Cameron rules out mansion tax October 7, 2012 DAVID Cameron yesterday ruled out introducing a so-called mansion tax on large houses – or any other kind of wealth tax on assets – but insisted that the well-off would “pay their fair share” towards reducing the deficit. The decision to reject a wealth tax – which could have taken the form of new council [...]
Government caps planned rail fare rise October 7, 2012 COMMUTERS will be hit by smaller than expected fare rises in January, after the Department for Transport yesterday lowered the planned price hikes to an average of 4.2 per cent. The DfT cut the planned increases to one per cent above the retail price index (RPI) rate of inflation for the next two years, down [...]
Hammond warns French and Germans over BAE October 7, 2012 BAE Systems and EADS’s merger plans face a number of political obstacles that could cause the defence giants to ask the Takeover Panel for an extension ahead of a deadline this Wednesday. Defence secretary Philip Hammond warned yesterday that the French and German states must reduce their stakes in EADS if Britain is to approve [...]
Fiscal crisis won’t go away until taxes and benefits balance October 7, 2012 IT is good news that George Osborne and David Cameron have decided not to impose crippling tax hikes on property owners. There will be neither a mansion tax nor a wealth tax, while council tax will be frozen and – most importantly – homes won’t be revalued. This latter move would have delivered huge tax [...]
Cameron mulls visa curbs on EU migration October 7, 2012 THE GOVERNMENT yesterday indicated that it could introduce visa restrictions for some EU citizens in an attempt to net reduce immigration into the UK. Both David Cameron and home secretary Theresa May indicated their support for the plan, which has been added to a wide-ranging Whitehall review of Britain’s relationship with Europe. “I believe in [...]
What the other papers say this morning October 7, 2012 FINANCIAL TIMES Austerity squeeze to last until 2018 George Osborne is set to be told this autumn by the Office for Budget Responsibility he will have to plug another large hole in the public finances, extending austerity until 2018 and throwing the coalition’s deficit reduction strategy into doubt. Regulator warns on Big Four alumni The [...]
LVMH boss Arnault to be knighted October 7, 2012 The chief executive of French luxury group LVMH, Bernard Arnault, is set to be knighted in London for his contributions to the British luxury industry, a company spokesman said yesterday. Arnault will become a Knight Commander of the Most Excellent Order of the British Empire, the spokesman said. The distinction is to recognise Arnault’s contributions [...]
China’s retail sales growth slows October 7, 2012 China’s retail sales growth slowed during the Golden Week holiday, local media said yesterday, providing a snapshot of increasingly important sources of demand in the world’s second-largest economy. Overall retail sales revenue grew 15 per cent to hit 800.6bn yuan (£78.4bn) during the National Day holiday, part of an eight-day break. That compared to 17.5 [...]
Wal-Mart and Amex news alert October 7, 2012 Wal-Mart Stores and American Express will hold a conference call today to make a financial services announcement, the two companies said in a statement yesterday. Details of the announcement, which will take place at 8.30 am (1.30pm GMT), were not disclosed. Walmart has long tried to serve low-income shoppers with little access to credit. It [...]
Lloyds dividend hopes face FSA scrutiny talks October 7, 2012 TAXPAYER-owned Lloyds Banking Group will go head to head with banking regulators next month to thrash out a deal on reinstating its dividend for the first time in five years. The bank, which is 43 per cent owned by the taxpayer, is currently negotiating with the Financial Services Authority about plans to give cash back [...]
