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.... But the plan was immediately seen as an attempt to lower any barriers to the $2tn Saudi oil company picking London for its stock market listing, which could boost the UK in the wake of Brexit. Major City investors warned the plans could damage London’s reputation and the matter is now being raised by Nicky Morgan, the Conservative MP who chairs the Treasury select committee, and Rachel Reeves, the Labour MP who chairs the business, energy and industry committee. ... [Read full article on Guardian ]
Thursday 7th of September 2017 11:01:22 PM
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.... For those who don’t believe this neoliberal fairytale, there is a fall-back position: the top 1% pay a lot more than 1% of tax receipts – and the proportion has been rising. The top 1% of earners in the UK accounts for 27% of income tax receipts, more than double the percentage when Healey was at the Treasury. ... [Read full article on Guardian ]
Sunday 27th of August 2017 11:00:03 AM
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....“It is disturbing that 10 years on from Northern Rock, the best measures of leverage – those based on market values – indicate that UK banks are even more leveraged than they were then,” said Dowd. The Bank of England did not comment on the new report but the subject was the topic of a hearing of the Treasury select committee in January. ... [Read full article on Guardian ]
Tuesday 12th of September 2017 11:01:48 PM
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....”. Stephen Barclay, economic secretary to the Treasury, added: “Financial services are a British success story. ... [Read full article on Guardian ]
Monday 18th of September 2017 05:28:07 PM
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....The DCMS is due to publish a report in early November detailing the government’s proposals on gambling advertising and controversial fixed-odds betting terminals. Tracey Crouch, the minister for sport, is understood to be keen to implement tough measures on FOBTs in particular, but is facing opposition from the Treasury, which is mindful of the impact of any new restrictions on tax payments from gambling firms. ... [Read full article on Guardian ]
Tuesday 5th of September 2017 11:01:15 PM
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.... The government has proposed changing tax relief rules around decommissioning to support the sector, with a final decision expected at the autumn budget. Andrew Jones, a Treasury minister, told an industry conference on Tuesday: “The government remains fully committed in its support of the UK’s oil and gas industry. ... [Read full article on Guardian ]
Wednesday 6th of September 2017 05:01:22 AM
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....Stage three of the process began in June last year when the UK voted to leave the EU. Both the Treasury and the Bank expected this to have dire consequences for the economy, with the then chancellor George Osborne predicting a deep recession and a 500,000 increase in unemployment within two years. ... [Read full article on Guardian ]
Monday 18th of September 2017 05:26:02 PM
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....The chair of an influential parliamentary committee is calling for urgent action to ensure that British pensioners living in Spain or other EU countries do not find their payments stopped after Britain leaves the EU in 2019. UK firms may not be legally able to pay out personal pension or insurance contracts to UK expats and other citizens living in the EU after Brexit, Nicky Morgan, chair of the Treasury select committee, wrote in a letter to the chancellor, Philip Hammond. ... [Read full article on Guardian ]
Sunday 17th of September 2017 11:01:53 PM
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.... One key finding is that the number of addicts who play fixed-odds betting terminals (FOBTs) – the controversial machines that let punters stake £100 every 20 seconds – has increased significantly. Public anger about FOBTs has grown and, while the Treasury fears that curbing the machines could diminish its tax take, No 11’s voice may be drowned out by the prospect of an easy political win. ... [Read full article on Guardian ]
Sunday 27th of August 2017 05:59:02 AM
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....The City regulator is at loggerheads with MPs after refusing to publish a report it commissioned into the way Royal Bank of Scotland treated small business customers. Andrew Bailey, the chief executive of the Financial Conduct Authority, has told MPs on the Treasury select committee that publication of information in the report could be a criminal offence under the Financial Services and Marketing Act. ... [Read full article on Guardian ]
Thursday 14th of September 2017 11:01:17 PM
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....The chairs of two powerful parliamentary committees have urged the government to set up an independent public inquiry into the £200bn of debt amassed by households. The call by Rachel Reeves, the Labour chair of the business select committee, and Frank Field, the Labour head of the work and pensions select committee, comes as the Conservative-led Treasury select committee plans to hold meetings around the country to examine the impact of debt on individuals and households. ... [Read full article on Guardian ]
