Pensions pay more than banks in tax raid


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Pensions pay more than banks in tax raid

Pensions pay more than banks in tax raid
It has been revealed that George Osborne’s tax raid on pensions will raise twice as much as his increases in the levy imposed on banks after the financial crisis. Treasury figures show that reductions in the tax reliefs for private pensions announced in the Autumn Statement will raise £1.125billion in 2017-18. An increase in the bank levy applied to help meet the costs of bailing out the financial system will raise an additional £545million a year for the Treasury. The National Association of Pension Funds said the increase was “unfair” and would “undermine confidence in pension saving”.
The Daily Telegraph, p. 16

Firms demand more pensions transparency
Transparency in pension fees is the best way to help firms and staff make the best choices on how they save, business groups told MPs yesterday. And they rejected a cap on charges in the Work and Pensions Select Committee hearing on pensions auto-enrolment. “There may come a time when a cap on auto-enrolment charges will become necessary, but the average charge is now down to just over 0.5 per cent,” said Neil Carberry from the Confederation of British Industry.
City AM London, p. 16

More than half (54 per cent) of […]
More than half (54 per cent) of couples are putting their partner’s financial future at risk due to lack of pension planning. Prudential says couples are failing to make joint retirement arrangements to ensure when they die their partner will continue to receive an income.
Daily Mirror, p. 62

JP’s Dimon: Don’t dictate our salaries
Capping bank bonuses is the wrong way to promote equality, JP Morgan chief Jamie Dimon said yesterday, arguing politicians should put more effort into helping the most deprived if they want to make a positive difference.
City AM London, p. 1
Also appeared in : The Guardian, p.36

Jenkins urges cut in salaries
A senior Bank of England Official said yesterday that banks could win back the confidence of investors by slashing pay packages for top bosses. Robert Jenkins, a member of the Bank’s Financial Policy Committee, also called on banks to raise fresh capital to absorb future financial hits.
Daily Mail, p. 74

Mortgage loans jump back after September dip
The total number of loans for house purchase climbed 13.8 per cent to 49,500, data from the Council of Mortgage Lenders (CML) revealed. After a disappointingly flat September, the figures provided some cause for optimism, with the number of loans made to first time buyers jumping by 14.3 per cent to 20,000.
City AM London, p. 16
Also appeared in : The Guardian, p.36, The Sun, p.52-53

Black and White directors fined
The City watchdog has taken action against three former directors of the collapsed Black and White Group for numerous failings around the sale of mortgages and payment protection insurance (PPI). The broker sold sub-prime mortgages to customers with poor credit records, but failed to check whether they were suitable, the Financial Services Authority said. Sales staff were also put under pressure to sell PPI.
Daily Mail, p. 74

Britain poised to secure bank union safeguards
Last night Britain moved a step closer to securing safeguards to protect its banks from a new eurozone banking union, as European finance ministers neared a deal to give the European Central Bank new powers over lenders. Chancellor George Osborne said: “It would be very difficult for us to accept that the ECB could exercise certain powers for Deutsche Bank in London. That would be an unfair arrangement.”
The Daily Telegraph Business, p. 5
Also appeared in : Financial Times, p.6, City AM London, p.2, City AM London, p.18, Evening Standard London, p.36, Financial Times Companies and Markets, p.32, International Herald Tribune, p.1, International Herald Tribune, p.13

Deutsche Bank chiefs in carbon permits tax probe
Deutsche Bank’s leading executives are being investigated in connection with possible tax evasion, money laundering and obstruction of justice. The case relates to EU rules limiting the carbon dioxide that companies emit. Businesses that pollute less can sell “credits” to those that need more. The company confirmed that board members were now involved in the inquiry.
The Independent, p. 53
Also appeared in : Financial Times Companies and Markets, p.21, Independent i, p.47, International Herald Tribune, p.1, The Guardian, p.36, The Daily Telegraph Business, p.10

China gets first tech bank
China’s first bank dedicated to technology companies has launched in the country, a joint venture by Shanghai Pudong Development Bank and the US’ Silicon Valley Bank.
Independent i, p. 47

Thomson Reuters pitches for new Libor role
Thomson Reuters, the data provider responsible for the administration of Libor, wants to run a more stringent new system.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 24

Greek court orders asset seizure in Proton Bank loan scandal
A court ordered the seizure Wednesday of assets belonging to the Greek oligarch Lavrentis Lavrentiadis and 29 of his former associates over a case involving hundreds of millions of euros in bad loans alleged to have been issued by Proton Bank to dormant companies.
International Herald Tribune, p. 17

Cable says investors’ expectations of bank returns ‘unrealistic’
Yesterday Vince Cable admitted that there “may well be a conflict” between investor expectations of returns from bank stocks and Government policies. In a speech to the Association of British Insurers annual conference, the Business Secretary rebuffed concerns that British banks are “uninvestable” and claimed that shareholders have had a “hopelessly unrealistic” expectation of returns from lenders. “There has been an assumption of returns that is hopelessly unrealistic in what are essentially utilities,” he said.
The Daily Telegraph Business, p. 3

The above articles appeared on 13/12/12 reproduced with the kind permission of Kantar Media UK. All rights reserved.

Charterbridge Private Financial Planning, Independent Financial Advice, Thornbury, Bristol.