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....”. An FT/FE Week investigation this week found that in the four years since privatisation, Learndirect’s parent firm had spent 84% of its mostly taxpayer-provided income on payments to managers and financiers. ... [Read full article on Guardian ]
Wednesday 16th of August 2017 09:27:48 PM
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....”. Learndirect’s owners and managers were accused earlier this week of raking in millions of pounds of taxpayers’ money while overseeing a “catastrophic decline” in standards. ... [Read full article on Guardian ]
Tuesday 15th of August 2017 07:03:32 PM
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.... But at first, the company appeared to do well. The number of trainees reached nearly 73,000, and over the years Learndirect’s owners reaped millions in dividends from mostly taxpayer-provided work training young people. ... [Read full article on Guardian ]
Sunday 20th of August 2017 06:00:35 AM
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.... Even the banks are back to bragging how many billions they generously chip in to Her Majesty’s Exchequer, presumably hoping no one will point out that they took £1. 3tn from taxpayers in just a few months in 2008. ... [Read full article on Guardian ]
Tuesday 15th of August 2017 05:00:05 AM
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....The Aslef general secretary, Mick Whelan, called for the system to be reformed, saying: “The government must intervene to make fares simpler, fairer and cheaper in Brexit Britain. Passengers and taxpayers will rightly be asking what they are paying for. ... [Read full article on Guardian ]
Tuesday 15th of August 2017 08:32:02 AM
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....Rob MacGregor, Unite national officer, said: “RBS’s fixation with cutting employee numbers, restructuring and offshoring work that could reasonably be done by displaced staff within the RBS IT community is unacceptable. This British-taxpayer funded bank should be concentrating on investing in jobs here in the UK, rather than wholesale cuts. ... [Read full article on Guardian ]
Tuesday 15th of August 2017 02:33:43 PM
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....The government said the £2. 3bn deal ensured that all the taxpayer funding invested in the GIB since its creation, including set-up costs, would be returned with a gain of approximately £186m. ... [Read full article on Guardian ]
Friday 18th of August 2017 01:05:09 PM
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....More pernicious is the use of tax relief to support households. Why does the 45p-rate taxpayer get 45p from the government towards their pension saving, when the 20p-rate taxpayer gets just 20p? When upwards of £30bn is lost to the exchequer by encouraging pension saving, it is reasonable to ask why the same amount of government support cannot be given to all. ... [Read full article on Guardian ]
Sunday 20th of August 2017 06:00:35 AM
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....Fewer than half (47%) of passengers are satisfied with the value for money of train tickets, according to the latest survey by passenger watchdog Transport Focus. Successive governments have cut taxpayer funding of the railways and increased the relative contribution of passengers. ... [Read full article on Guardian ]
Tuesday 15th of August 2017 06:55:16 AM
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....A sliding pound has left euro rail fares looking less of a comparative bargain, but commuter season tickets and peak fares remain more expensive on Britain’s railways than continental Europe’s, according to most studies. The landmark inquiry into UK rail costs, Sir Roy McNulty’s 2011 report, identified costs running 30-40% higher in the UK than four European countries it used as benchmarks – France, Netherlands, Sweden and Switzerland – with both fares and taxpayer subsidy higher here to pay for it. ... [Read full article on Guardian ]
Saturday 19th of August 2017 03:00:17 PM
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.... Are any of these more palatable?. The taxpayer’s share of the cost of running the railways has been proportionately reduced under successive governments, starting with Labour in 2005. ... [Read full article on Guardian ]
Saturday 19th of August 2017 02:59:16 PM
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....The company has also received a tax break from the Queensland government on potential royalties due from the mining activity, the details of which the government has kept secret, despite saying the deal is “open and transparent”. “The revelations make it untenable for the Naif to now risk almost a $1bn of taxpayers’ money on infrastructure associated with this company,” the executive director of the Australia Institute, Ben Oquist, said. ... [Read full article on Guardian ]
Wednesday 16th of August 2017 02:09:17 AM
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Latest Finance News related to Taxpayer

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
....More pernicious is the use of tax relief to support households. Why does the 45p-rate taxpayer get 45p from the government towards their pension saving, when the 20p-rate taxpayer gets just 20p? When upwards of £30bn is lost to the exchequer by encouraging pension saving, it is reasonable to ask why the same amount of government support cannot be given to all. ...