Tuesday 19th of September 2017 12:50:07 PM
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....It also laid out the regulatory landscape governing online gaming and fixed-odds betting terminals (FOBTs), the machines that allow punters to bet up to £100 every 20 seconds. The industry’s income – along with the amount of tax it pays to the Treasury – has soared since, according to figures from the Gambling Commission. ... [Read full article on Guardian ]
Thursday 31st of August 2017 05:18:31 PM
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.... The report, which is expected to produce a series of policy initiatives when it unveils final conclusions next autumn, also said ministers must tackle the market dominance of digital companies such as Amazon, Facebook and Google. A spokesman for the Treasury said the chancellor, Philip Hammond, rejected the accusations in the report that the government had cut investment and presided over a rise in inequality. ... [Read full article on Guardian ]
Tuesday 5th of September 2017 06:26:34 PM
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....”. Downing Street and the Treasury have increasingly been trying to reach out to businesses since the election, including hosting summits on Brexit and reinstating David Cameron’s business advisory group. ... [Read full article on Guardian ]
Wednesday 6th of September 2017 04:24:03 PM
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.... The door has been opened for executives in other feast-or-famine sectors to try their luck and demand jackpot incentives at the right moment in the cycle. Nicky Morgan, the Treasury select committee chair, is right. ... [Read full article on Guardian ]
Wednesday 6th of September 2017 06:42:09 PM
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.... However, this section was crossed out by hand, indicating it should not be used. A written statement from Liz Truss, the chief secretary to the Treasury, gave further details on the pay awards. ... [Read full article on Guardian ]
Tuesday 12th of September 2017 12:30:45 PM
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....KPMG has been cleared of any wrongdoing over its auditing of HBOS, which was rescued by Lloyds during the height of the 2008 crisis, after accounting regulators concluded the accountancy firm could not have foreseen the bank’s problems. The accountancy regulator, the Financial Reporting Council (FRC), announced that it had closed an investigation into KPMG which was sparked by pressure from MPs on the Treasury select committee in 2015. ... [Read full article on Guardian ]
Tuesday 19th of September 2017 09:26:11 AM
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....”. The Treasury secretary, Steve Mnuchin, a former Goldman Sachs banker, has said a sustainable growth rate above 3% a year can be achieved once banks are relieved of the shackles imposed on them by Dodd-Frank. ... [Read full article on Guardian ]
Friday 25th of August 2017 04:00:14 PM
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....The returns are high even though the risks are low once construction is completed, as the government guarantees the payments, save in exceptional circumstances. The figures were derived from a study of the Treasury database and the accounts of PFI companies held by Companies House. ... [Read full article on Guardian ]
Tuesday 29th of August 2017 11:01:11 PM
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....The Australian Tax Office has published estimates of the amount of unpaid super in Australia for the first time. The data broadly confirm figures published by Phil Gallagher, a former director of Treasury’s retirement income modelling taskforce between 1993 and 2013, who issued repeated warnings about workers being short-changed on their compulsory super entitlements. ... [Read full article on Guardian ]
Tuesday 29th of August 2017 08:58:17 AM
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.... The rising upfront cost of doing business in the UK, the uncertainty around Brexit, and the constraints created by skills gaps and shoddy infrastructure collectively outweigh any benefit arising from the recent depreciation of sterling,” he said. The situation could turn around, said Marshall, if No10 can hammer out plans for a transition deal with Brussels and the Treasury “pulls out the stops” to support business growth in the autumn budget with a series of commitments to infrastructure spending and extra public investment. ... [Read full article on Guardian ]
Friday 8th of September 2017 05:01:30 AM
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.... Last weekend saw the 25th anniversary of the ignominious exit of the pound from the European exchange rate mechanism – “the first Brexit”, and, I still hope, the only one. Then this November will see the 50th anniversary of the dramatic 14% devaluation of the pound – an episode from which the Labour government of Harold Wilson never quite recovered, not least because Wilson made the mistake of proclaiming that “the pound in your pocket has not been devalued” – based on a brief by Treasury officials which was aimed at explaining that, from the point of view of the pocket or purse, it was only the price of imports that were going up, and spending on imports was only a small fraction of total household spending. ... [Read full article on Guardian ]
