WHAT THE OTHER PAPERS SAY THIS MORNING May 18, 2010 FINANCIAL TIMES BC PARTNERS WINS MORE TIME Investors in BC Partners have granted the UK-based private equity group an extension to the investment period on its latest fund, in a sign that buy-out groups are winning more time to deploy their $500bn of unspent capital. The extension of BC Partners’s investment period from November until [...]
Tories in bid to limit CGT law May 18, 2010 DOZENS of senior Tories are trying to convince George Osborne to water down plans that could see capital gains tax (CGT) jump to 40 per cent. City A.M. understands that the chancellor is considering an alternative set of proposals masterminded by veteran right-winger John Redwood. Hiking CGT so it is taxed at a similar rate [...]
Proposed cap on migration just a smoke screen May 18, 2010 PARTNER, LEWIS SILKIN APART from the economy, the most hotly debated issue between the three major parties in the election was immigration. The policies of the Conservatives and Liberal Democrats were completely at odds; the Conservatives favouring a cap on migration and the Liberal Democrats an amnesty for illegal immigrants. Now the negotiations to form [...]
Why hiking Vat will be very painful May 17, 2010 SO George Osborne has got his office for budget responsibility, tasked with auditing the public finances and producing independent economic forecasts. It is a splendid idea and a great opportunity for Sir Alan Budd, its first boss, to create a set of truly transparent national accounts. A crucial test will come with the treatment of [...]
Osborne launches audit of UK’s books May 17, 2010 GEORGE OSBORNE will commission an independent audit of the nation’s battered public finances today, ahead of an emergency Budget at the end of June. The chancellor has asked Sir Alan Budd, a former economic adviser to the Treasury, to head up the Office for Budget Responsibility, which will publish the review. Budd will also be [...]
Investors may flip homes to avoid taxes May 16, 2010 FLIPPING is set to become the norm amongst second homeowners, say tax experts, as they look to avoid paying the government’s planned increase in capital gains tax. “Flipping homes is a real possibility for second home investors and is one way of avoiding capital gains tax,” said John Whiting, president of the Chartered Institute of [...]
SPREAD BET GURU May 16, 2010 MARKET STRATEGIST josh@cityindex.com Q. Dear Josh, why is a huge budget deficit a problem for the equity markets? A. Spiralling deficits from several countries within the Eurozone and the UK have been one of the main drivers of equity weakness over the past few weeks. Stock traders tend to think about what is coming next [...]
Cameron right to cut ministers’ pay May 13, 2010 IT was good to see David Cameron announcing a 5 per cent pay cut for all government ministers. The savings will be relatively trivial when compared with the £163bn budget deficit but that wasn’t really the point: any organisation that wishes to usher in a new culture where belt-tightening is the norm must be ruthless [...]
What Clegg and Cameron will mean for your finances May 13, 2010 WHEN David Cameron and Nick Clegg stepped into 10 Downing Street together on Wednesday evening, it heralded a new era in British politics and a strong commitment to tackle Britain’s public finances. Unfortunately for those keeping a close eye on their money, their plans to get the country’s debts in order are going to have [...]
Cameron and Clegg promise new order May 12, 2010 POLITICAL EDITOR ■ New government will hike capital gains tax, hitting private equity and buy-to-let ■ FSA given stay of execution after Tories and Lib Dems broker compromise deal ■ George Osborne will chair commission to examine break up of big banks PRIME Minister David Cameron hailed an “historic and seismic shift in politics” yesterday, [...]