Better subsidies would make rail fares more affordable … just in time for Brexit image
....A sliding pound has left euro rail fares looking less of a comparative bargain, but commuter season tickets and peak fares remain more expensive on Britain’s railways than continental Europe’s, according to most studies. The landmark inquiry into UK rail costs, Sir Roy McNulty’s 2011 report, identified costs running 30-40% higher in the UK than four European countries it used as benchmarks – France, Netherlands, Sweden and Switzerland – with both fares and taxpayer subsidy higher here to pay for it. ...
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
Government faces fresh criticism over Green Investment Bank sell-off image
Source : Guardian [Read Article] Friday 18th of August 2017 01:05:09 PM
....The government said the £2. 3bn deal ensured that all the taxpayer funding invested in the GIB since its creation, including set-up costs, would be returned with a gain of approximately £186m. ...
Learndirect owners still winning government-approved contracts image
Source : Guardian [Read Article] Wednesday 16th of August 2017 09:27:48 PM
....”. An FT/FE Week investigation this week found that in the four years since privatisation, Learndirect’s parent firm had spent 84% of its mostly taxpayer-provided income on payments to managers and financiers. ...
Adani $900m rail line loan should be ruled out after fraud allegations, opponents say image
....The company has also received a tax break from the Queensland government on potential royalties due from the mining activity, the details of which the government has kept secret, despite saying the deal is “open and transparent”. “The revelations make it untenable for the Naif to now risk almost a $1bn of taxpayers’ money on infrastructure associated with this company,” the executive director of the Australia Institute, Ben Oquist, said. ...
Department for Education pulls all Learndirect contracts and funding image
Source : Guardian [Read Article] Tuesday 15th of August 2017 07:03:32 PM
....”. Learndirect’s owners and managers were accused earlier this week of raking in millions of pounds of taxpayers’ money while overseeing a “catastrophic decline” in standards. ...
RBS preparing to cut nearly 900 IT jobs, says union image
Source : Guardian [Read Article] Tuesday 15th of August 2017 02:33:43 PM
....Rob MacGregor, Unite national officer, said: “RBS’s fixation with cutting employee numbers, restructuring and offshoring work that could reasonably be done by displaced staff within the RBS IT community is unacceptable. This British-taxpayer funded bank should be concentrating on investing in jobs here in the UK, rather than wholesale cuts. ...
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
....The Aslef general secretary, Mick Whelan, called for the system to be reformed, saying: “The government must intervene to make fares simpler, fairer and cheaper in Brexit Britain. Passengers and taxpayers will rightly be asking what they are paying for. ...
UK commuters brace for rail fares hike of 3.5% image
Source : Guardian [Read Article] Tuesday 15th of August 2017 06:55:16 AM
....Fewer than half (47%) of passengers are satisfied with the value for money of train tickets, according to the latest survey by passenger watchdog Transport Focus. Successive governments have cut taxpayer funding of the railways and increased the relative contribution of passengers. ...
Ten years after the crash, there’s barely suppressed civil war in Britain | Aditya Chakrabortty image
.... Even the banks are back to bragging how many billions they generously chip in to Her Majesty’s Exchequer, presumably hoping no one will point out that they took £1. 3tn from taxpayers in just a few months in 2008. ...
Tax return fines: HMRC wrongly hunts ONE MILLION taxpayers for late filing penalties  image
. HMRC said 963,000 taxpayers were placed in the self-assessment (SA) tax system, yet none of them had filed SA tax returns for three years. ...
Jacques Delors foresaw the perils of austerity. How we need his wisdom now | Mark Seddon image
.... Not only do we know that the catastrophic collapse in the Anglo-American financial markets resulted in precisely not a single banker being held accountable – but today it is still largely business as usual for the banks. Ironically, EU competition law that largely prevents state bailouts or nationalisation, was suspended in the case of the banks, who had trillions thrown at them or which were nationalised, courtesy of the taxpayer. ...
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. ...