Sunday 24th of September 2017 06:00:37 AM
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.... When the news came that US second-quarter GDP, when extrapolated over a year, showed the country growing at the fastest rate in the G7, he was busy flying down to Texas to support the relief effort. Trump and his Treasury secretary Steve Mnuchin have promised to deliver 3%-plus growth and here was the first indication that the president’s arrival in the White House had made a difference. ... [Read full article on Guardian ]
Saturday 2nd of September 2017 04:00:19 PM
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.... After attempts to find a buyer failed, the bank was nationalised in February 2008. Speaking at on event in London on Wednesday organised by the Resolution Foundation to mark the 10th anniversary of Northern Rock’s collapse, Darling sat alongside Nicky Morgan, the Tory MP and Treasury select committee chair, who said the banking crisis was still raised by voters on the doorstep. ... [Read full article on Guardian ]
Wednesday 13th of September 2017 12:16:45 PM
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. The Financial Conduct Authority is facing pressure from the Treasury select committee of MPs to publish the report into Royal Bank of Scotland’s troubled business restructuring unit. ... [Read full article on Guardian ]
Wednesday 6th of September 2017 11:01:44 PM
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.... Yes, it is probably true that the Rock was not insolvent, just suffering an extreme liquidity crisis. After all, the Treasury is set to make a clear profit from the run-off of the mortgage book. ... [Read full article on Guardian ]
Thursday 14th of September 2017 01:58:12 PM
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.... Failure to do so risks putting years of inexpensive funding to waste. Dimitri Zenghelis, a former head of economic forecasting at the Treasury, argued in August last year for such a package, and his reasoning remains valid now. ... [Read full article on Guardian ]
Sunday 17th of September 2017 01:38:31 PM
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.... That, more or less, is the entirety of the FRC’s brief summary on its investigation. Hold on, though, didn’t the FRC, under pressure from Andrew Tyrie, chair of the Treasury select committee in the last parliament, promise a full report on the auditing on HBOS? Well, yes, it did. ... [Read full article on Guardian ]
Tuesday 19th of September 2017 02:52:10 PM
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.... Although devolution means Scottish councils are funded differently to the rest of the UK, Holyrood has also come under criticism for squeezing local authorities. As well as using the bond markets, authorities are taking out cheap loans from the Public Works Loan Board, a Treasury agency, as they plough money into property developments and other investments. ... [Read full article on Guardian ]
Thursday 31st of August 2017 05:27:32 PM
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....The forecasts put pressure on the chancellor Philip Hammond to lift the economy with a spending boost in his autumn budget on 22 November. Ministers are understood to be lobbying the Treasury for extra cash to offset planned cuts to services and to cover a wage rise for public sector workers. ... [Read full article on Guardian ]
Wednesday 20th of September 2017 09:00:02 AM
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Latest Finance News related to Treasury

The Fed’s change of direction will only fuel America’s growing debt problem image
....The Fed, under former chairman Ben Bernanke, more than quadrupled the size of its balance sheet, to $4. 5tn, by purchasing Treasury bonds and mortgage-backed securities under a programme dubbed quantitative easing (QE). ...
Brexit isn’t a new Black Wednesday. It’s far darker than that image
Source : Guardian [Read Article] Sunday 24th of September 2017 06:00:37 AM
.... Last weekend saw the 25th anniversary of the ignominious exit of the pound from the European exchange rate mechanism – “the first Brexit”, and, I still hope, the only one. Then this November will see the 50th anniversary of the dramatic 14% devaluation of the pound – an episode from which the Labour government of Harold Wilson never quite recovered, not least because Wilson made the mistake of proclaiming that “the pound in your pocket has not been devalued” – based on a brief by Treasury officials which was aimed at explaining that, from the point of view of the pocket or purse, it was only the price of imports that were going up, and spending on imports was only a small fraction of total household spending. ...
Treasury criticises Moody's after UK credit rating is downgraded image
Source : Guardian [Read Article] Saturday 23rd of September 2017 01:03:01 PM
. The Treasury has hit back at warnings by the credit ratings agency Moody’s that the likelihood of a hard Brexit and a squeeze on the public finances would damage the UK economy’s long-term health. ...
UK budget deficit narrows as shoppers boost VAT receipts image
Source : Guardian [Read Article] Thursday 21st of September 2017 10:40:03 AM
....1bn in a Reuters poll of economists. August’s strong performance, after a better than expected July, is likely to be welcomed in the Treasury where the chancellor, Philip Hammond. ...
