Pimco ace tells investors to avoid UK gilts over debt fears March 25, 2010 BILL Gross, the influential fund manager at fixed income titan Pacific Investment Management Company (Pimco), has urged investors to shun UK government debt due to fears over national borrowing. Pimco’s managing director said Britain’s debt burden would force the Treasury to issue increasing volumes of gilts. This would usher in inflation and depreciate the pound, [...]
Markets take a flutter on bookmakers March 25, 2010 SHARES in bookmakers bobbed upwards yesterday after an uneventful Budget saw chancellor Alistair Darling refrain from hitting the industry with tax hikes. FTSE 250-listed Ladbrokes gained 4.3 per cent to 155p while William Hill climbed four per cent to 213p. Oriel Securities analyst Jeffrey Harwood said: “Both companies have breathed a sigh of relief that [...]
Treasury Committee prepares to grill influential economists’ panel March 25, 2010 THE House of Commons Treasury Committee will next week begin taking evidence for its inquiry into the 2010 Budget. The influential group of MPs will grill chancellor Alistair Darling, who is set to appear on Tuesday along with chief economic adviser Dave Ramsden. But first on Monday economic experts including the Institute for Fiscal Studies’ [...]
Cider war fizzes on as militants take up anti-darling arms March 25, 2010 AS VOTE-losers go, chancellor Alistair Darling’s punitive tax on cider really is shaping up to be a corker. By close of play yesterday – just a day after Darling announced in the Budget he will be popping duty on the tipple at 10 per cent above the rate of inflation from midnight on Sunday – [...]
Foreigners to avoid Darling’s stamp duty March 25, 2010 WEALTHY foreigners will avoid paying Alistair Darling’s latest stamp duty hike on properties worth over £1m at an opportunity cost of tens of millions to the Treasury’s coffers, it emerged yesterday. Special Purpose Vehicles (SPVs), which are set up offshore for the purpose of holding property, own a large amount of the UK’s high-end estates. [...]
CITY EYE March 25, 2010 THE City is leading the way this weekend in a drive to make the UK greener, spearheaded by the Royal Horticultural Society – organisers of the Square Mile’s favourite networking event of the year, the Chelsea Flower Show. The Britain in Bloom campaign will see the equivalent of 115 Hyde Parks planted across the country, [...]
Cheats may cash in on home relief March 25, 2010 THE decision to scrap stamp duty for first-time buyers purchasing homes under £250,000 risks becoming a “charter for cheats”, critics suggested yesterday. Although the housing industry has welcomed the move because it should boost a flagging market, there are fears that it will be hard to police. Some institutions, such as the Council for Mortgage [...]
Darling: My Budget is even tougher than Thatcher’s March 25, 2010 Spending cuts under a Labour government will be tougher for Britain than those imposed by Thatcher, according to Alistair Darling. He said he was prepared to make “deep” cuts in order to slash the UK’s yawning budget deficit. Figures released by the Institute for Fiscal Studies suggest the budget is far more austere than those [...]
Charities hit by Vat charges on postal services March 25, 2010 CHARITIES and not-for-profit organisations will be among those most likely to be hit by Vat charges on certain postal services from 31 January 2011. Businesses which are unable to recover Vat in full will also be affected. These changes, which will potentially cost thousands of pounds a year, were introduced as part of yesterday’s Budget. [...]
CITY VIEWS: HOW WAS THE BUDGET FOR YOU? March 25, 2010 BOB TARZEY | QUOCIRCA “The Budget didn’t address the country’s problems. It did not tackle the national debt or the Budget deficit and frankly, it all seems like a bunch of smoke and mirrors. We’re still borrowing and still increasing our borrowing which is not good for the country.” DAN RUSSON | XCEED CONSULTANT SERVICES [...]