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...."Lloyds is now back to business as usual, and the withdrawal of a large seller from the market should be positive for the share price," said Laith Khalaf, senior analyst at Hargreaves Lansdown. "The Treasury won't be making a song and dance about the Lloyds sale, seeing as we are in a period of purdah running up to the general election. ... [Read full article on BBC ]
Tuesday 16th of May 2017 04:54:38 PM
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....Among other provisions, it required banks keep money in reserve at levels the president has said he thinks are onerous on smaller operations. Earlier, US Treasury Secretary, Steve Mnuchin said he believed the American economy could be growing at a rate of three percent within two years, thanks to the administrations proposed tax reforms. ... [Read full article on BBC ]
Monday 1st of May 2017 06:18:44 PM
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....The Conservatives said taxpayers would have to foot the bill for Labour's unfunded spending commitments. "Jeremy Corbyn's economic ideas are nonsensical," said Treasury minister David Gauke. ... [Read full article on BBC ]
Monday 15th of May 2017 09:18:02 PM
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Monday 8th of May 2017 09:51:56 PM
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....Mr Goodwin is due to be cross-examined on 8 June, the day of the general election. It will be the first time he has spoken about his role at RBS since 2009 when he told MPs on the Treasury select committee that he "could not be more sorry" for what had happened. ... [Read full article on BBC ]
Monday 22nd of May 2017 12:12:00 AM
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.... . 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". ... [Read full article on BBC ]
Thursday 25th of May 2017 11:37:11 PM
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Tuesday 16th of May 2017 12:17:49 PM
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....In a bid to fulfil that promise, on Wednesday the White House proposed slashing the rate of corporation tax. Treasury Secretary Steven Mnuchin unveiled President Trump's tax blueprint, which aims to cut the business tax rate from 35% to 15%. ... [Read full article on BBC ]
Friday 28th of April 2017 12:40:39 PM
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.... Ministers have not given any signal yet of whether the UK will remain in the market. The UK oil industry has contributed £190bn to the Treasury since the 1960s, not adjusted for inflation, but prospects for the coming few years are uncertain, and oil majors have begun to sell North Sea assets to smaller, independent players. ... [Read full article on Guardian ]
Wednesday 3rd of May 2017 02:09:22 PM
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....Lib Dem former Business Secretary Vince Cable said Labour's economy policy was "less Robin Hood than Mickey Mouse". Jane Ellison, the Conservative financial secretary to the Treasury, said Labour London mayor Sadiq Khan had described a financial transaction tax as "madness". ... [Read full article on BBC ]
Saturday 13th of May 2017 09:00:10 PM
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.... . 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. ... [Read full article on BBC ]
Friday 26th of May 2017 08:21:41 AM
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....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. ... [Read full article on BBC ]
Wednesday 24th of May 2017 05:46:23 PM
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....3bn bailout of the high street lender. It will be confirmed on Wednesday that the Treasury has finally extricated itself from its shareholding in the bank – owner of Halifax, Bank of Scotland and Scottish Widows –which it rescued during at the depths of the financial crisis. ... [Read full article on Guardian ]
Tuesday 16th of May 2017 04:45:44 PM
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.... . The party's Treasury spokeswoman Susan Kramer said: "John McDonnell has no credible plan for the future of our economy and no guarantee to employers that they won't be hit with a jobs tax. ... [Read full article on BBC ]
Saturday 6th of May 2017 09:00:03 PM
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....Between 2010 and 2015, there was a 37% cut in real terms in central government funding to local authorities. One option – popular in the last couple of years – has been to borrow from the Treasury-run Public Works Loan Board (PWLB) at very low rates of interest and then use the money to invest in commercial property ventures that offer returns of as much as 8%. ... [Read full article on Guardian ]
Saturday 29th of April 2017 10:10:17 PM
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....The prediction for a spike in inflation of 3. 4% is well above the level forecast by the Office for Budget Responsibility, the Treasury’s independent forecaster, which said earlier this year inflation would reach 2. ... [Read full article on Guardian ]
Wednesday 10th of May 2017 04:57:33 AM
