US stocks fell on Fed news and weak data – New York Report April 29, 2015 US STOCKS ended lower yesterday as the Federal Reserve cited weakness in the US economy and data showed growth slowed more sharply than expected in the first quarter. But the Fed’s acknowledgement of weakness in some sectors of the economy makes it more likely it will not be ready to raise until at least September, [...]
David Cameron is right: We should balance the budget without tax hikes April 29, 2015 The Prime Minister pledged yesterday to introduce a law to prevent increases in income tax, national insurance and VAT for the whole of the next Parliament. While a law may be a crude tool, it does reinforce two crucial points. First, deficit reduction should come primarily from reductions in public spending rather than further tax [...]
General Election: David Cameron promises to stop tax increases with new law April 29, 2015 If the Conservatives are voted in at the General Election, David Cameron has promised to introduce a new law that would prevent tax increases for five years. During a speech today, he said Britons should be allowed to keep hold of what they earn, and that they have paid “enough tax”. "It's time for [...]
Barclays sets aside £800m for Forex as profits fall 26 per cent April 29, 2015 Barclays has put aside £800m to cover potential costs mainly resulting from legal action over alleged foreign exchange manipulation. The figures The bank made the announcement as part of its first quarter results, which revealed a 26 per cent drop in statutory profits, which came in at £1.34bn. The drop was mainly down to one-off [...]
Standard Life assets rise in face of pensions and annuities reforms April 29, 2015 The figures Standard Life's assets under administration rose by five per cent to £311.9bn in the first quarter, as the savings and assets manager flexed its muscle in the face of new UK laws allowing savers to cash in their pension annuities. Third party net inflows of £3.7bn – 73 per cent of which came [...]
David Cameron’s tax freeze pledge: Tories will not raise income tax, National Insurance, or VAT April 28, 2015 The Conservative party will today pledge a cast-iron guarantee that it will not raise the rates of income tax, National Insurance (NI) or VAT during the next parliament, should David Cameron be returned to Downing Street. A law preventing any increase in the three taxes – which account for over 60 per cent of tax [...]
Bloodhound SSC race car stops by Willis: 1,000mph supersonic dream machine is City’s star attraction April 27, 2015 Something shiny caught The Capitalist’s eye near the iconic Lloyd’s building yesterday. Redefining the notion of a flashy car, most passing insurance workers on their lunch breaks could only look on adoringly and weep at the £20m price-tag. Designed to set a new land-speed record of 800 miles per hour on the vast, smooth plains [...]
UK’s big four banks face £19bn more in conduct fines April 27, 2015 Legal and compensation payouts are set to cost the big four UK banks another £19bn over 2015 and 2016, analysts at credit ratings agency Standard and Poor’s said yesterday. Mounting bills come on top of the £42bn the four have already paid out over the past five years. The next nine largest lenders paid a further £6bn [...]
Liverpool Victoria sales shift mirrors UK pensions overhaul April 27, 2015 RADICAL changes to the pensions landscape upended insurer Liverpool Victoria last quarter after the group sold fewer annuities but more bonds. Moves by chancellor George Osborne to give retirees more choice about how they spend their pension pots saw LV’s annuity sales slump. The group, which sponsors the UK’s premier cricket competition the County Championship, [...]
Stephen Hester braced for pay revolt at insurer RSA April 27, 2015 Former RBS chief Stephen Hester could be set for a row over his pay packet at insurer RSA, as activist investor Cevian Capital has indicated it may vote against the remuneration deal. Hester’s package at the FTSE 100 insurer includes provisions for a bonus payment of up to 230 per cent of his £950,000 salary. [...]