UK defence contractor billed US more than $50m in expenses image
Source : Guardian [Read Article] Wednesday 9th of August 2017 09:56:22 PM
....McCaskill, the top-ranking Democrat on the homeland security and governmental affairs committee, is demanding to know which Defence Department office was responsible for overseeing the work, what steps are being taken to recover the millions of dollars in disputed payments and whether the US government has considered prohibiting NCC from receiving federal contracts in future. “Whoever approved of this spending should be fired – it’s a slap in the face to Missouri taxpayers and the entire contracting process,” McCaskill said in a statement. ...
US firm Vantiv to buy British rival Worldpay for £9.3bn image
Source : Guardian [Read Article] Wednesday 9th of August 2017 01:55:20 PM
....Sir Michael Rake, chairman of BT and former Barclays deputy chairman, will continue at the merged group in the role of lead director, the US equivalent of a senior independent director in the UK. Launched in 1989, Worldpay was previously owned by Royal Bank of Scotland, which sold the business in 2010 to private equity firms Advent and Bain Capital as part of the terms of the bank’s 2008 taxpayer bailout. ...
Buy-to-let landlords: Five top tips that could save you THOUSANDS image
Source : Daily Express [Read Article] Wednesday 9th of August 2017 08:30:00 AM
....Now they pay tax on their full rental income and get a reduced tax credit instead, phased in over four years and worth just 20 per cent in the 2020/21 tax year. Higher rate taxpayers with several houses could get around this by setting up a limited company to run their properties. ...
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
....Lord Darling said there would have been “blind panic” had the government not intervened. RBS was bailed out by taxpayers later that year, and the government still owns a 71% stake in the bank. ...
Payment in gold bullion banned under new law to combat tax evasion image
Source : Guardian [Read Article] Monday 7th of August 2017 05:33:52 PM
....”. The GAAR panel said that schemes were a “clear case of associated taxpayers seeking to frustrate the intent of parliament by identifying potential loopholes in complex interlinking anti-avoidance legislation and arranging a series of intricate and precise steps to exploit those loopholes so as to gain an unexpected and unintended tax ‘win’”. ...
Banks issue new sort codes in ringfencing of high street operations image
Source : Guardian [Read Article] Sunday 6th of August 2017 03:15:24 PM
. Barclays has started the process of moving up to 900,000 accounts to alternative six-digit sort codes as it prepares for the implementation of regulations intended to avoid taxpayer bailouts. ...
A decade after the financial meltdown, its underlying problems haven’t been fixed image
....This new system has yet to be tested under fire, of course. Would regulators really trust their own “resolution” regimes if another big bank was in peril, or would they again resort to state funds? It’s impossible to know until the crisis arrives, but the positions of taxpayers look massively improved from 2007-09. ...
RBS plans move to Amsterdam for post-Brexit EU hub image
Source : Guardian [Read Article] Friday 4th of August 2017 06:44:41 AM
....Royal Bank of Scotland is considering using Amsterdam as its post-Brexit EU hub and has revealed it is being investigated for potential breaches of money laundering rules. The the 71% taxpayer-owned bank made the announcements as it reported its first half-year profit for three years. ...
BT offers to bring fast broadband to every rural community by 2020 image
Source : Guardian [Read Article] Saturday 29th of July 2017 11:04:03 PM
....BT’s proposal does not include any public funding. Previously taxpayers footed a £1. ...
Pension withdrawal shock: Fury as thousands overcharged as HMRC apply wrong tax code  image
....”. More than 250,000 of those submitting tax returns will be aged 80 or over and one in five taxpayers will be aged over 65. ...
Graduate anger mounts over ‘nightmare’ Student Loans Company image
Source : Guardian [Read Article] Saturday 29th of July 2017 06:00:43 AM
....”. SLC is committed to protecting the public purse and has a duty to collect all taxpayer monies owed. ...
Almost 2 MILLION pensioners still have to file a tax return, figures show image
Source : Daily Express [Read Article] Saturday 29th of July 2017 12:01:00 AM
.... . OAPs also make up a much higher proportion of taxpayers now compared to the early 1990s, further research by Royal London suggests. ...
Lloyds takes fresh £1bn hit from PPI compensation claims image
Source : Guardian [Read Article] Thursday 27th of July 2017 08:29:53 AM
....The banking group’s £2. 5bn half-year profits were the largest in eight years – since taxpayers pumped £20bn into the bank as it took over HBOS at the height of the crisis – but its shares slipped to 68p as they were lower than analysts’ expectations. ...