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....Goodwin is scheduled to give evidence for two days, starting on 8 June – the day of the general election. He has not publicly discussed his role at RBS since February 2009, when he appeared before the Treasury select committee and offered a “profound and unqualified apology for all of the distress that has been caused. ... [Read full article on Guardian ]
Sunday 21st of May 2017 01:03:31 PM
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Monday 22nd of May 2017 07:15:06 AM
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.... . Parliament's Treasury Committee, which has the responsibility of examining the government's work on economic and regulatory matters, is aiming to discover whether new plans for banks will mean they can avoid needing taxpayer help the next time trouble calls. ... [Read full article on BBC ]
Friday 28th of April 2017 02:26:12 PM
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Friday 5th of May 2017 02:25:52 PM
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....It was not full-scale independence but “operational independence” in monetary policy: that is, the freedom to change interest rates without having to consult the chancellor. The Bank is still the Treasury’s agent in other matters, such as decisions about the nation’s currency reserves. ... [Read full article on Guardian ]
Sunday 7th of May 2017 05:59:25 AM
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....The Tories hit back at Corbyn and described his policies as a shambles. The chief secretary to the Treasury, David Gauke, said: “His economic ideas are nonsensical, his views on national security indefensible – and he’d make a total mess of the Brexit negotiations. ... [Read full article on Guardian ]
Monday 15th of May 2017 09:31:47 PM
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....". Under the proposals, an estimated 600,000 pensioners with annual incomes above about £45,000 - 5% of those under 80 and 2% of over-80s - would lose the winter fuel payment, saving the Treasury around £105m. ... [Read full article on BBC ]
Saturday 6th of May 2017 09:00:07 PM
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.... 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. ... [Read full article on Guardian ]
Tuesday 23rd of May 2017 12:35:18 PM
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....Hammond was forced to reverse a budget decision to raise national insurance for self-employed workers as part of an effort to close the gap between that group and other workers. He signalled the change of heart in a letter to the Tory MP Andrew Tyrie, who chairs the Treasury select committee, after anger among the party’s MPs. ... [Read full article on Guardian ]
Sunday 30th of April 2017 09:53:16 AM
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....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”. ... [Read full article on Guardian ]
Tuesday 23rd of May 2017 08:55:34 AM
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....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. ... [Read full article on Guardian ]
Monday 22nd of May 2017 08:00:18 AM
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....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”. ... [Read full article on Guardian ]
Wednesday 24th of May 2017 06:35:03 AM
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....On the surface, scrapping the third element of the triple lock, the guarantee of a 2. 5% annual rise in the state pension, merely fits into this broad tax and benefit grab by the Treasury. ... [Read full article on Guardian ]
Saturday 29th of April 2017 04:00:03 PM
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....”. A study by the Institute of Fiscal Studies for the RAC Foundation forecast that Treasury revenues from motorists are due to drop by more than a third to £25bn by the end of the next decade, making a £250,000 award seem cheap at the price. ... [Read full article on Guardian ]
Thursday 27th of April 2017 06:01:09 AM
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Latest Finance News related to Treasury

Tories and Labour not being honest with voters: IFS image
Source : BBC [Read Article] Friday 26th of May 2017 08:21:41 AM
.... . David Gauke, the Conservative Chief Secretary to the Treasury, said taxes would rise to their highest peacetime level under Labour: "Jeremy Corbyn is not being transparent about how his plans will hit ordinary working families. ...
Contactless payment fraud soars to £7m image
Source : BBC [Read Article] Thursday 25th of May 2017 11:37:11 PM
.... . In a letter to the Treasury Select Committee earlier this year, John Griffith-Jones, Chair of the Financial Conduct Authority said "public confidence could be eroded without further action". ...
White House denies 'egregious' budget accounting error image
Source : BBC [Read Article] Wednesday 24th of May 2017 05:46:23 PM
....The White House has denied the president's budget proposal contains an "egregious" maths error. Former US Treasury Secretary Larry Summers pointed out the spending plan double-counts $2tr (£1. ...
