Labour conference 2013

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IFS: Millions more to drift into 40p income tax band by 2030

The Institute of Fiscal Studies director Paul Johnson is predicting at least half of all basic rate taxpayers will pay 40p income tax over the next 15 years as millions more drift into the higher rate band. Speaking at a fringe event on taxation at the Labour party conference in Brighton yesterday, Johnson also predicted […]

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Labour calls on Govt to examine RBS regional break-up

Labour is calling on the Government to explore breaking up the Royal Bank of Scotland into regional banks, branding its decision to press ahead with privatisation as a “tragedy”. Speaking at the Labour conference in Brighton yesterday, shadow Treasury financial secretary Chris Leslie said there are a number of other options for the future of […]

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Labour says mortgage fees could be ‘next big scandal’

Shadow Treasury financial secretary Chris Leslie says high mortgage fees could be the “next big scandal”.  Speaking at a fringe event at the Labour conference in Brighton today, Leslie said lenders should inform borrowers about the impact of rolled up mortgage fees every year and not just at the start of their term. Moneyfacts data […]

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Labour calls for debate on ‘insignificant’ FCA fines

Labour is calling for a public debate on whether the FCA needs to issue bigger fines and raised concerns over the accountability of the new regulator. Speaking at a fringe event at the Labour conference today, shadow Treasury financial secretary Chris Leslie said fines are often seen as “insignificant” to the financial institutions involved.  JP Morgan […]

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Labour and IMA in war of words over charges

Shadow pensions minister Gregg McClymont and the Investment Management Association have clashed over the appropriate level of disclosure on investment charges. The IMA published guidance on disclosing fund charges in September 2012, following industry consultation. The guidance, known as the IMA’s Statement of Recommended Practice asked fund managers to provide three-year averages for transaction costs, […]

Labour cautions on retrospective group commission ban; pushes standard 50bps charge

Shadow pensions minister Gregg McClymont has urged caution as policymakers eye a retrospective ban on consultancy charging and commission associated with group schemes. The Government has banned consultancy charging since May when it first announced its plans but it is also considering retrospective action on charges levied between January and May. The Department for Work […]

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IMA: Labour fund tax plans will cost savers £145m a year

The Investment Management Association has warned Labour proposals to re-introduce the ‘Schedule 19’ tax paid by UK-based funds would cost savers and investors £145m a year. Speaking at the Labour party conference in Brighton at the weekend, Ed Miliband pledged to scrap the so-called “bedroom tax”, a reform to housing benefit which came into force […]

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Miliband would reduce small business rates with corp tax reversal

Ed Miliband will today announce plans to increase corporation tax and use the proceeds to reduce rates for small businesses if Labour wins the next election. Corporation tax is due to fall from 21 per cent to 20 per cent in April 2015, but today the Labour’s leader will pledge to reverse the cut should […]

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Labour warns new LTC system ‘faces collapse’ due to demand

Labour health spokesman and Lords deputy leader Lord Philip Hunt is warning the Government’s proposed long-term care funding system will “face collapse” due to the weight of demand. Speaking at a fringe event at the Labour party conference in Brighton yesterday, Lord Hunt fears the number of people looking to get assessed for care could […]

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‘George, it’s basic economics’: Ed Balls joins warnings over Help to Buy

Shadow chancellor Ed Balls is warning the Government’s Help to Buy scheme could push house prices “up and up” without more housebuilding. Speaking at the Labour party conference in Brighton yesterday, Balls said more housebuilding was needed to boost supply and stop young people being priced out of the market. The second part of Help to […]

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Time for a minister for mutuals?: Labour sets out manifesto agenda

Shadow Treasury financial secretary Chris Leslie says Labour is looking at ways to encourage new building societies and mutuals in its next manifesto. Speaking at a fringe event at the Labour party conference in Brighton today, Leslie called on mutuals to suggest to the party ideas for reform to boost new entrants. He said: “We […]

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‘Watch this space’: Labour signals further pensions tax relief reforms

Shadow pensions minister Gregg McClymont has signalled Labour will propose reforms of pensions tax relief before the next general election. Speaking at the Labour party conference in Brighton today, McClymont said the debate on the future of pensions tax relief will continue and to “watch this space” for Labour’s proposals. Earlier this year, the Pensions […]