EU backtracking on ISDS: Most controversial part of TTIP could be scrapped March 20, 2015 The EU may scrap the most controversial part of the Transatlantic Trade and Investment Partnership (TTIP). EU trade commissioner, Cecilia Malmstrom, has voiced her support for replacing the Investor-State Dispute Settlement (ISDS) with a permanent investment court. The ISDS is a mechanism that sets the ground rules for foreign companies investing in other countries. It [...]
Number of people paying inheritance tax set to double by the end of the decade March 20, 2015 The number of people paying Britain's most unpopular tax is set soar before the end of the decade, according to the Office for Budget Responsibility (OBR). The independent watchdog forecasts that the deaths of 64,000 people in 2019/20 means the number of people paying inheritance tax will double. Still only paid by a small number [...]
Government hopes to create “northern powerhouse” with transport overhaul worth billions March 20, 2015 Chancellor George Osborne is putting forward proposals to completely re-work the north of England's transport system. Called the Northern Transport Strategy report, he hopes it will lead to a “northern powerhouse”. The government worked with Transport for the North (TfN) to put the plan together. Costing billions of pounds to implement, the project would [...]
Budget 2015: First-time buyer Help to Buy Isa panned by fiscal experts March 19, 2015 A prominent London think-tank has joined the chorus of criticism of the chancellor’s new policy to help aspiring first-time house buyers yesterday. The new Help to Buy Isa announced by George Osborne on Wednesday allows young savers to put a maximum of £200 a month away. The government will add 25 per cent to the [...]
Budget 2015: George Osborne urged to explain £12bn of planned cuts March 19, 2015 Pressure is mounting on chancellor George Osborne to reveal where planned welfare cuts will eventually be implemented. “It is almost two years since he [Osborne] announced his intention of cutting welfare spending by £12bn,” said Paul Johnson, head of the Institute for Fiscal Studies (IFS). “Apparently the plan is to have those £12bn of cuts [...]
Danny Alexander sparks backlash after presenting alternative Lib Dem budget March 19, 2015 Danny Alexander sparked a furious backlash from Labour and the Conservatives yesterday after presenting a so-called alternative budget just a day after being a key figure in the real thing. Appearing outside the Treasury with a yellow budget box, the chief secretary to the Treasury then laid out alternative spending plans, based on a department [...]
Bill Gates and Michael Bloomberg set their sights on tobacco industry March 19, 2015 Two titans of capitalism have combined efforts to launch a new front in their war against the tobacco industry. Microsoft founder Bill Gates and ex-New York Mayor Michael Bloomberg are throwing their weight behind a scheme to help governments of poorer nations defend anti-tobacco laws from legal challenges. The assault on tobacco has been ongoing [...]
David Lammy says London’s economy cannot rely on financial services March 19, 2015 Labour’s David Lammy last night laid out his economic vision for London if he becomes its next Mayor. He called for a diverse economy, less reliant on financial services. The Tottenham MP was careful not to attack the City, where he has previously worked. He wants London to have a more balanced economy with jobs [...]
Short supply of homes fuels rocketing UK rents and house prices March 19, 2015 A short supply of housing and a recovery in economic fortunes is pushing up rents and house prices. Average monthly rates stood at £766 in February, up 3.1 per cent on last year, according to figures released today by estate agents Your Move and Reeds Rains. London saw the second greatest annual rise in the [...]
Watchdog PRA puts up banks’ fees to pay for tough new regulations March 19, 2015 The Bank of England’s financial regulator is putting up its fees to the industry this year to cover the cost of a swathe of new rules. The prudential regulation authority (PRA) yesterday proposed a four per cent increase in its charges to £257.8m, up from the £246.8m it charged in the financial year 2014-15. The [...]