Talks to avert RBS court case to continue into June image
Source : Guardian [Read Article] Wednesday 24th of May 2017 06:35:03 AM
....Goodwin has been scheduled to give evidence for two days from 8 June – the first time since February 2009 that he would be forced to account for this actions at the helm of RBS. Eight years ago, when he appeared before the MPs on the Treasury select committee, he offered a “profound and unqualified apology for all of the distress that has been caused”. ...
The economy is stagnant because people fear for the future | Robert Shiller image
.... Long-term real (inflation-adjusted) interest rates did not really reach low levels during the 2007-09 period. If one looks at a plot of the US 10-year Treasury yield over the last 35 years, one sees a fairly steady downward trend, with nothing particularly unusual about the Great Recession. ...
Last-ditch RBS talks continue as court is adjourned for a second day image
Source : Guardian [Read Article] Tuesday 23rd of May 2017 08:55:34 AM
....Goodwin has been scheduled to give evidence for two days from 8 June. If the settlement talks fail and the case goes ahead, the former RBS chief executive would be forced to account for his actions in public for the first time since February 2009, when he appeared before MPs on the Treasury select committee and offered a “profound and unqualified apology for all of the distress that has been caused”. ...
Could citizens’ wealth funds halt the dominance of the financial elite? image
....Tucked away in the Conservative Party manifesto, and largely unremarked, is a promise to create a number of UK sovereign wealth funds, to be called “Future Britain Funds”. This builds on last year’s proposal in a Treasury Consultation Paper to create a “shale wealth fund” from tax revenue from the extraction, through fracking, of shale gas. ...
RBS court battle with investors adjourned image
Source : BBC [Read Article] Monday 22nd of May 2017 12:12:00 AM
....Mr Goodwin is due to be cross-examined on 8 June, the day of the general election. It will be the first time he has spoken about his role at RBS since 2009 when he told MPs on the Treasury select committee that he "could not be more sorry" for what had happened. ...
Growth slump as rising prices slowed consumer spending, figures to show image
....It was the lowest deficit since 2007-08, and meant that chancellor Philip Hammond essentially met his £51. 7bn target, set by by the Treasury’s independent forecaster, the Office for Budget Responsibility, at the time of the budget in March. ...
RBS shareholders take battle over cash call to high court image
Source : Guardian [Read Article] Sunday 21st of May 2017 01:03:31 PM
....Goodwin is scheduled to give evidence for two days, starting on 8 June – the day of the general election. He has not publicly discussed his role at RBS since February 2009, when he appeared before the Treasury select committee and offered a “profound and unqualified apology for all of the distress that has been caused. ...
From tax to Brexit, the Tories will do anything to stay in power image
Source : Guardian [Read Article] Sunday 21st of May 2017 06:00:47 AM
.... Philip Hammond had made the point that running the economy demanded flexibility in tax policy. He knew all too well that the practice of ruling out increases in specific tax rates restricted the Treasury’s room for manoeuvre. ...
Five minute guide to investing in the UK's big banks image
Source : Daily Express [Read Article] Sunday 21st of May 2017 12:01:00 AM
....”. The Treasury also expects to recover the cash lent to Bradford & Bingley and Northern Rock, from cash flows and asset sales generated during their wind-down. ...
How workable – and how expensive – might Labour’s renationalisations be? image
....Labour says Royal Mail has paid out £640m in dividends in three years while closing 10% of delivery offices. As an owner of Royal Mail, the government did much the same: the Treasury took all the surpluses and invested very little in new machinery or processes. ...
Ex-RBS boss Fred Goodwin returns to spotlight in £520m court battle image
....Goodwin is scheduled to appear at the high court over two days starting on the day of the general election, 8 June. It will be the first time Goodwin has been forced to publicly account for the bank’s £45bn taxpayer bailout since politicians on the Treasury select committee questioned him in February 2009. ...
Share sale returns Lloyds to private sector image
Source : BBC [Read Article] Tuesday 16th of May 2017 04:54:38 PM
...."Lloyds is now back to business as usual, and the withdrawal of a large seller from the market should be positive for the share price," said Laith Khalaf, senior analyst at Hargreaves Lansdown. "The Treasury won't be making a song and dance about the Lloyds sale, seeing as we are in a period of purdah running up to the general election. ...