UK growth will trail Italy, France and Germany next year, says OECD image
Source : Guardian [Read Article] Wednesday 20th of September 2017 09:00:02 AM
....The forecasts put pressure on the chancellor Philip Hammond to lift the economy with a spending boost in his autumn budget on 22 November. Ministers are understood to be lobbying the Treasury for extra cash to offset planned cuts to services and to cover a wage rise for public sector workers. ...
Why were HBOS auditors cleared? We need a full explanation | Nils Pratley image
Source : Guardian [Read Article] Tuesday 19th of September 2017 02:52:10 PM
.... That, more or less, is the entirety of the FRC’s brief summary on its investigation. Hold on, though, didn’t the FRC, under pressure from Andrew Tyrie, chair of the Treasury select committee in the last parliament, promise a full report on the auditing on HBOS? Well, yes, it did. ...
Public inquiry needed into UK's £200bn debt crisis, say senior MPs image
Source : Guardian [Read Article] Tuesday 19th of September 2017 12:50:07 PM
....The chairs of two powerful parliamentary committees have urged the government to set up an independent public inquiry into the £200bn of debt amassed by households. The call by Rachel Reeves, the Labour chair of the business select committee, and Frank Field, the Labour head of the work and pensions select committee, comes as the Conservative-led Treasury select committee plans to hold meetings around the country to examine the impact of debt on individuals and households. ...
KPMG cleared by watchdog in HBOS audit investigation image
Source : Guardian [Read Article] Tuesday 19th of September 2017 09:26:11 AM
....KPMG has been cleared of any wrongdoing over its auditing of HBOS, which was rescued by Lloyds during the height of the 2008 crisis, after accounting regulators concluded the accountancy firm could not have foreseen the bank’s problems. The accountancy regulator, the Financial Reporting Council (FRC), announced that it had closed an investigation into KPMG which was sparked by pressure from MPs on the Treasury select committee in 2015. ...
UK debt is explosive – and it only needs a spark to light the fuse | Larry Elliott image
....Stage three of the process began in June last year when the UK voted to leave the EU. Both the Treasury and the Bank expected this to have dire consequences for the economy, with the then chancellor George Osborne predicting a deep recession and a 500,000 increase in unemployment within two years. ...
British expats face 'cliff edge' in pensions and insurance after Brexit image
Source : Guardian [Read Article] Sunday 17th of September 2017 11:01:53 PM
....The chair of an influential parliamentary committee is calling for urgent action to ensure that British pensioners living in Spain or other EU countries do not find their payments stopped after Britain leaves the EU in 2019. UK firms may not be legally able to pay out personal pension or insurance contracts to UK expats and other citizens living in the EU after Brexit, Nicky Morgan, chair of the Treasury select committee, wrote in a letter to the chancellor, Philip Hammond. ...
What will justify an interest rate rise in November? | Richard Partington image
Source : Guardian [Read Article] Sunday 17th of September 2017 01:38:31 PM
.... Failure to do so risks putting years of inexpensive funding to waste. Dimitri Zenghelis, a former head of economic forecasting at the Treasury, argued in August last year for such a package, and his reasoning remains valid now. ...
FCA refuses to publish report on RBS and small business customers image
Source : Guardian [Read Article] Thursday 14th of September 2017 11:01:17 PM
....The City regulator is at loggerheads with MPs after refusing to publish a report it commissioned into the way Royal Bank of Scotland treated small business customers. Andrew Bailey, the chief executive of the Financial Conduct Authority, has told MPs on the Treasury select committee that publication of information in the report could be a criminal offence under the Financial Services and Marketing Act. ...
Northern Rock investors' compensation claim just doesn't stand up | Nils Pratley image
.... Yes, it is probably true that the Rock was not insolvent, just suffering an extreme liquidity crisis. After all, the Treasury is set to make a clear profit from the run-off of the mortgage book. ...
Might, not right: betting firms get their due on fixed-odds machines image
Source : Guardian [Read Article] Wednesday 13th of September 2017 06:27:29 PM
.... How did this happen to an industry that, despite compelling evidence of social harm done by these machines, seemed to have might on its side?. The bookies were able to point to the substantial sums of tax they pay the Treasury. ...