'Disgusting and astonishing': how do the UK's top 1% view tax avoidance? image
.... This didn’t reduce the corporation tax payable, but could help others evade tax. It doesn’t have any effect if you’re an honest UK taxpayer, since you pay tax when the funds are repatriated. ...
Victory on employment tribunal fees: this is what justice feels like | Jason Moyer-Lee image
....Even held to the government’s own standards, the fees regime has been a massive failure. The supposed aims of the fees were to transfer costs from taxpayers to tribunal users, deter unmeritorious claims, and encourage earlier settlements. ...
Savers warned as pension SUPER tax stings 80% more people image
Source : Daily Express [Read Article] Friday 21st of July 2017 03:58:00 PM
....Savers have now been urged to keep a close tab on saving levels - including investment performance, as well as contributions. Mr Holmes said: “An increasing number of taxpayers who have done the responsible thing and saved for retirement are being caught out by this super tax trap. ...
Is this the Brexit banking exodus Theresa May told us couldn’t happen? | Nesrine Malik image
.... A simplistic stereotype has been swallowed whole by the majority of the electorate. A bunch of fat-cat non-dom taxpayer-bailed bankers – probably foreign to boot – leaving town is not the hill anyone wants to die on. ...
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
....76m on payoffs in 2016, of which only £1m was authorised, according to the National Audit Office. The head of the NAO, Sir Amyas Morse, said the findings highlighted troubling “culture and behaviours” at HS2, which needed to be addressed if taxpayers’ money was to be protected. ...
Russell Group urges rethink on student loan interest rate image
Source : Guardian [Read Article] Tuesday 18th of July 2017 05:40:15 PM
....Responding to the Russell Group intervention, the universities minister, Jo Johnson, defended the current arrangement. “Our system – where costs are split between the taxpayer and the student – is helping more young people from disadvantaged backgrounds go to university than ever before, up 43% since 2009,” he said. ...
HS2 contracts worth £6.6bn awarded by UK government image
Source : Guardian [Read Article] Monday 17th of July 2017 08:08:45 AM
....Aslef’s Mick Whelan called for a government pledge not to sell off HS2, after Britain’s only current high-speed track, HS1, was sold on last week by pension funds who were awarded the concession. Whelan said HS2 was being paid for by the taxpayer and should “not be asset stripped by any government for the benefit of privateers”. ...
Pension planning: Avoid these costly mistakes with your savings  image
Source : Daily Express [Read Article] Sunday 16th of July 2017 02:14:00 PM
.... . Andrew Tully, pensions technical director at advisers Retirement Advantage, warns this could push many basic rate taxpayers into a higher tax bracket: “Many experts thought having to pay income tax would deter withdrawals, but this clearly is not the case. ...
Dublin is streets ahead of EU rivals as City firms plan for Brexit relocation image
....Any boost to the financial services industry will be welcomed in a city still recovering from the banking crisis and property price crash a decade ago. The collapse of the economy went deeper than the UK, with house prices slashed by up to 70% and taxpayers left on the hook for toxic banking debt guaranteed by the state, which in turn was bailed out by the International Monetary Fund and the European Central Bank. ...
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
....2bn) to US regulators for misselling toxic mortgage bonds in a “stark reminder” of its behaviour in the run-up to the financial crisis. The penalty from the Federal Housing Finance Agency is one element of a multibillion-pound bill that the 71% taxpayer-owned bank faces to resolve long-running disputes with authorities in the US over the sale of mortgages packaged into bonds more than a decade ago. ...
Grace is 25. Her student debt: £69,000 image
Source : Guardian [Read Article] Tuesday 11th of July 2017 06:14:02 AM
.... “People are realising the huge amount of debt young people are taking on is pretty inequitable. And we now know just how many people are not going to pay back those loans, landing the taxpayer with the debt. ...
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
.... It fully expects to capture the profit of this growth program, while the disadvantages – such as traffic congestion, rising house prices and government revenue diverted for infrastructure catch-up – are all socialised. That is, the taxpayer pays. ...
British PR firm Bell Pottinger apologizes for South Africa campaign image
Source : Guardian [Read Article] Monday 10th of July 2017 07:42:03 PM
....Despite Zuma’s rhetoric, little has changed in the situation of poor black South Africans since he took the reins from Thabo Mbeki eight years ago. His presidency has been dogged by allegations of wrongdoing, including a multi-million rand upgrade to his private home at the expense of the taxpayer, and links to the Guptas, which were laid out in a report on “state capture” published by the national watchdog last year. ...