Lloyds reaches landmark as government sells final shares image
Source : Guardian [Read Article] Tuesday 16th of May 2017 04:45:44 PM
....3bn bailout of the high street lender. It will be confirmed on Wednesday that the Treasury has finally extricated itself from its shareholding in the bank – owner of Halifax, Bank of Scotland and Scottish Widows –which it rescued during at the depths of the financial crisis. ...
Labour reveals 'fat cat' tax pledge aimed at reining in excessive pay image
....The Tories hit back at Corbyn and described his policies as a shambles. The chief secretary to the Treasury, David Gauke, said: “His economic ideas are nonsensical, his views on national security indefensible – and he’d make a total mess of the Brexit negotiations. ...
General election 2017: Labour 'plans water industry nationalisation' image
....The Conservatives said taxpayers would have to foot the bill for Labour's unfunded spending commitments. "Jeremy Corbyn's economic ideas are nonsensical," said Treasury minister David Gauke. ...
General election 2017: 'Robin Hood tax' on City pledged by Labour image
....Lib Dem former Business Secretary Vince Cable said Labour's economy policy was "less Robin Hood than Mickey Mouse". Jane Ellison, the Conservative financial secretary to the Treasury, said Labour London mayor Sadiq Khan had described a financial transaction tax as "madness". ...
UK will face pay squeeze this year as inflation spikes, warns thinktank image
Source : Guardian [Read Article] Wednesday 10th of May 2017 04:57:33 AM
....The prediction for a spike in inflation of 3. 4% is well above the level forecast by the Office for Budget Responsibility, the Treasury’s independent forecaster, which said earlier this year inflation would reach 2. ...
The secret history of inflation, from Black Wednesday to Brexit image
Source : Guardian [Read Article] Sunday 7th of May 2017 05:59:25 AM
....It was not full-scale independence but “operational independence” in monetary policy: that is, the freedom to change interest rates without having to consult the chancellor. The Bank is still the Treasury’s agent in other matters, such as decisions about the nation’s currency reserves. ...
General election 2017: Lib Dems pledge winter fuel cuts to protect pensions image
....". Under the proposals, an estimated 600,000 pensioners with annual incomes above about £45,000 - 5% of those under 80 and 2% of over-80s - would lose the winter fuel payment, saving the Treasury around £105m. ...
The Guardian view on the Bank of England: independence and accountability | Editorial image
.... To be fair, this was not entirely the Bank’s fault. The crisis exposed the weaknesses of Labour’s tripartite system of financial supervision, with responsibility shared between the Treasury, the Bank of England and the Financial Services Authority. ...
MPs' report on FOBTs found to breach parliamentary standards image
Source : Guardian [Read Article] Wednesday 3rd of May 2017 05:51:21 PM
.... Casinos and amusement arcades have lined up on the side of campaigners who say the machines stoke problem gambling and allow excessively high stakes. The ABB has said there is no evidence to suggest that FOBTs fuel problem gambling and argues that thousands of jobs would be lost, as well as millions of pounds due to the Treasury, if they are reined in. ...
Hard Brexit would cost us £500m a year, says oil and gas industry image
Source : Guardian [Read Article] Wednesday 3rd of May 2017 02:09:22 PM
.... Ministers have not given any signal yet of whether the UK will remain in the market. The UK oil industry has contributed £190bn to the Treasury since the 1960s, not adjusted for inflation, but prospects for the coming few years are uncertain, and oil majors have begun to sell North Sea assets to smaller, independent players. ...
Trump is considering new Glass-Steagall-style bank rules image
Source : BBC [Read Article] Monday 1st of May 2017 06:18:44 PM
....Among other provisions, it required banks keep money in reserve at levels the president has said he thinks are onerous on smaller operations. Earlier, US Treasury Secretary, Steve Mnuchin said he believed the American economy could be growing at a rate of three percent within two years, thanks to the administrations proposed tax reforms. ...