Darling: Brexit would not have happened without banking crisis image
Source : Guardian [Read Article] Wednesday 13th of September 2017 12:16:45 PM
.... After attempts to find a buyer failed, the bank was nationalised in February 2008. Speaking at on event in London on Wednesday organised by the Resolution Foundation to mark the 10th anniversary of Northern Rock’s collapse, Darling sat alongside Nicky Morgan, the Tory MP and Treasury select committee chair, who said the banking crisis was still raised by voters on the doorstep. ...
UK's high street banks are accident waiting to happen, says report image
Source : Guardian [Read Article] Tuesday 12th of September 2017 11:01:48 PM
....“It is disturbing that 10 years on from Northern Rock, the best measures of leverage – those based on market values – indicate that UK banks are even more leveraged than they were then,” said Dowd. The Bank of England did not comment on the new report but the subject was the topic of a hearing of the Treasury select committee in January. ...
Hammond eases public sector pay cap, but the squeeze goes on image
Source : Guardian [Read Article] Tuesday 12th of September 2017 06:22:02 PM
....Philip Hammond’s re-emergence as a power in the cabinet can be seen clearly as the battle rages inside government over the thorny question of public sector pay. There may have been a green light from No 10 to rip up the current cap and give the police and prison officers a 1% rise plus a 1% bonus for 2017-18, but the Treasury has made sure the bonus is not part of workers’ consolidated, pensionable pay and is funded from within existing budgets. ...
No 10 faces backlash from Labour and unions over public sector pay cap lift image
Source : Guardian [Read Article] Tuesday 12th of September 2017 12:30:45 PM
.... However, this section was crossed out by hand, indicating it should not be used. A written statement from Liz Truss, the chief secretary to the Treasury, gave further details on the pay awards. ...
Labour to force vote in Commons on scrapping public sector pay cap image
Source : Guardian [Read Article] Sunday 10th of September 2017 11:26:31 AM
....The opposition is seeking to capitalise on Conservative support for public sector workers to receive a pay increase and Theresa May’s lack of a majority to pressure her to take action sooner than previously hinted. The announcement of the motion comes after a former top Treasury official labelled the cap unsustainable in the long term. ...
Politicians hand over power at their peril | David Kynaston image
Source : Guardian [Read Article] Saturday 9th of September 2017 11:04:20 PM
....As chancellor in the 1850s and 1860s he waged a series of acrimonious battles over the Bank’s charges to government and established the Post Office savings banks as an alternative source of finance, while as four-times prime minister he continued to view the Bank as an unreformed vested interest (an exaggeration, but not a complete one). He was so unpopular there that, noted a Treasury diarist in 1888, “one Director said he intended to send Mr G [in his late seventies] a naïve advertisement of an enterprising undertaker who expressed surprise that people should go on living a life of trouble to themselves and others when they could be comfortably interred for £3…”. ...
UK economy 'treading water' as eurozone stretches ahead, says BCC image
Source : Guardian [Read Article] Friday 8th of September 2017 05:01:30 AM
.... The rising upfront cost of doing business in the UK, the uncertainty around Brexit, and the constraints created by skills gaps and shoddy infrastructure collectively outweigh any benefit arising from the recent depreciation of sterling,” he said. The situation could turn around, said Marshall, if No10 can hammer out plans for a transition deal with Brussels and the Treasury “pulls out the stops” to support business growth in the autumn budget with a series of commitments to infrastructure spending and extra public investment. ...
FCA must backtrack over Saudi oil giant Aramco | Nils Pratley image
Source : Guardian [Read Article] Thursday 7th of September 2017 11:01:23 PM
....But if Bailey wants to keep this better image for the FCA he will have to find a way to abandon the proposal to rewrite the listing rules to make it easier for Saudi Arabia’s state-owned oil company, Aramco, to float in London. The investment community hates the idea and the heat on the FCA will intensify now that the chairs of the Treasury and business select committees are asking pointed questions about ministerial interference. ...
MPs to question City watchdog over Saudi Aramco float image
Source : Guardian [Read Article] Thursday 7th of September 2017 11:01:22 PM
.... But the plan was immediately seen as an attempt to lower any barriers to the $2tn Saudi oil company picking London for its stock market listing, which could boost the UK in the wake of Brexit. Major City investors warned the plans could damage London’s reputation and the matter is now being raised by Nicky Morgan, the Conservative MP who chairs the Treasury select committee, and Rachel Reeves, the Labour MP who chairs the business, energy and industry committee. ...
