treasury committee in the Commons came to the awkward conclusion that the economic case for HS2 had not been made conclusively. ...
British companies must have voices heard on Brexit, says MP image
Source : Guardian [Read Article] Friday 14th of July 2017 05:26:11 PM
....Nicky Morgan, the Conservative former education secretary who is the new chair of the treasury select committee, has been a vocal critic of May’s approach to Brexit. She said on Friday she would like to broaden the scope of the role, telling the BBC she wants to look “at the wider Treasury remit”. ...
Pension changes: Anger as workers hit with 'OUTRAGEOUS' tax hikes  image
Source : Daily Express [Read Article] Thursday 13th of July 2017 03:42:00 PM
.... But now the Government has confirmed the cut and worse still said it will be applied retrospectively. In a written statement today, the Treasury said it expects to introduce a Finance Bill as soon as possible after the summer recess. ...
UK public finances face twin threat from Brexit and downturn, says OBR image
Source : Guardian [Read Article] Thursday 13th of July 2017 12:07:53 PM
. Britain’s public finances are in worse shape to withstand a recession than they were on the eve of the 2007 financial crash a decade ago and face the twin threat of a fresh downturn and Brexit, the Treasury’s independent forecaster has warned. ...
Chancellor needs to find an extra £33bn a year to end austerity, says IFS image
....4% of GDP by 2021. To meet a target of balancing the budget in the middle of the next decade, the IFS warned that the Treasury would need to return to its spending squeeze if the economy, as expected, only grows modestly in the aftermath of leaving the European Union, limiting the growth of tax receipts. ...
The rehabilitation of RBS is painful, costly – and nowhere near over | Nils Pratley image
....On mortgage-backed securities, the bank is waiting for the DoJ, which moves at its own speed. Meanwhile, the UK Treasury is trying to extract RBS from its commitment to the EU to sell 300 branches, but the plan is already five months old. ...
RBS to pay $5.5bn penalty over US loan misselling scandal image
Source : Guardian [Read Article] Wednesday 12th of July 2017 12:55:36 PM
....The bank also needs to make a profit – McEwan has already warned that the bank is course to report 10 years of consecutive annual losses since its £45bn bailout – and pass its annual stress test from the Bank of England. It also needs the Treasury to reach a deal with Brussels over alternatives to the sale of 300 branches – which were to be known as Williams & Glyn – to meet conditions imposed by the European commission at the time of its bailout. ...
FCA warns it may intervene as millions take pension cash early image
Source : Guardian [Read Article] Wednesday 12th of July 2017 12:33:01 PM
.... Instead, older people are free to do whatever they like with their retirement cash – although those withdrawing large sums may well incur a considerable tax bill. Earlier this year it emerged that the reforms had raised five times more tax for the Treasury’s coffers than was originally forecast, suggesting that people were withdrawing larger sums than expected. ...
Chancellor urged to recover money lost from recruitment sector tax avoidance image
....The chancellor is being asked to reassure parliament that he will recover any monies lost to aggressive tax avoidance in the recruitment sector, after a Guardian investigation exposed how millions of pounds could be lost to the exchequer. Frank Field MP, who is due to be reconfirmed as the chairman of the House of Commons work and pensions select committee on Wednesday, is also asking the Treasury if it has calculated the impact on tax revenues of the liquidation of companies linked to Anderson Group, one of the recruitment sector’s leading financial services firms that promoted a scheme where almost 2,000 mini companies are now being simultaneously wound up. ...
Why a population of, say, 15 million makes sense for Australia image
Source : Guardian [Read Article] Tuesday 11th of July 2017 04:54:13 AM
....The idea that population growth is essential to boost GDP, and that this is good for everyone, is ubiquitous and goes largely unchallenged. For example, according to the Treasury’s 2010 intergenerational report:. ...
Risk of poverty in UK greater when father is sole breadwinner, finds IFS image
.... The proportion of children living with one working parent and one non-working parent in relative income poverty rose to 43% in 2015–16 – after accounting for housing costs – up from 33% in 1994–95. The Treasury said the government had taken action to help working families. ...
London mayor blasts council over cut to affordable homes in Battersea revamp image
....The row has intensified as previously confidential documents regarding the development – obtained by the Observer under the Freedom of Information Act – show how councillors have ignored planning guidance and in effect negotiated away thousands of affordable homes to help support the profits of developers. Appraisals by banking group BNP Paribas for Wandsworth council show how the original developer of the site, Treasury Holdings, hugely overpaid for the land and as a result sought to build a lower level of affordable housing, to which the council agreed. ...
After Andrew Tyrie: the race to become the Commons’ new inquisitor general image
. A hotly contested race for one of Westminster’s most coveted jobs enters its final stages this weekend as six Conservatives battle to run the powerful Treasury select committee. ...
Electric car revolution: calculating the cost of green motoring image
Source : Guardian [Read Article] Saturday 8th of July 2017 08:00:03 AM
....Fuel duty on petrol and diesel, which has been declining as a share of GDP because of a freeze in rates since 2011, are still a “significant source of revenue” according to the Office for Budget Responsibility. The Treasury earned £27. ...
UK business leaders to call for indefinite delay in leaving single market image
....”. Davis will be joined at the grace-and-favour government mansion in Kent by ministers from the Department for Business and the Treasury, who are known to be more sympathetic to the need for an extensive transition phase. ...
UK faces tightest squeeze on household incomes for five years image
Source : Guardian [Read Article] Thursday 6th of July 2017 12:57:38 PM
....”. A spokesman for the Treasury said the government was already helping households, for example with the introduction last year of a higher minimum wage for workers over 25 known as the “national living wage”. ...
Theresa May defends public sector pay cap under pressure from Labour image
Source : Guardian [Read Article] Wednesday 5th of July 2017 07:23:29 PM
....Some would like to see May give a clear signal before parliament breaks up for the summer recess on 20 July that the 1% across-the-board cap will be lifted. The chief secretary to the Treasury, Liz Truss, must write a letter to the independent pay review bodies shortly, setting out their remit and would be expected to reinforce the 1% cap. ...
Public sector pay cap is matter for future budgets, says Grayling image
Source : Guardian [Read Article] Wednesday 5th of July 2017 07:56:11 AM
....He has said growth was the only sustainable way to boost public spending in the long run, although sources suggest he is ready to talk about ways to raise money to loosen the ties of austerity over the coming months. One senior Treasury figure said despite that, things would continue to be financially constrained in the run-up to Brexit. ...
Brexit: British officials drop 'cake and eat it' approach to negotiations image
....British officials have quietly abandoned hope of securing the government’s promised “cake and eat it” Brexit deal, increasingly accepting the inevitability of a painful trade-off between market access and political control when the UK leaves the EU. Government insiders report a dramatic change of mood at the Department for Exiting the European Union (DExEU) since the general election, with growing Treasury influence helping force ministers to choose between prioritising economic interests or sovereignty. ...
MPs and charities urge car leasers to publish sub-prime loan figures image
.... However, it has never collected data on defaults and arrears using a standard measure that would allow parliament or debt charities to assess the level of risk taken by the industry. Rachel Reeves, the Labour MP for Leeds West and a former shadow Treasury minister, said: “Household debt is back at levels seen just before the financial crash. ...

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