BIS select committee to address UK’s troubled steel industry after Tata and SSI closures October 22, 2015 Business ministers and industry figures are set to be grilled by a committee of MPs over the crisis hammering the UK steel sector. The Business, Innovation and Skills (BIS) select committee hearing is scheduled for Tuesday afternoon and will address the challenges facing the industry, which is struggling to compete in the global marketplace due to [...]
Andrew Tyrie slams CMA over free banking “con trick” October 22, 2015 A leading Tory MP has slammed the new Competition and Markets Authority (CMA) report on retail banking, saying its conclusions are “going to take a lot of justifying”. Andrew Tyrie, who chairs the Treasury Select Committee, said free-if-in-credit (FIIC) accounts are a “con trick” and it was “disappointing” that the CMA decided not to end [...]
HSBC is mulling moving its headquarters to America rather than Asia October 22, 2015 Britain's biggest bank is considering moving its headquarters to the United States, rather than Hong Kong, it has been revealed. HSBC first announced in April that it was reviewing whether to relocate from London, when the bank’s chairman Douglas Flint told shareholders at the annual meeting that the bank’s board had “asked management to commence work [...]
Shadow chancellor John McDonnell welcomes CMA report despite no big bank break-up October 22, 2015 In a surprising move, chancellor John McDonnell said he “welcomed” the Competition and Markets Authority (CMA) report today, despite the CMA’s decision to rule out forcing the break-up of banks. Former Labour leader Ed Miliband had pushed for a total restructuring of the banking sector, pledging in 2014 to break up the biggest British banks in [...]
MPs approve English votes for English laws as leader of the commons Chris Grayling is branded Dr. EVEL October 22, 2015 English votes for English laws plans have passed parliament after MPs approved the proposals by 312 votes to 270. In a heated debate that proceeded the vote in the House of Commons, leader of the commons Chris Grayling was branded Dr EVEL by the Scottish National Party after he referred to the plans as "fair and sensible". [...]
Tax gap falls to record-low, revealing the failings of Corbynomics, claims secretary to the Treasury David Gauke October 22, 2015 The UK's tax gap has fallen to an all-time low, prompting Labour's critics to ramp up their arguments against Corbynomics. Figures released today by HMRC reveal the tax gap – the difference between the amount of tax that should be collected against what is actually collected – in 2013/14 fell to a record low of 6.4 per [...]
Chancellor George Osborne says he is “comfortable” with tax credit cuts October 22, 2015 Chancellor of the exchequer George Osborne said this morning he is "comfortable" with his plans to cut tax credits, despite mounting pressure for him to U-turn on the proposals. “This is fundamentally a judgement call, and I’m comfortable with the judgement call that I have made, and that the House of Commons has supported this week,” Osborne [...]
EU referendum: 1.6m non-UK citizens should be blocked from voting, says MigrationWatch UK October 22, 2015 A new report is pushing for over 1.5m commonwealth and Irish citizens to be barred from voting in the In/Out referendum on the United Kingdom's membership of the European Union, according to a new report. MigrationWatch UK chairman Lord Green of Deddington said in his report that the UK is the only country in the EU which affords [...]
Lord Nigel Lawson hits out at Bank of England governor Mark Carney’s EU speech October 22, 2015 Former Conservative chancellor Lord Nigel Lawson has taken issue with governor of the Bank of England Mark Carney's eagerly-awaited European Union speech, which was delivered last night. In an interview with BBC Radio 4's Today programme, Lawson said Carney's speech was "regrettable" and that he went above his remit. No other Bank governor would have "waded in" [...]
Competition and Markets Authority rejects calls to break up big banks in retail banking review October 22, 2015 The competition watchdog has ruled out breaking up Britain’s biggest banks and defended so-called free banking practices. The Competition and Markets Authority (CMA) published the preliminary results of its 18-month investigation into the retail banking sector this morning. The watchdog launched the investigation over concerns the “Big Four” banks – Lloyds, RBS, HSBC and Barclays [...]