June 2013 - Charterbridge

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Monthly Archives: June 2013

French tax fine for UBS

French tax fine for UBS The Swiss bank UBS has been fined €10 million by a French banking regulator for failing to act on a warning that its staff could be helping wealthy clients to avoid tax. The Times, p. 47 Also appeared in : Financial Times Companies and Markets, p.20, Financial Times Companies and […]

Osborne denies he gave in to lobbying by bankers

Osborne denies he gave in to lobbying by bankers Yesterday Chancellor George Osborne was challenged about whether he gave in to intense lobbying by bankers to force regulators to water down demands for banks to raise more capital to protect themselves against future shocks. Sir Mervyn King, the departing Governor of the Bank of England, […]

Most over-65s say pensioners should share austerity burden

Most over-65s say pensioners should share austerity burden A poll has found that most over-65s believe pensioners’ benefits should not be ring fenced from public spending cuts. City AM London, p. 3 Also appeared in : Independent i, p.7 Pension ‘liberation’ cases soar by a third as victims count cost Growing numbers of people are […]

Weekend economic news headlines.

Inflation outstrips savings rates According to analysis by Moneyfacts, there is not a savings account in Britain now paying enough interest to beat inflation and tax. The Guardian Money, p. 5 Is it time to pool our pension resources? The government claimed this week that retirement savers could boost their pension pots by up to […]

Little progress made on company pension deficits

Little progress made on company pension deficits Britain’s biggest companies have made little progress in cutting their pension deficits, according to a survey, from PwC, the professional services group. This abstract from the Financial Times was produced by Kantar Media Financial Times Companies and Markets, p. 24 Pension saving is ‘a losing game’ The European […]

Housing boom predicted as lending leaps

Housing boom predicted as lending leaps The Council of Mortgage Lenders published figures yesterday showing that mortgage lending leapt by nearly a quarter in May, prompting experts to predict another housing boom. Total gross mortgage lending in May rose to £14.7bn, up 21 per cent on the previous month and 17 per cent higher than […]

Final salary pension regulatory obligations are ‘overblown’

Final salary pension regulatory obligations are ‘overblown’ A survey of 700 companies carried out by the Bank of England found that the need to make good on pension deficits was having very little effect on employment. This abstract from the Financial Times was produced by Kantar Media Financial Times Companies and Markets, p. 21 Home […]

Pensions time bomb blamed on distrust of providers

Pensions time bomb blamed on distrust of providers Treasury aide David Mowat has warned that Britain is facing a pensions “time bomb” because many workers do not trust the pensions industry. Many private-sector workers are refusing to save into pension funds because of “massive distrust” in the pensions industry and charges that can eat up […]

Savings sector to seek more flexibility

Savings sector to seek more flexibility It is reported that Britain’s savings industry is likely to press for a much looser regulatory regime if the government proceeds with ideas that lead to the creation of large, low-cost pension savings providers that also offer incomes in retirement. This abstract from the Financial Times was produced by […]

Weekend economic news headlines

Deputy heads for door at the Bank after missing top Job Paul Tucker, the Deputy Governor of Financial Stability at the Bank of England, is to step down from his current post in the autumn after failing to succeed Sir Mervyn King as Governor. The Times, p. 47 Also appeared in : Daily Express, p.2, […]