Addressing postal strikes October 18, 2009 ROYAL MAIL’s intension to hire 30,000 temporary workers while its staff withdraw labour in a nation-wide strike got blood boiling over the weekend, and led to fears of public disorder. As unions questioned the legality of the move, fears arose that the industrial action would lead to violence, drawing comparisons with the miners’ strikes and [...]
CBI: Treasury needs to save extra 120bn October 18, 2009 THE Treasury’s plans to balance the deficit by 2017-18 are not urgent enough and do not have the necessary credibility to underpin the government’s management of the public finances, the Confederation of British Industry will say today. In a letter to chancellor Alistair Darling, CBI director-general Richard Lambert urges the Treasury to return to the [...]
Tory MP: Debt bombshell as UK is 2.2trillion in red October 18, 2009 UK households should brace themselves for a debt “bombshell”, Conservative MP Brooks Newmark is set to say today, ahead of tomorrow’s official update on government debt levels. The ONS’ current estimate of £805bn of debt misses out key data, he argues in a report for the Centre for Policy Studies, claiming the true level of [...]
Pound frailty to continue, says Item report October 18, 2009 THE UK economy is back from the brink as market confidence increases and the recession draws to an end, according to the Ernst & Young ITEM Club Autumn forecast, released today. But the report warns that Gross Domestic Product (GDP) growth is unlikely to reach one per cent next year and the pound is likely [...]
City: we pay billions in tax October 18, 2009 LEADING industry figures yesterday said the government should underestimate the banking industry’s substantial contribution to its annual tax take at its peril. They added that the UK’s revenues could be significantly damaged by an exodus of banks from the UK if sweeping new tax hikes are introduced. “I understand the emotion and why people are [...]
WHAT ARE YOUR VIEWS ON IMPOSING A WINDFALL TAX ON BANKS? October 18, 2009 JOHN WHITING CHARTERED INSTITUTE OF TAXATIONI’m not in favour of windfall taxes, not least due to the uncertainty they create, especially if applied retrospectively. Also, the government must define its target. Who will actually be taxed? Is it just UK banks and not overseas banks? Does it put UK banks at a competitive disadvantage? They [...]
Housing will feel the loss of bankers October 18, 2009 A WINDFALL tax on banks and a clamp down on bonuses could den the recovery of the ravaged house property market, industry experts said yesterday. Knight Frank head of research Liam Bailey said: “In the recent past bonuses have had the impact of increasing demand for top London properties. A tax on bonuses will undoubtedly [...]
Myners angry at banks as bonus row escalates October 18, 2009 CITY minister Lord Myners yesterday expressed his anger at large banking bonuses, as speculation around future compensation at UK banks threatened to cause the government further embarrassment. Speaking on the BBC’s Andrew Marr show, Myners said: “We are simply not going to tolerate high levels of remuneration which are not justified and earned. The nation [...]
Debenhams chairman set to step down October 18, 2009 DEBENHAMS chairman John Lovering is expected to announce he is stepping down from the high street retailer on Thursday when the group unveils its full-year results. Lovering’s departure from the chain last year has been speculated on since last year, but the famed deal-maker is believed to be making the jump now as the group [...]
DSB seeks 93m for possible rescue plan after takeover talks break down October 18, 2009 DUTCH bank DSB is seeking a state capital injection of 100m euros (£93m) as part of a rescue plan also involving the conversion of savings deposits into stock, after talks with a potential US.buyer broke down. A Dutch court appointed administrators last Monday at DSB at the request of the central bank after a run [...]
