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Building societies attack carpetbagger stance

Building societies have hit out against a Government refusal to bring in new laws to protect them from carpetbaggers.

A Treasury select committee has thrown out a recommendation only savers who have been with the building society for two years should benefit from demutualisation windfalls.

A further recommendation which would have given borrowers the same voting rights as savers has also been rejected.

Both recommendations were seen as essential to prevent carpetbaggers from opening accounts with mutuals in the hope of picking up windfalls if they later convert to a bank.

Leek United chief executive Neil McFadden says: &#34It is fundamentally disappointing. The Government has to understand building societies are a tremendous asset to the community.&#34


Chancellor expected to revamp CGT in Green Budget

Chancellor of the exchequer Gordon Brown is expected to announce a revamp of the capital gains tax in a mini-budget today.Proposals to cut tax on business assets to ten per cent after five years and to broaden the definition of businesses assets to include a wider range of investment benefits are expected.

Halifax and Nationwide push up mortgage rates

Following on from Abbey National, Halifax and Nationwide have announces they are also raising their standard variable mortgage rate by 0.25 per cent. The Halifax rate will rise to 7.24 per cent from 6.9 per cent with immediate effect for new customers and from December 1 for existing borrowers.Nationwide has pushed up its rate to […]

ASB change to accounting methods threatens pensions

The Accounting Standards Board is to make companies reveal more in their accounts about their pension schemes.The change will create greater volatility in accounts as firms have to show how the value of their occupational pension funds varies with changes in the bond and equity markets.Experts believe the reforms may fuel a movement away from […]

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Considerations for overseas workers in Germany

With Germany’s strong economic growth leading the eurozone’s recovery, many UK businesses are keen to be part of the success story: recent data shows that there are currently more than 280,000* employees working for a UK-controlled company in the country.


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