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....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. ... [Read full article on Guardian ]
Tuesday 18th of July 2017 11:01:04 PM
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.... Perhaps the most surprising such transformation has been that of Larry Summers. Possessed of a panoply of elite titles – former chief economist of the World Bank, former Treasury secretary, president emeritus of Harvard, former economic adviser to President Barack Obama – Summers was renowned in the 1990s and 2000s for being a blustery proponent of globalisation. ... [Read full article on Guardian ]
Friday 14th of July 2017 04:28:14 AM
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....”. 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. ... [Read full article on Guardian ]
Thursday 6th of July 2017 05:02:32 PM
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....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. ... [Read full article on Guardian ]
Wednesday 12th of July 2017 06:53:34 PM
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....The regulator had concerns about the way the investment consultant market operated, but did not immediately refer the industry to the Competition and Markets Authority, after receiving representations from the three big companies. But it is recommending that the Treasury gives it powers to regulate the sector. ... [Read full article on Guardian ]
Wednesday 28th of June 2017 07:28:17 AM
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....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. ... [Read full article on Guardian ]
Monday 3rd of July 2017 06:30:55 AM
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....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. ... [Read full article on Guardian ]
Thursday 20th of July 2017 02:17:53 PM
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.... In May, Shell removed the first of four rigs from the Brent field 100 miles north of Shetland, part of a plan that will take years and cost single-digit billions alone. Oil companies enjoy between 40% and 75% tax relief on their clean-up costs because of their contribution to Treasury coffers during production years. ... [Read full article on Guardian ]
Thursday 29th of June 2017 05:00:14 AM
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....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. ... [Read full article on Guardian ]
Tuesday 11th of July 2017 05:29:44 PM
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. 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. ... [Read full article on Guardian ]
Thursday 13th of July 2017 12:07:53 PM
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....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. ... [Read full article on Guardian ]
Wednesday 12th of July 2017 12:55:36 PM
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.... 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. ... [Read full article on Guardian ]
Sunday 23rd of July 2017 12:35:11 PM
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.... 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. ... [Read full article on Guardian ]
Wednesday 12th of July 2017 12:33:01 PM
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.... Farmers received about £3bn in support from the much-reviled common agricultural policy last year – over £2bn in direct payments, paid per hectare, and about £600m in rural development payments. The Treasury has been itching to abolish direct payments for years, believing agriculture should be treated the same as any other part of the economy – that is, British farmers must be competitive in international markets without subsidy. ... [Read full article on Guardian ]
Monday 26th of June 2017 06:00:02 AM
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.... 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. ... [Read full article on Guardian ]
Sunday 9th of July 2017 11:01:37 PM
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....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. ... [Read full article on Guardian ]
Thursday 20th of July 2017 05:30:42 PM
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....MPs are keeping a close watch. Jacob Rees-Mogg, the Conservative MP who intends to run as chairman of the Treasury select committee, said the bank should have been ready to compensate customers as soon as the case was over. ... [Read full article on Guardian ]
Monday 26th of June 2017 05:07:52 PM
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....Senior figures said the previous chancellor wanted to make the change in late 2015, after winning the general election, because copper coins cost more to produce than they were worth and people tended not to like them. The Treasury assessed what had happened when one- and two-cent coins were stopped in Australia, discovering that the shift was popular but triggered a backlash from charities who had benefited from people handing over their spare change. ... [Read full article on Guardian ]
Friday 30th of June 2017 06:47:41 AM
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....At which point I should like to quote from a recent lecture by Sir Brian Unwin to the Norwegian parliament. Unwin is not only a former Treasury official and chairman of Customs and Excise, but was also president of the European Investment Bank. ... [Read full article on Guardian ]
Sunday 2nd of July 2017 06:00:21 AM
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....”. 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”. ... [Read full article on Guardian ]
Thursday 6th of July 2017 12:57:38 PM
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.... With the new reduced specifications, work began in May 2012. In the early years of the Blair government, PFI was condemned by a Treasury select committee as a way to mask state borrowing. ... [Read full article on Guardian ]
Friday 21st of July 2017 05:00:09 AM
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....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. ... [Read full article on Guardian ]
Saturday 8th of July 2017 11:03:08 PM
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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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....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). ... [Read full article on Guardian ]
Friday 21st of July 2017 11:29:19 AM
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....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. ... [Read full article on Guardian ]
Wednesday 5th of July 2017 07:23:29 PM
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.... 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”. ... [Read full article on Guardian ]
Thursday 20th of July 2017 04:22:56 PM
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....”. 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. ... [Read full article on Guardian ]
Tuesday 18th of July 2017 11:01:04 PM
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....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. ... [Read full article on Guardian ]
Saturday 22nd of July 2017 03:00:41 PM
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.... 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. ... [Read full article on Guardian ]
Sunday 2nd of July 2017 10:44:35 AM
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. 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. ... [Read full article on Guardian ]
Saturday 8th of July 2017 02:59:11 PM
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Latest Finance News related to 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. ...