Blow to savers as Premium Bond prizes are slashed by £7m image
Source : Daily Express [Read Article] Sunday 30th of April 2017 10:40:00 PM
.... The changes, including those made to Premium Bonds, will impact more than 21 million customers. Steve Owen, acting chief executive at NS&I, said: “We appreciate that savers will be disappointed but we believe that the new rates present a fair offer to customers who will continue to benefit from our 100 per cent HM Treasury guarantee on all holdings as well as tax-free prizes for Premium Bonds. ...
General election: May paves way for end to pledges on NI and income tax image
....Hammond was forced to reverse a budget decision to raise national insurance for self-employed workers as part of an effort to close the gap between that group and other workers. He signalled the change of heart in a letter to the Tory MP Andrew Tyrie, who chairs the Treasury select committee, after anger among the party’s MPs. ...
Bankruptcy risk as ‘desperate’ councils play the property market image
Source : Guardian [Read Article] Saturday 29th of April 2017 10:10:17 PM
....Between 2010 and 2015, there was a 37% cut in real terms in central government funding to local authorities. One option – popular in the last couple of years – has been to borrow from the Treasury-run Public Works Loan Board (PWLB) at very low rates of interest and then use the money to invest in commercial property ventures that offer returns of as much as 8%. ...
Pensioners will carry on hoarding cash if state won’t step in image
Source : Guardian [Read Article] Saturday 29th of April 2017 04:00:03 PM
....On the surface, scrapping the third element of the triple lock, the guarantee of a 2. 5% annual rise in the state pension, merely fits into this broad tax and benefit grab by the Treasury. ...
RBS and Lloyds IT faults cause online banking frustrations image
Source : Guardian [Read Article] Friday 28th of April 2017 03:24:55 PM
.... The taxpayer stake, which was 43% at its peak, fell to 0. 89% on Friday as the Treasury continued to sell off shares. ...
'Fire sale' risk with Bank capital approach, says Vickers image
Source : BBC [Read Article] Friday 28th of April 2017 02:26:12 PM
.... . Parliament's Treasury Committee, which has the responsibility of examining the government's work on economic and regulatory matters, is aiming to discover whether new plans for banks will mean they can avoid needing taxpayer help the next time trouble calls. ...
US growth rate hits three-year low image
Source : BBC [Read Article] Friday 28th of April 2017 12:40:39 PM
....In a bid to fulfil that promise, on Wednesday the White House proposed slashing the rate of corporation tax. Treasury Secretary Steven Mnuchin unveiled President Trump's tax blueprint, which aims to cut the business tax rate from 35% to 15%. ...
The Crusader: Overhaul of LOGBOOK LOAN laws spells better deal for car buyers image
Source : Daily Express [Read Article] Thursday 27th of April 2017 06:01:00 PM
....Those who buy second hand in good faith can also unexpectedly find themselves losing the vehicle or having to pay off someone else’s loan. Following recommendations by the independent watchdog the Law Commission last year, the Treasury now plans to protect buyers and borrowers alike. ...
AA boss shortlisted for economics prize for ‘road miles’ allowance plan image
....”. A study by the Institute of Fiscal Studies for the RAC Foundation forecast that Treasury revenues from motorists are due to drop by more than a third to £25bn by the end of the next decade, making a £250,000 award seem cheap at the price. ...
Theresa May weighing up cheaper 'double lock' for pensions image
Source : Guardian [Read Article] Wednesday 26th of April 2017 09:00:47 PM
....65 a week. The cost to the Treasury has been about £6bn a year more in 2015–16 compared with uprating in line with earnings alone, and £4bn more than uprating in line with inflation. ...
Wall Street edges down after Trump tax plan image
Source : BBC [Read Article] Wednesday 26th of April 2017 08:19:48 PM
.... . The administration is determined to get the tax reform done by this year, Treasury Secretary Steven Mnuchin said. ...
In the small print image
Source : BBC [Read Article] Wednesday 26th of April 2017 03:35:41 PM
....But the main way they say it will be paid for is through increased economic growth - this spurs tax revenue. Treasury Secretary Steve Mnuchin, a former investment banker, has said the tax changes will act as a stimulus that will lead to economic growth of 3% - much higher than most economic projections. ...
