Radical thinking on tax from the US October 25, 2011 WHILE the Eurozone moves ever closer to the brink, the US presidential elections have suddenly become more interesting. Two of the Republican candidates – former Godfather’s Pizza CEO Herman Cain and Texas governor Rick Perry – have kick-started a major debate on tax reform and economic growth. It all started with Cain’s fascinating 9-9-9 plan: [...]
Bank lending on mortgages is on the rise October 25, 2011 MORTGAGE lending rose over the twelve months to September, according to figures out yesterday from the British Bankers’ Association, though at a slowing rate. Growth of 1.6 per cent was recorded in net mortgage lending over the last year. Gross mortgage lending came in seven per cent higher in September than a year ago, at £8.4bn. [...]
Lending to businesses is still subdued, says Bank October 20, 2011 LENDING to businesses fell again in the three months to August, Bank of England figures showed yesterday. On an annualised basis, the stock of lending from financial institutions fell by 2.1 per cent, or £2.5bn. The decline represents a slowing rate – lending was down 5.8 per cent in the three months to July and [...]
Time to debunk the silly myths about personal credit ratings October 19, 2011 A BAD credit rating is the financial equivalent of a six-year hangover. We should fear them. They can stop you getting a mortgage, new car and leave your credit card trapped on a crippling interest rate. But a lot of what is said about them is rubbish. For example, 71 per cent of people still [...]
Inflation: an undemocratic stealth tax October 19, 2011 INFLATION is taxation without legislation, as Milton Friedman, the Nobel prize winning economist, once said. He was spot on. Yesterday’s figures were truly appalling: inflation on the retail price index measure hit 5.6 per cent, the fastest rate for 20 years. On the official consumer price index measure, it reached 5.2 per cent. Over the [...]
Inflation: an undemocratic stealth tax October 18, 2011 INFLATION is taxation without legislation, as Milton Friedman, the Nobel prize winning economist, once said. He was spot on. Yesterday’s figures were truly appalling: inflation on the retail price index measure hit 5.6 per cent, the fastest rate for 20 years. On the official consumer price index measure, it reached 5.2 per cent. Over the [...]
There is zero virtue in involuntary high taxes October 18, 2011 WARREN Buffett has famously claimed that he is happy to pay a higher rate of income tax. He figures that, given all he has gained from society, it is only right that he give a lot back. President Obama’s proposed new tax on incomes above $1m has even been dubbed the Buffett tax. This week [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 16, 2011 FINANCIAL TIMES CHOPPY MARKETS THREATEN EMI SALE Turbulent financing markets could derail Citigroup’s attempt to sell EMI, according to people close to the $3bn-plus auction who warned that the US bank could abandon the sale if it cannot squeeze higher offers from bidders. The bidding process remains fluid, with Citigroup expected to decide within two [...]
House price rises limited to the south October 16, 2011 HOUSE prices in the south are now over twice as high as elsewhere in England and Wales, according to asking prices collated by Rightmove. Asking prices in southern regions have shot up by 4.7 per cent this month, wedging an even bigger gap between housing costs in the south compared to further north. In London [...]
Cheap loans aid house prices October 11, 2011 HOUSE prices increased in August compared with July, but are still down on levels seen 12 months ago, according to figures out yesterday from the Department for Communities and Local Government (DCLG). Meanwhile, statistics from the Council of Mortgage Lenders (CML), also out yesterday, showed homeowners taking advantage of low interest rates as remortgage levels [...]