Darling: Lend or we will cut bank bonuses March 24, 2010 THE government is threatening to slash bonuses at state-owned Lloyds Banking Group and Royal Bank of Scotland (RBS) if they miss their target of lending £94bn this year. Government papers published alongside chancellor Alistair Darling’s Budget said UK Financial Investments, which controls the taxpayer’s stake in the banks, had the power to “work with the [...]
Green investment bank will invest in renewables March 24, 2010 AMONG the more eye-catching proposals in the Budget was the plan for a £2bn state-backed investment bank to develop infrastructure and renewable energy projects. Chancellor Alistair Darling confirmed the widely-trailed idea, which will be half-funded by the sale of the government’s interest in the Channel tunnel and in half with private cash. The bank will [...]
NEWSPAPER VETERAN APPROACHES GUARDIAN WITH A HEAVY HAND March 24, 2010 HEATED words in the media world yesterday after Carolyn McCall’s abrupt defection from the helm of Guardian Media Group to easyJet. Some say McCall won’t be too sorely missed by her former charges at the Guardian, given the messy state of the group’s finances and her recent controversial decision to sell the Manchester Evening News. [...]
The bankers who saw the crash coming, and bet on it March 24, 2010 THE BIG SHORT BY MICHAEL LEWIS Allen Lane, £25 by Zoe Strimpel THE Big Short comes late in the day, at least in terms of the publishing frenzy that (inevitably) followed the financial crisis. Indeed you might have an impulse to roll your eyes and say: “not again” – not another book whose theme is [...]
Big earners hit for six by the Budget March 24, 2010 Darling’s Budget offers few smiles for the wealthy. Personal allowances for people with incomes over £100,000 will be gradually eroded over the next three years. Anyone earning more than £150,000 a year will be hit with the new 50p rate of tax. It means the UK is now the second most expensive place for big [...]
Time Line | the shifting landscape of uk taxes March 24, 2010 9 November 2009 50 per cent bank bonus tax on anything over £25,000 introduced as government reacts to anger at financial institutions. 1 January 2010 Rate of VAT goes back up from 15 to 17.5 per cent as planned when the change was brought in at the height of the recession. 1 January 2010 Stamp [...]
CITY VIEWS: WHAT DO YOU THINK OF THIS YEAR’S BUDGET? March 24, 2010 CRAIG BENNETT | PGI GROUP “The stamp duty is definitely a good idea for new starters. The 3p fuel rise on the cost of our already increasing bills isn’t very good. Why should we be taxed more if we earn more? I don’t think that is correct at all.” DAVID THORNBERRY | CHRISTCHURCH INVESTMENT MANAGEMENT [...]
Budget fails to boost market as FTSE 100 treads water March 24, 2010 BRITAIN’S top shares added 0.1 per cent yesterday as strength in miners and banks was balanced out by weakness in energy issues, with little overall impact from a Budget that contained few surprises. At the close, the FTSE 100 was up 4.25 points at 5,677.88, having hit a fresh 21-month intra-day peak at 5,698.87 early [...]
Sovereign debt hits Wall St sentiment March 24, 2010 AMERICAN stocks fell yesterday as Portugal’s credit rating downgrade and a weak Treasury note auction stirred concerns about sovereign debt. Major indexes eased a day after hitting 18-month highs, with losses across most sectors on light volume. Worries centered on countries’ ability to pay their debt, bolstering the dollar and hurting commodity-related stocks. Portugal’s rating [...]
How to make the most from the UK’s weak fiscal position March 24, 2010 CHANCELLOR Alistair Darling may have received jeers from the opposition while he delivered his Budget yesterday, but one thing all of the UK’s political parties agree on is that the projected £167bn budget deficit needs to be reduced. While the proposed timing of the deficit reduction differs between the parties, public spending will get the [...]