Publish leaked RBS report, MPs tell FCA image
Source : Guardian [Read Article] Wednesday 6th of September 2017 11:01:44 PM
. The Financial Conduct Authority is facing pressure from the Treasury select committee of MPs to publish the report into Royal Bank of Scotland’s troubled business restructuring unit. ...
The City's timidity has let Sports Direct's Keith Hellawell survive | Nils Pratley image
.... The door has been opened for executives in other feast-or-famine sectors to try their luck and demand jackpot incentives at the right moment in the cycle. Nicky Morgan, the Treasury select committee chair, is right. ...
Government asks big companies to sign letter backing Brexit strategy image
Source : Guardian [Read Article] Wednesday 6th of September 2017 04:24:03 PM
....”. Downing Street and the Treasury have increasingly been trying to reach out to businesses since the election, including hosting summits on Brexit and reinstating David Cameron’s business advisory group. ...
North Sea oil and gas sector losing thousands of jobs, survey shows image
Source : Guardian [Read Article] Wednesday 6th of September 2017 05:01:22 AM
.... The government has proposed changing tax relief rules around decommissioning to support the sector, with a final decision expected at the autumn budget. Andrew Jones, a Treasury minister, told an industry conference on Tuesday: “The government remains fully committed in its support of the UK’s oil and gas industry. ...
Ban betting firms from sponsoring football shirts, says Labour image
Source : Guardian [Read Article] Tuesday 5th of September 2017 11:01:15 PM
....The DCMS is due to publish a report in early November detailing the government’s proposals on gambling advertising and controversial fixed-odds betting terminals. Tracey Crouch, the minister for sport, is understood to be keen to implement tough measures on FOBTs in particular, but is facing opposition from the Treasury, which is mindful of the impact of any new restrictions on tax payments from gambling firms. ...
UK’s economic model is broken, says Archbishop of Canterbury image
Source : Guardian [Read Article] Tuesday 5th of September 2017 06:26:34 PM
.... The report, which is expected to produce a series of policy initiatives when it unveils final conclusions next autumn, also said ministers must tackle the market dominance of digital companies such as Amazon, Facebook and Google. A spokesman for the Treasury said the chancellor, Philip Hammond, rejected the accusations in the report that the government had cut investment and presided over a rise in inequality. ...
Autumn Budget 2017 Date & Predictions: Stamp duty & pensions could be hit by Hammond image
....The group said this would increase mobility at all levels, as people moving up the ladder would be paying duty on the lower-priced house that they are selling rather than buying. It would also help more first-time buyers on to the ladder, while maintaining the valuable source of income for the Treasury. ...
Government prepares clampdown on fixed-odds betting machines image
Source : Guardian [Read Article] Saturday 2nd of September 2017 08:30:24 PM
....The government has signalled that it is preparing to clamp down on fixed odds betting terminals (FOBTs) – the gambling machines described as the “crack cocaine” of the betting world. But the extent to which the machines will be controlled is dividing the Treasury and the Department for Culture, Media and Sport. ...
Look under the bonnet and the US economy is in for a rough ride | Phillip Inman image
.... When the news came that US second-quarter GDP, when extrapolated over a year, showed the country growing at the fastest rate in the G7, he was busy flying down to Texas to support the relief effort. Trump and his Treasury secretary Steve Mnuchin have promised to deliver 3%-plus growth and here was the first indication that the president’s arrival in the White House had made a difference. ...
Aberdeen joins councils raising money by selling bonds as cuts bite image
Source : Guardian [Read Article] Thursday 31st of August 2017 05:27:32 PM
.... Although devolution means Scottish councils are funded differently to the rest of the UK, Holyrood has also come under criticism for squeezing local authorities. As well as using the bond markets, authorities are taking out cheap loans from the Public Works Loan Board, a Treasury agency, as they plough money into property developments and other investments. ...
