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Cabinet rift over 50p tax rate

Treasury chief secretary Danny Alexander says those calling for the scrapping of the 50p income tax rate are “living in cloud cuckoo land”.

Alexander told the Financial Times the Government’s first priority should be to help those on low and middle incomes, with measures including increasing the lowest income tax threshold to £10,000.

The comments expose a rift within Cabinet as Chancellor George Osborne has signalled his intent to look at scrapping the highest marginal rate of tax.

The temporary 50 per cent tax rate affects those earning more than £150,000 per year and the Treasury is currently undertaking work on how much extra revenue is raised through the tax.

The Mayor of London Boris Johnson is calling for the 50p rate to be removed to stimulate the economy through motivating entrepreneurs.

The coalition is thought to agree that any change to the temporary tax rate should not take place until after 2013.


Julian James appointed CII president

The Chartered Insurance Institute has appointed Julian James as president, to replace Chris Hanks. James (pictured), who is chief executive of insurance broker Lockton Companies International, was elected at the CII’s annual general meeting in London last week. He takes over from Allianz UK general manager Hanks.  AXA Commercial chief executive Amanda Blanc was elected […]

Equus buy takes Moneygate adviser numbers to 100

Moneygate Group has bought City of London IFA Equus Independent Financial Management. The deal sees 37 Equus advisers and 34 staff move across to Moneygate, increasing its total adviser number to about 100. The acquisition increases Moneygate’s funds under influence from £1bn to £2bn. Equus managing director Paul Fife has been appointed Moneygate Greater London […]

Barclays profits fall 33 per cent due to PPI payouts

Barclays profits fell 33 per cent in the first half of 2011 to £2.6bn compared to £3.9bn in the same period in 2010. This includes the £1bn set aside for settling payment protection insurance complaints. In June, Barclays promised to pay compensation to all its PPI customers who made a complaint before April 20. The […]

US announces deficit deal

President Obama confirmed yesterday that a bipartisan agreement has been reached between parties that would allow the debt ceiling to be raised. The risk of default has been averted before the August 2 deadline, as both Democrats and Republicans negotiators have agreed to  $1 trillion in cuts over the next 10 years. The new proposals […]

Greg Broomer 2

Survey looks at the challenges facing businesses post auto-enrolment

A survey conducted by Johnson Fleming at the Pension & Benefits Show 2014 highlighted the key challenges faced within organisations post auto-enrolment. The results showed that communicating the changes and the value of them to staff, and receiving timely data from the payroll provider proved to still be the most challenging aspects of managing an auto-enrolment scheme.


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There are 2 comments at the moment, we would love to hear your opinion too.

  1. It’s worth bearing in mind that not so long ago the Hong Kong authorities took the decision to lower taxes across the board, the result of which was an increase in tax receipts for the government. The reasons for such an outcome are easy to work out.

    This confirms the adage that making the wealthy poorer does not make the poorer wealthy. All it does is dampen the working of a free market economy.

  2. Well what can you expect from politicians? Always thinking about the next election so talking and making decisions to satisfy the current mantra.

    This is why our country has gone to the dogs. People only become politicians for self gain. We desperately need another Sir Robert Peel.

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