Trump seeks tax windfall for business image
Source : BBC [Read Article] Wednesday 26th of April 2017 12:20:53 PM
Andrew Tyrie, scourge of bankers, deserves new City role | Nils Pratley image
Source : Guardian [Read Article] Tuesday 25th of April 2017 06:18:25 PM
.... Now he is leaving parliament, a surprise announcement that should depress anyone who has listened to hours of select committee hearings over the years. As chair of the Treasury committee, and also the parliamentary commission on banking standards, Tyrie says he’s “done what I can to make a contribution, particularly in efforts to improve banking standards and to shape a more trusted and resilient financial sector”. ...
Andrew Tyrie to stand down as Conservative MP after 20 years image
Source : Guardian [Read Article] Tuesday 25th of April 2017 05:33:38 PM
....”. Tyrie took over as chair of the Treasury committee after the 2010 election after not getting a ministerial job in Cameron’s coalition government. ...
UK government borrowing at lowest level since 2008 financial crisis image
Source : Guardian [Read Article] Tuesday 25th of April 2017 10:39:40 AM
....The lower deficit meant the chancellor, Philip Hammond, essentially met his £51. 7bn target for borrowing in 2016-17, as outlined by the Treasury’s independent forecaster, the Office for Budget Responsibility, at the time of the budget in March. ...
Bill sets out plan to tackle 'extortionate' UK overdraft fees image
Source : Guardian [Read Article] Sunday 23rd of April 2017 04:51:46 PM
....Bank customers ripped off by “extortionate” overdraft fees will get support next week from a parliamentary bill that promises to protect the most financially vulnerable from escalating charges. Rachel Reeves, a Labour MP who sits on the Treasury select committee, will outline plans on Tuesday for regulators at the Financial Conduct Authority (FCA) to cap the maximum amount that banks can charge customers for unauthorised overdrafts, similar to the limit imposed on charges on payday loans of £24 a month. ...
IMF meeting drops anti-protectionism pledge image
Source : BBC [Read Article] Sunday 23rd of April 2017 09:58:15 AM
.... . But at the meeting in Washington, US Treasury Secretary Steven Mnuchin said that President Donald Trump "believes in reciprocal trade deals and reciprocal free trade". ...
Low rates, tight margins: the mortgage market looks worryingly familiar image
....Hang on, though. It is clear that – just as with the Treasury and Bank of England’s Help to Buy scheme, which subsided deposits for first-time buyers – keeping the housing market afloat takes a constant layering of policies, one upon another, to keep even middle-income groups in the game while prices climb year on year. ...
HS2 is on its way but bid troubles and snap election could still derail project image
.... A new election means Theresa May is no longer wedded to her predecessor’s manifesto, while previous parliamentary champions have left the stage, and parties such as Ukip and the Greens actively oppose HS2. Gaines says: “We’ve got questions over the amount of commitment within May’s government, and we’ve heard that people in the Treasury aren’t very happy. ...
Exxon Mobil denied permission to resume Russian oil work image
Source : BBC [Read Article] Friday 21st of April 2017 08:47:11 PM
....Oil giant Exxon Mobil will not be allowed to resume drilling in Russia after US President Donald Trump vowed to uphold sanctions. The US Treasury Department said that, after talks with Mr Trump, it would not waive trade sanctions on Russia for US firms seeking to restart work. ...
Lloyds: Taxpayers get all their money back after rescue image
Source : BBC [Read Article] Friday 21st of April 2017 05:01:52 PM
.... . "For the Treasury, the elephant in the room is of course RBS, which required twice as much financial support from the taxpayer as Lloyds. ...
Lloyds bank bailout repaid in full, says Philip Hammond image
Source : Guardian [Read Article] Friday 21st of April 2017 05:00:20 PM
....Speaking on the sidelines of the International Monetary Fund meeting in Washington on Friday, Hammond said the government was “not in the business of owning banks” and on the brink of selling off the last of its stake. The Treasury is able to make its claim by including £400m in dividend payments received from Lloyds as well as from selling shares in the bank. ...