UK gambling industry now takes £14bn a year from punters – report image
Source : Guardian [Read Article] Thursday 31st of August 2017 05:18:31 PM
....It also laid out the regulatory landscape governing online gaming and fixed-odds betting terminals (FOBTs), the machines that allow punters to bet up to £100 every 20 seconds. The industry’s income – along with the amount of tax it pays to the Treasury – has soared since, according to figures from the Gambling Commission. ...
Private firms poised to make another £1bn from building NHS hospitals image
Source : Guardian [Read Article] Tuesday 29th of August 2017 11:01:11 PM
....The returns are high even though the risks are low once construction is completed, as the government guarantees the payments, save in exceptional circumstances. The figures were derived from a study of the Treasury database and the accounts of PFI companies held by Companies House. ...
Employers failed to pay $17bn in super since 2009, tax office says image
Source : Guardian [Read Article] Tuesday 29th of August 2017 08:58:17 AM
....The Australian Tax Office has published estimates of the amount of unpaid super in Australia for the first time. The data broadly confirm figures published by Phil Gallagher, a former director of Treasury’s retirement income modelling taskforce between 1993 and 2013, who issued repeated warnings about workers being short-changed on their compulsory super entitlements. ...
Should the rich be taxed more? A new paper shows unequivocally yes | Larry Elliott image
.... For those who don’t believe this neoliberal fairytale, there is a fall-back position: the top 1% pay a lot more than 1% of tax receipts – and the proportion has been rising. The top 1% of earners in the UK accounts for 27% of income tax receipts, more than double the percentage when Healey was at the Treasury. ...
World leaders need to take centre stage and shove central bankers into the wings image
.... One key finding is that the number of addicts who play fixed-odds betting terminals (FOBTs) – the controversial machines that let punters stake £100 every 20 seconds – has increased significantly. Public anger about FOBTs has grown and, while the Treasury fears that curbing the machines could diminish its tax take, No 11’s voice may be drowned out by the prospect of an easy political win. ...
Tory pledge on more free childcare in disarray image
Source : Guardian [Read Article] Saturday 26th of August 2017 09:00:46 PM
.... Parents need to apply for a code proving they are eligible before Wednesday or they will have to wait until January. In a letter to the chairwoman of the Treasury committee, Nicky Morgan, published on Wednesday, HMRC revealed that one in 20 parents who have used the service since April have suffered at least one technical problem during their application, and 45% of callers to the helpline have needed to call more than once. ...
Janet Yellen rebukes Trump over plan to lift financial regulations image
Source : Guardian [Read Article] Friday 25th of August 2017 04:00:14 PM
....”. The Treasury secretary, Steve Mnuchin, a former Goldman Sachs banker, has said a sustainable growth rate above 3% a year can be achieved once banks are relieved of the shackles imposed on them by Dodd-Frank. ...
Slowdown in London house price growth ebbs as Bristol sees steep fall image
Source : Guardian [Read Article] Thursday 24th of August 2017 11:01:33 PM
....Paul Lynam, chief executive of Secure Trust Bank, said: “Central London remains soft albeit prices appear to be stabilising. The upper end of the market is devoid of volume and this must be costing the Treasury in terms of revenue forgone from stamp duty. ...
Financial deregulation: will the US really go back to a pre-crisis free-for-all? | Howard Davies image
.... But here the suspect is not so obvious. The only concrete proposals to emerge from the administration so far are in a thoughtful paper published in June by the US Treasury. ...
Weak pound is hitting spending rather than boosting UK trade | Larry Elliott image
.... The truth is that there should have been a discernible improvement in net trade by now, particularly with the global economy doing a bit better. The glass-half-full way of looking at the latest growth figures is that the doomsday scenario predicted by the Treasury a year ago has not come to pass. ...
Number of problem gamblers in the UK rises to more than 400,000 image
Source : Guardian [Read Article] Thursday 24th of August 2017 09:22:37 AM
....”. While DCMS is understood to be minded to curb maximum stakes on FOBTs, Whitehall sources have previously told the Guardian that the Treasury opposes tough restrictions, fearing the impact on its tax take. ...
Thousands still unable to claim free childcare after HMRC site problems image
Source : Guardian [Read Article] Tuesday 22nd of August 2017 11:01:34 PM
. Thousands are still unable to apply to claim free childcare because of technical difficulties with HMRC’s website, a letter to the Treasury select committee chair, Nicky Morgan, has revealed. ...
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”. He 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. ...

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