G4S awarded £25m government contract despite fraud inquiry image
Source : Guardian [Read Article] Monday 10th of July 2017 04:50:36 PM
....“We’ve seen scandal after scandal with G4S, from billing the government for tagging thousands of “phantom offenders” – including those who were dead or in jail – to serious delays in informing the authorities that over 100 prisoners had been fitted with faulty electronic tags,” he said. Burgon said if the “phantom offenders” overcharging scandal had not been exposed, taxpayers would have been ripped off to the tune of more than £100m. ...
Recruitment advisers' tax scheme liquidated after HMRC asks questions image
....It also created thousands more companies from which to claim the government’s £3,000 employment allowance, a jobs subsidy that is only claimable once a year by a single firm. Such tactics, which have been used by a number of companies, are said to have cost the taxpayer a total of “hundreds of millions” and have proved controversial. ...
How healthy is the global financial system? | Mohamed El-Erian image
Source : Guardian [Read Article] Monday 10th of July 2017 09:00:47 AM
.... Moreover, the process for resolving failing – and failed – banks has been improved. In addition to strengthening the banking sector, policymakers have also made progress toward standardising derivative markets and making them more robust and transparent, which also reduces the risk of future taxpayer bailouts for irresponsible institutions. ...
Gig economy: now is the time to ease the burden for workers image
Source : Guardian [Read Article] Sunday 9th of July 2017 06:00:16 AM
....Plans for new reactors at Wylfa in Wales, backed by Japan’s Hitachi, are the next closest along the road, but the Horizon project still needs to raise huge sums of capital. The Japanese and UK government are considering taking a public stake, although the move would put taxpayers on the hook if it suffers budget overruns, like Hinkley. ...
Homebuyers desperate to know who really owns their freehold image
Source : Guardian [Read Article] Saturday 8th of July 2017 06:00:00 AM
.... “Once the developers sell the rights on, they can be transferred on many times, going through complicated ownership structures with no transparency,” he says. “It is far from clear whether all the ultimate beneficiaries are UK taxpayers, nor why there are so many names that keep cropping up. ...
UK faces tightest squeeze on household incomes for five years image
Source : Guardian [Read Article] Thursday 6th of July 2017 12:57:38 PM
....“We are taking real action to help families increase their incomes and take home more of what they earn. A basic-rate taxpayer now pays £1,000 less income tax than in 2010 and, thanks to the national living wage, the poorest households have seen their wages rise more than in any other G7 economy,” he said. ...
Worldpay buyout by Vantiv reignites debate over foreign takeovers image
Source : Guardian [Read Article] Wednesday 5th of July 2017 03:04:35 PM
....Launched in 1989, Worldpay provides the technology that allows retailers and other business to accept card payments and online or mobile transactions. It was previously owned by Royal Bank of Scotland, which sold the business in 2010 to private equity firms Advent and Bain Capital as part of the terms of the bank’s 2008 taxpayer bailout. ...
£8bn battle looms for credit card processor Worldpay as rivals circle image
....5bn and pre-tax profits leaping to £264m from £19m in 2015. Previous owner Royal Bank of Scotland sold the business in 2010 under the terms of the bank’s 2008 British taxpayer bailout, with private equity firms Bain Capital and Advent International taking control. ...
Hammond says UK must 'hold nerve' over public pay image
Source : BBC [Read Article] Tuesday 4th of July 2017 06:45:30 AM
. Philip Hammond has insisted pay policy has not changed and the "right balance" must continue to be struck in terms of what is fair for workers and taxpayers. ...
Hinkley Point C: the government should start planning alternatives | Nils Pratley image
....Still, it’s a French problem, right? Didn’t the UK government insulate us by making EDF and its Chinese co-financier shoulder the construction risks? Wasn’t that the trade-off for the UK guaranteeing to buy all Hinkley’s electricity for 35 years at twice the current wholesale price?. Well, yes, that’s how the contract is structured, and EDF’s UK boss was full of reassurance on Monday that UK taxpayers remain protected. ...