Hard Brexit has been confounded by some harder realities image
Source : Guardian [Read Article] Sunday 2nd of July 2017 06:00:21 AM
....At which point I should like to quote from a recent lecture by Sir Brian Unwin to the Norwegian parliament. Unwin is not only a former Treasury official and chairman of Customs and Excise, but was also president of the European Investment Bank. ...
Fixed-odds betting terminal review delayed until autumn image
Source : Guardian [Read Article] Friday 30th of June 2017 06:11:07 PM
. A long-awaited review of fixed-odds betting terminals (FOBTs) has been delayed until the autumn, following a rift between the Treasury and the government department responsible for the gambling industry over regulation of the controversial machines. ...
George Osborne came within weeks of scrapping the penny image
Source : Guardian [Read Article] Friday 30th of June 2017 06:47:41 AM
....Senior figures said the previous chancellor wanted to make the change in late 2015, after winning the general election, because copper coins cost more to produce than they were worth and people tended not to like them. The Treasury assessed what had happened when one- and two-cent coins were stopped in Australia, discovering that the shift was popular but triggered a backlash from charities who had benefited from people handing over their spare change. ...
UK taxpayers face multi-billion burden for dismantling of North Sea rigs image
.... In May, Shell removed the first of four rigs from the Brent field 100 miles north of Shetland, part of a plan that will take years and cost single-digit billions alone. Oil companies enjoy between 40% and 75% tax relief on their clean-up costs because of their contribution to Treasury coffers during production years. ...
FCA says UK's £7tn asset management industry needs radical reform image
Source : Guardian [Read Article] Wednesday 28th of June 2017 07:28:17 AM
....The regulator had concerns about the way the investment consultant market operated, but did not immediately refer the industry to the Competition and Markets Authority, after receiving representations from the three big companies. But it is recommending that the Treasury gives it powers to regulate the sector. ...
Extra £1bn for Northern Ireland will barely dent public finances image
Source : Guardian [Read Article] Tuesday 27th of June 2017 05:04:26 PM
.... Another £350m will be spent on health and education services. Treasury forecasts show the government will spend £802bn this financial year and £817bn in the next. ...
HBOS fraud victims go unpaid as Lloyds battles Noel Edmonds image
Source : Guardian [Read Article] Monday 26th of June 2017 05:07:52 PM
....MPs are keeping a close watch. Jacob Rees-Mogg, the Conservative MP who intends to run as chairman of the Treasury select committee, said the bank should have been ready to compensate customers as soon as the case was over. ...
Hard Brexit could halt Heathrow expansion plans, says Lord Adonis image
Source : Guardian [Read Article] Monday 26th of June 2017 12:32:00 PM
....The government is due to build HS2 with public funding and is expected to put legislation before parliament to build phase 2a from Birmingham to Crewe this year, and make a decision on the rest of the route. However, a faltering economy could further undermine the business case for the railway, with Treasury calculations basing passenger growth on GDP. ...
Brexit could destroy the UK's food and farming industry – or be the making of it | Felicity Lawrence image
.... Farmers received about £3bn in support from the much-reviled common agricultural policy last year – over £2bn in direct payments, paid per hectare, and about £600m in rural development payments. The Treasury has been itching to abolish direct payments for years, believing agriculture should be treated the same as any other part of the economy – that is, British farmers must be competitive in international markets without subsidy. ...
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. ...

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