Lloyds misses brunt of £2bn levy on banks June 22, 2010 STATE-OWNED Lloyds Banking Group emerged as the relative winner from an annual £2bn levy on banks’ balance sheets announced yesterday. The tax will apply to British banks and building societies, such as Barclays and the Skipton, and the UK operations of foreign institutions like JPMorgan and Goldman Sachs. From January 2011, banks will be charged [...]
Holiday homes win tax break June 22, 2010 THE government has reinstated tax breaks for furnished holiday lettings, though the chancellor warned yesterday that it would consult on changing the allowances in 2011. The restored rules apply to around 120,000 landlords who run holiday homes. Osborne stressed the importance of tourism to the UK economy in his Budget speech. “There are many small [...]
Banks implore Osborne to rethink balance sheet tax June 20, 2010 SENIOR members of the banking community yesterday implored chancellor George Osborne to reconsider plans to introduce a sweeping tax on bank balance sheets, arguing that a simple levy on profits would be a fairer and more transparent option. Osborne is set to outline details of the levy in tomorrow’s emergency Budget and is widely expected [...]
LIKE FATHER, LIKE SON IN THE WORLD OF SPIN June 17, 2010 TO THE Kensington home of City slicker Roland Rudd, the boss of PR firm Finsbury, last night for his annual party, one of the highlights of the summer schmoozing circuit. Grandees of the worlds of business and politics were there in their droves for the event, including WPP boss Sir Martin Sorrell; Royal Bank of [...]
Osborne wins Square Mile’s quiet approval June 16, 2010 CITY figures cautiously welcomed chancellor George Osborne’s decision to restore financial regulation to the Bank of England last night, but urged him to think carefully about the shift. Osborne said oversight of UK-based high street lenders, investment banks, building societies and insurers would be the responsibility of a new body under the control of the [...]
City investors back inquiry on bank fees June 10, 2010 INVESTORS applauded the fresh inquiry into investment banks’ fees for advising on and underwriting equity issues announced by the Office of Fair Trading yesterday. Following worries over the spiralling cost of rights issues for companies, the OFT said it would investigate the level of competition in capital markets services and whether corporates were getting value [...]
CITY MOVES | WHO’S SWITCHING JOBS June 8, 2010 Signia Wealth The ultra high net worth wealth manager has hired mobile phones tycoon John Caudwell to take up a seat on its advisory board. Caudwell will provide entrepreneurial leadership for the firm alongside its other advisers, including private equity guru Jon Moulton. Caudwell previously founded and led the Caudwell Group, including mobile phone retailer [...]
Manchester United’s owners have debts of over £1.1bn June 7, 2010 MANCHESTER United’s American owners have debts totalling more than £1.1bn, fuelling speculation they will drain the club of its resources. The Glazer family tied around £716m of debt to the Premier League club when they bought it in 2007, sparking outrage from fans. Now a BBC Panorama investigation has revealed they also owe £388m on [...]
Fans’ bid for United looks doomed to fail June 2, 2010 THE highly anticipated “Red Knights” bid for Manchester United appears to have all but fizzled out after the wealthy group of investors admitted they will not meet the owners’ valuation of the club. The Red Knights have privately said a bid will not be imminent after it became clear they are not willing to match [...]
Red Knights shelve Man Utd bid June 2, 2010 THE group of wealthy thy Manchester United fans dubbed “The Red Knights” have shelved plans to make a bid for the club. The members said media speculation had triggered “inflated valuation aspirations” and contributed to the sidelining of a bid. It said it would only pay a sensible price for Manchester United, with £1bn the [...]