Thursday 3 May 2012

Thursday, May 03, 2012 Posted by Hari No comments Labels: ,
Posted by Hari on Thursday, May 03, 2012 with No comments | Labels: ,

Child benefit claimants paying higher tax rates than millionaires. DAILY TELEGRAPH

One in four in David Cameron's Business Advisory Group avoids tax. Includes BT chairman Sir Michael Rake, Sir James Dyson, Chairman of Google Eric Schmidt, CEO of WPP Sir Martin Sorrell. 

"Slow-motion bank robbery" say MPs. Banks pay savers virtually no interest, whilst inflation stays high. By still charging much higher interest on loans, the banks have made £43bn since the crisis began.  DAILY TELEGRAPH

Wealth of UK's richest 1,000 has grown in the last year.

Rover workers get £3 redundancy pay compensation after seven-year battle. Owners and MD pocketed £42m after buying Rover. When Rover collapsed they set up a fund telling staff it will have 'millions' for them. 

A summary of shareholder revolts, including Barclays. Mentions Vince Cable's proposal that bosses' pay deals must need 75% in favour (currently shareholders only have an "advisory" vote). GUARDIAN

Future Quantitative Easing money (currently the Bank of England has printed £325bn) should be pumped into infrastructure, not just given to the banking sector. DAILY MAIL

Lloyds slams 'fraudulent' PPI compensation claims, after the state-backed lender revealed a quarter turned out to be false. The bank had to set aside £3.2bn to compensate customers it mis-sold PPI cover to. DAILY TELEGRAPH

The Electoral Commission said there was "no evidence" rules had been breached by Peter Cruddas. He quit his post as Tory co-Treasurer after being filmed by undercover reporters suggesting major donors could gain access to No 10 and have ideas fed into policy committees. BBC NEWS

Ofgem, the energy watchdog, paid staff more than £1m in bonuses in the past two years despite household bills rising sharply, and accusations of failure to regulate energy firms suspected of profiteering. DAILY TELEGRAPH

Sir Mervyn King, Governor of the Bank of England,  says  that without the massive taxpayer bailout almost all banks, not just Lloyds and RBS, would have failed. He accepts some of the blame, but blasts banks for bringing UK to brink of ruin. Recommends "ringfencing" banks "sooner rather than later." Warns of vested interests opposing reform and pay restraint. DAILY TELEGRAPH


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