Coalition fails to cut red tape December 9, 2012 THE GOVERNMENT’S plan to slash red tape and free up businesses to grow has failed, a leading business group said yesterday, with regulatory costs soaring and ministers fighting a losing battle with the tide of EU regulation sweeping the country. City representatives and business campaigners called on the government to renew its efforts, citing rules [...]
Mario Monti to resign as Italy’s PM December 9, 2012 MARIO Monti shook the Italian political landscape this weekend, when he announced that he would resign as Prime Minister once the 2013 budget was passed, potentially bringing forward next year’s Italian election and leaving in question many of his unfinished reforms. Monti announced his intention to resign on Saturday, after losing the support of Silvio [...]
UK has G8’s highest taxes on sales and consumption December 9, 2012 CONSUMERS in the UK face the highest burden of sales taxes in the G8, data revealed this morning. Some 16 per cent of the total price of a representative basket of goods and services is taken in tax by the government, according to accountancy firm UHY Hacker Young, compared to 12.3 per cent on average [...]
How Londoners are driving away from the rest of Britain December 9, 2012 THOSE of us who work or live in London often have rather different habits than the rest of Britain. Transport is a case in point. No less than 51 per cent of the distance travelled every year by UK residents is as a car driver, and another 27 per cent as a car passenger. Rail [...]
Authorities agree plan to shut big banks December 9, 2012 THE NEXT time a major UK bank fails the British authorities will transfer debt and equity to a trustee over a weekend to stabilise the institution, allowing it to seamlessly continue to operate vital functions across the globe while protecting taxpayers, according to a report from the Bank of England. It and the US authorities [...]
What the other papers say this morning December 9, 2012 FINANCIAL TIMES Banks plan to move 3,000 from City Three global investment banks plan to move 3,000 City of London jobs to other UK cities and towns over the next few years, bringing respite to regional financial centres as they struggle against heavy job losses in banking and insurance. The moves by Bank of America, [...]
Businesses call for VAT cut to boost tourism December 9, 2012 SLASHING VAT on tourist industries could grow the economy without cutting tax revenue, a tourist campaign group claimed yesterday. Using the Treasury’s own economic models, the British Hospitality Association (BHA) found that cutting VAT by 15 percentage points on tourism-related sales would deliver a £2.6bn windfall to the Treasury over 10 years. This is because [...]
US bank bonuses plummeting to a post-Lehman Brothers low December 9, 2012 WALL STREET’S bonus payouts are set to fall to their lowest level since 2008, US financiers warned over the weekend, as markets stay weak and transaction volumes stagnate. And New York’s bankers will be hit by a double whammy, with taxes likely to rise sharply when Bush-era allowances expire as part of the fiscal cliff [...]
Iceland to cheer UK investment in the country’s energy industry December 9, 2012 ICELANDIC President Olafur Ragnar Grimsson is set to give his blessing to UK-listed Faroe Petroleum’s explorations in his country’s waters today. At an event hosted by oil explorer, the leader is expected to herald a decision last week to award UK firms provisional licences to drill off Iceland’s coast. Aim-listed Faroe and fellow licence-winner Valiant [...]
Diageo considers Jim Beam deal December 9, 2012 DIAGEO is understood to be casting its eye over the maker of Jim Beam whiskey. The drinks giant, which has a sizeable war chest, has held talks with potential partners about a joint bid for US-based Beam, which could be worth $10bn (£6.2bn). Although not currently in talks, Diageo engaged bankers earlier this year. Diageo [...]