Philip Hammond signals ditching of Tory 'no tax rise' pledge image
Source : Guardian [Read Article] Friday 21st of April 2017 12:58:04 PM
.... The original pledge gave Hammond until 2025 to balance the books but if he stuck to the pledge he would now have to speed up the process of deficit reduction to meet the target by 2022. The chancellor said the Treasury would look again at how it defined the timescale for achieving fiscal balance. ...
UK government drops plan to raise probate fees image
Source : Guardian [Read Article] Friday 21st of April 2017 08:17:01 AM
....If dumped, another source of revenue may be required by the MoJ to replace the projected £300m income the changes would have raised. Compared with her predecessors, Truss has been successful in securing new funds from the Treasury, but finance ministers may resist covering such a large shortfall solely from central funds. ...
Nasdaq hits new high on tax cut hopes image
Source : BBC [Read Article] Thursday 20th of April 2017 11:46:41 PM
...."Not only have the earnings been good, but there's a good picture being painted by the CEOs," said JJ Kinahan, chief market strategist at TD Ameritrade. Analysts also pointed to remarks from US Treasury Secretary Steven Mnuchin expressing confidence about cutting taxes this year. ...
The Guardian view on the IMF: a global institution in an age of protection | Editorial image
.... The IMF exemplifies the sort of elitist global organisation that Mr Trump has railed against on the campaign stump. Long-term critics of the IMF have been lined up for top international jobs at the US Treasury. ...
Virgin Money chief: 'I have battled with mental health all my life' image
Source : Guardian [Read Article] Thursday 20th of April 2017 04:15:42 PM
....Her personal profile rose after the Northern Rock deal. More accustomed to being an outsider trying to break into the City establishment – at one point in the interview she describes herself as “this rather strange woman” – Gadhia sat next to George Osborne when he was delivering his high-profile Mansion House speech two years ago, was one of David Cameron’s business advisers, and still leads a Treasury-backed initiative to boost diversity in financial services. ...
Presidential challenge image
Source : BBC [Read Article] Thursday 20th of April 2017 03:10:40 PM
.... . In fact, for some shorter term borrowing the French Treasury has to raise the money at a rate of below zero, which means that financial market investors have to pay the state to take their money. ...
Government cap on energy prices would spark backlash | Nils Pratley image
Source : Guardian [Read Article] Wednesday 19th of April 2017 06:12:57 PM
....In the distant past, select committees have sometimes been grossly under prepared when tackling business subjects. Those of us who covered the 2007 inquiry into the private equity industry by the Treasury committee remember angry MPs frustrating themselves, and their audience, as they failed to get beyond the jargon. ...
Reality Check image
Source : BBC [Read Article] Wednesday 19th of April 2017 01:31:06 PM
....Indirect taxes such as VAT and fuel duty are not progressive though - people with lower incomes do not pay lower rates - so we need to consider all taxes. The Treasury published analysis at the time of the Budget predicting what proportion of incomes people would be spending on all taxes by 2019-20. ...
Australia Post hits back at Amazon and eBay and says Coalition's GST model is best image
....It says if Australia Post was forced to collect GST on items arriving from overseas, it would cost the federal government roughly $900m a year – vastly exceeding the $300m revenue the GST could be expected to raise. “However, the ‘vendor’ model as proposed in Treasury Laws Amendment (GST Low Value Goods) Bill 2017 places relatively less burden on the Australia Post infrastructure, processing times and its costs of doing business,” its submission says. ...
RBS stake may be sold at a loss, chancellor admits image
Source : BBC [Read Article] Tuesday 18th of April 2017 11:01:26 PM
....The chancellor has admitted for the first time that the government is prepared to sell its stake in Royal Bank of Scotland (RBS) at a loss. The Treasury bailed out the bank by buying a 72% stake for £45bn, at 502p a share, at the height of the financial crisis in 2008. ...
Brexit, PPI and high cost credit are top priorities for City watchdog image
Source : Guardian [Read Article] Tuesday 18th of April 2017 05:32:29 PM
....“The UK’s withdrawal from the European Union will have important implications for the FCA over the coming years. We are liaising closely with the Treasury and the Bank of England to ensure a smooth transfer of EU rules and legislation into the domestic framework. ...