We have fixed issues that caused financial crisis, says Mark Carney image
....The financial crisis of 2007 began in the US mortgage market but rapidly went global as it emerged that banks and unregulated shadow banks were massively exposed in the market for derivatives and did not have enough capital when losses started to mount. Public anger towards the financial system grew when the biggest banks were bailed out by taxpayers because they were deemed “too big to fail”. ...
Hinkley Point C is £1.5bn over budget and a year behind schedule, EDF admits image
....The chief executive, who is stepping down in October, told the Guardian the very existence of this review was an example that lessons had been learned. Asked if he could guarantee that the UK taxpayer would not be on the hook if costs continued to escalate in the future, he said: “Absolutely. ...
Barclays former CEO and three bankers in court to face fraud charges image
....Varley is scheduled to appear along with Roger Jenkins, Tom Kalaris and Richard Boath following the announcement by the Serious Fraud Office last month that they were to be prosecuted over the way Barclays raised billions of pounds from Qatar in 2008. They are the first senior bankers to face criminal charges for events dating back to the banking crisis almost a decade ago, when Barclays avoided a taxpayer bailout by raising £11. ...
Horror stories told by central bankers will not end in an interest rate shock image
....Now there is the unedifying prospect of the government funnelling more money into the pockets of two of Britain’s richest men, Brian Souter and Richard Branson, who have made a fortune in dividends since privatisation. The DfT must not perpetuate the scandal of heads-I-win-tails-you-lose franchising, where business wants the taxpayer – and fare-paying passenger – to underwrite its losses. ...
Barclays sees the beak about the bailout image
Source : Guardian [Read Article] Sunday 2nd of July 2017 05:59:20 AM
....The four are charged with offences following a five-year investigation into the events surrounding the £11. 8bn emergency fundraising conducted by the bank in 2008 that allowed it to avoid a bailout by the taxpayer. ...
Savers warning: Pension tax relief could soon be SLASHED image
Source : Daily Express [Read Article] Saturday 1st of July 2017 02:05:00 PM
.... Critics have long argued the rules are unfair. And an option that could save the Government billions of pounds a year is to implement a flat-rate of relief for taxpayers at around 33 per cent. ...
UK taxpayers face multi-billion burden for dismantling of North Sea rigs image
. British taxpayers face paying billions of pounds more than previously expected for dismantling the North Sea’s oil rigs in a further sign that the industry is becoming a burden on public finances. ...
Stagecoach says it has overpaid for East Coast rail contract as profitability plunges image
.... The RMT union said re-privatising the line had been a “gamble doomed to failure”. Griffiths pointed to Stagecoach’s £140m expenditure on improving services, which he said would not have happened under state ownership, adding that taxpayers could still expect a “significant return”. ...
State pension BOMBSHELL: Payments 'to be MEANS-TESTED to stop crisis' image
Source : Daily Express [Read Article] Tuesday 27th of June 2017 11:34:00 AM
....In this scenario, according to the report, this would see means-testing introduced for those with an annual income of £30,000 or more. A compromise solution would be to means-test the state pension gradually for higher-rate taxpayers from 2019. ...
Italy's €17bn bank job: self-preservation at a long-term EU price? | Nils Pratley image
....The European Union authorities seem to be making up the rules on banking bailouts as they go along. The latest Italian example – the winding-up of Veneto Banca and Banca Popolare di Vicenza – drives a coach and horses through the idea that taxpayers must be spared financial punishment, as far as possible, when lenders can’t fund themselves. ...
RBS to cut hundreds of UK jobs in move to India image
Source : Guardian [Read Article] Sunday 25th of June 2017 03:48:43 PM
....Royal Bank of Scotland is to cut 443 jobs in Britain as the bank moves its team that arranges loans for small businesses to India. The taxpayer-controlled bank said that the roles would transfer to Mumbai, to be included in the group’s growing team there, as part of a restructuring designed to cut costs, first reported in the Mail on Sunday. ...
Trump could use alternate routes to roll back bank reforms image
Source : Guardian [Read Article] Sunday 25th of June 2017 11:00:28 AM
.... “We think that that would hurt the economy,” he told Sanders, “that would ruin liquidity in the market. What we are focused on is safe and prudent regulation for the large banks so we don’t have taxpayer risk. ...
