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Brown attacks high street banks

Chancellor Gordon Brown has launched an attack on the largest high street banks for the huge profits they make off of charges paid by SMEs.

In a speech yesterday Brown announced the Government has accepted in full the findings and recommendations of the independent Competition Commission following its investigation into the supply of banking services to SMEs.

Brown said: “The Competition Commission finds that SMEs in England and Wales are being overcharged. We cannot allow small businesses to continue paying a higher price for banking services than is right. SMEs are a vital part of our economy, employing over half the workforce. It is essential that they have a proper choice of banking services, supplied at competitive prices.”


First State appoints new head of marketing

First State Investments has appointed John Harte, 37, as its head of marketing and communications. Harte will report directly to chief executive Rob Adams and will be a member of the company&#39s executive committee. He was previously head of retail business at Capital International and head of European retail and institutional marketing Schroders.

Genesis Home Loans Planets & Moons Veunus

Genesis Home Loans Planets & Moons Venus Type: One-year discountDiscounted term: Until June 1 2003Discount: 1.6%Payable rate: 6.77%Minimum loan: £40,000Maximum loan: £200,000Income multiples: 3.5 x plus 1 or 3 x jointArrangement fee: £395Redemption fee: 6% in year one, 6% in year two, 5% in year three, thereafter 1% of amount redeemed or one month’s notice […]

Carry favour

New rules on eligibility and contributions for personal pension plans (including stakeholder) have opened up many opportunities for pension and tax planning. This is especially so where an individual also has an existing retirement annuity contract (s226).Although carryback will not be available on PPP contributions paid between now and April 5, it is still worthwhile […]

Millfield buys Moncur in £2m deal

National IFA Millfield has bought employee benefits specialist Moncur Jackson & Associates in a £2.2m deal.Aim-listed Millfield will pay Moncur Jackson £1.05m in loan notes and £825,000 through the issue of 595,668 Millfield shares.Shares worth a further £375,000 will be paid, provided that profit targets are reached over the next year.The Newcastle firm, which has […]


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