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Govt proposes new immigrant tax

The Government is set to introduce a new tax on immigrants in a bid to make them contribute to the rising cost of public services.

In a speech today Home Secretary Jacqui Smith is expected to say immigrants will have to pay a special levy when they enter the UK and people who are deemed more of a burden on the state, such as elderly people needing regular medical attention, will face a higher tax.

The Government expects to raise £15m a year from the move which was prompted by local councils warning the recent influx of immigrants was putting increasing strain on schools and hospitals.


Money Portal flying high with B-A deal

Money Portal says it expects the direct support services market to shrink this year due to increasingly tight regulatory conditions.Managing director Chris Edge says the directly authorised model faces the biggest threat due to FSA activity.He says: “With increased capital-adequacy requirements, the prudential rules paper and treating customers fairly throwing a spotlight on direct-to-market propositions, […]

IFA warns over Standard mailing

An IFA has attacked Standard Life for offering his investment clients direct deals.Jordan Financial Management director Michael Jordan says a recent mailing is “corporate greed”.He warns that the move also risks disrupting clients’ asset allocations as investment transactions will not go through the adviser.He says: “Standard Life is trying to take the bread out of […]

Assureweb positive it will turn corner

Assureweb says it will break even for the first time by the end of this financial year.The company says that business quotes will be up by 40 to 50 per cent on last year and by the end of May it expects to have processed 23 million to 24 million quotations.Chief executive John Spellman is […]

The Rock slide

I have always been in favour of different forms of ownership for financial services companies believing that it leads toa diverse and healthy market and choice for advisers and consumers. I would draw the line at a pattern of ownership that goes from building society, public limited companyand then publicly owned bank.

How QE is distorting the gilt market

By Mike Riddell The moves in gilts in August were truly exceptional. Volatility in the gilt market (based off 10-year gilt futures) has soared to close to the highest levels seen this millennium, on a par with the eurozone debt crisis of 2011/12 and behind only the global financial crisis of 2008/09. The first distortion […]


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