Hinkley Point is a terrible deal. May must show courage and cancel it | Simon Jenkins image
.... The Treasury then passed the risk to Chinese investors and French contractors. The risk proved so great that these backers swiftly passed it back to the Treasury and future British taxpayers and energy users, in loan guarantees and sky-high prices. ...
Spending watchdog condemns 'risky and expensive' Hinkley Point image
Source : Guardian [Read Article] Thursday 22nd of June 2017 11:01:08 PM
....The National Audit Office said the contract sealed by ministers last September with EDF to construct the country’s first new atomic reactors in two decades would provide “uncertain strategic and economic benefits”. Further, Brexit and Theresa May’s decision to quit an EU nuclear treaty could make the situation even worse, by triggering taxpayer compensation for EDF or a more generous deal for the French state-controlled company. ...
Paul Myners: Barclays realised taxpayer bailout would hit bonuses image
Source : Guardian [Read Article] Tuesday 20th of June 2017 06:01:43 PM
. Barclays has paid out an estimated £18bn in bonuses since 2008, the year it raised almost £12bn to bolster its financial position and avoid a taxpayer bailout. ...
Barclays: who are the four charged bankers? image
Source : Guardian [Read Article] Tuesday 20th of June 2017 02:17:46 PM
....Roger Jenkins, 61, was once Britain’s highest-paid banker earning up to £40m a year. The former Barclays head of investment banking and investment management in the Middle East was credited with finding the investors who helped the bank escape a taxpayer bailout. ...
Senior Barclays bankers charged with fraud over credit crunch fundraising image
....This is the first time criminal action has been taken against any senior bankers for events dating to the 2008 financial crisis. At the time, Barclays raised billions of pounds from Qatar in a move that allowed the bank to avoid taking a taxpayer bailout. ...
Should you join the charge and buy an electric car? image
Source : Guardian [Read Article] Saturday 17th of June 2017 06:00:30 AM
.... Auto Express gave the Kia Soul EV four stars when they tested it. Kemp says one thing to consider as a private buyer is whether you can persuade your employer to offer you the chance to buy the car via a salary sacrifice scheme, which can bring the cost down hugely if you are a higher rate taxpayer. ...
British workers are missing out on ‘buy one, get one free’ pension offer image
.... Some companies offer to partly match extra payments you make into your pension, and if so you’d be a fool not to take them. A basic-rate taxpayer who pays £50 a month into AVCs sees only £40 come off their pay packet, while for a higher-rate taxpayer, putting in £100 a month costs just £60. ...
UK student loan debt soars to more than £100bn image
Source : Guardian [Read Article] Thursday 15th of June 2017 11:12:28 AM
.... “This is meaningless for students and graduates as individuals. It is a public policy and taxpayer issue. ...
One love, one aim … finding the best way to donate to victims of the terror attacks image
....Another easy way to ensure as much of your money as possible reaches its intended recipients is to make a Gift Aid declaration on your charitable donation form. If you are a UK taxpayer, regardless of the rate of tax you pay, charities can then claim an extra 25p for every £1 given. ...
Democrats say Dodd-Frank repeal is 'wrong choice' image
Source : BBC [Read Article] Friday 9th of June 2017 08:42:41 PM
....Senator Sherrod Brown, the Democrat who heads the banking committee in the Senate, has said he is open to loosening rules for smaller community banks. But he lambasted the House measure, calling it "partisan, dangerous legislation [that] would once again leave families, seniors and service members at the mercy of predatory lenders, and put taxpayers back on the hook to pay for Wall Street's greed and recklessness. ...
Santander and RBS haunted by ghost of financial crisis image
Source : Guardian [Read Article] Wednesday 7th of June 2017 06:00:26 PM
. The shadow of the 2008 financial crisis loomed over the banking sector again on Wednesday when a Spanish lender was rescued from collapse by Santander and Royal Bank of Scotland racked up a £1bn bill to end a legal battle sparked by the bailouts by UK taxpayers nearly a decade ago. ...
How will the General Election affect your money? Pensions, savings and tax compared  image
....This helps workers keep more of their earnings, and also helps low income earners, including pensioners. Tom Selby, senior analyst at wealth advisers AJ Bell, said: “Around 24 million basic-rate taxpayers are set to be £33 a year better off, with higher-rate taxpayers gaining £208 in total. ...

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