Libor rigging: chancellor urged inquiry into Bank of England allegations image
....BBC1’s Panorama programme said it had obtained a recording of a 2008 call between two bankers at Barclays in which the more senior person said the government and Bank of England were exerting pressure on it to lower the rate it offered for Libor. The BBC said its investigations added to evidence that the Bank of England had put pressure on commercial banks to push their Libor rates down and that the transcript of the phone conversation at Barclays called into question evidence to the Treasury select committee given in 2012 by the former Barclays boss Bob Diamond and Paul Tucker, former deputy governor of the Bank of England. ...
Higher interest rates. Great idea. Here’s why it won’t happen image
Source : Guardian [Read Article] Saturday 15th of April 2017 04:00:06 PM
.... Claudio Borio, head of the BIS, made a stab at it earlier this year. He rejected the argument put forward most forcefully by Larry Summers, the former US Treasury secretary, that baby-boomer saving, excessive by historical standards, has created a mismatch of supply and demand in financial markets and that with a surfeit of funds chasing a handful of investment opportunities, it was inevitable lending would yield low returns. ...
Trump, trade, interest and aid make for a challenging IMF summit image
Source : Guardian [Read Article] Saturday 15th of April 2017 03:00:05 PM
.... The US president, who worries a strong dollar makes his country less competitive, has also renewed his claim that other countries are devaluing their currencies, but withdrawn previous accusations that China was a currency manipulator. The US Treasury has indicated it is looking to the IMF to keep a close eye on global exchange rate policies. ...
Five pension tax mistakes that could hit YOUR nest egg image
Source : Daily Express [Read Article] Friday 14th of April 2017 06:01:00 AM
. The Treasury estimated pension changes introduced in 2015 would bring in £920million over the first two years of the policy, but HMRC has in fact pulled in double that at £2. ...
Six jumbo jets long … the £2.4bn ship that can lift an oil rig image
Source : Guardian [Read Article] Wednesday 12th of April 2017 05:30:26 AM
....“If you remember back to the 1970s, there was not a lot of thought to decommissioning, or recycling and sustainability,” said Alistair Hope, general manager for Shell’s Brent decommissioning project. He described the field as a “prolific national asset”, having produced £20bn in tax for the Treasury over its lifetime. ...
NS&I launches new market-leading investment bond with rate of 2.2 per cent image
Source : Daily Express [Read Article] Wednesday 12th of April 2017 12:01:00 AM
....Research from the price comparison website has found that around a quarter of all live fixed-rate bonds are now online only. And announcing the launch, the Treasury said the online-only availability of the bond reflects the changing nature of customer behaviour as more money is deposited online with NS&I than via any other individual sales channels. ...
Inflation rates puts squeeze on savers as UK is in the midst of a 'silent savings crisis' image
....”. Cox said the bond will still be popular because it is backed by the Treasury: “Unlike the NS&I pensioner bonds, launched in 2015, this is available to everyone aged 16 and over, with the offer open for a full year. ...
'Scant reward for savers!': New Government NS&I bond blasted by critics image
Source : Daily Express [Read Article] Tuesday 11th of April 2017 03:54:00 PM
....". Economic Secretary to the Treasury, Simon Kirby said: “From raising the ISA threshold to introducing the new Lifetime ISA, this government is committed to creating a nation of savers. ...
Government launches ‘market-leading’ savings account image
Source : Guardian [Read Article] Tuesday 11th of April 2017 03:25:30 PM
....As this is online only, there will be no paper documents sent out, but people will be able to log in to view and manage their investment. The Treasury said the new product “will provide a valuable boost for savers who have been affected by low interest rates”, pointing out that the average three-year, fixed-rate bond pays 1. ...
Barclays whistleblower case sparks calls for more protection image
Source : Guardian [Read Article] Tuesday 11th of April 2017 11:59:31 AM
.... This includes the senior managers and certification regime, which is aimed at improving individual accountability within the financial services industry. Andrew Tyrie, the chair of the House of Commons Treasury select committee, said: “The senior managers and certification regime is supposed to ensure that whistleblowers are protected. ...

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