George Osborne has rejected calls to cut taxes from the right of the party, claiming that there is “no such thing as a tax-cutting Shadow Chancellor”.Speaking at a Cicero Consulting and Policy Exchange fringe event on Sunday, Osborne said it would not make any sense to propose tax cuts three years before the party could get into power. He said some in the party believed that a “juicy tax prop-osal” such as cuts to IHT or income tax would be the “silver bullet” to election success but they forget that Margaret Thatcher increased taxes when she came to power to put economic stability first. Right-wing thinktank the Centre For Policy Studies, MP John Redwood’s No Turning Back Group, the Tax Payers’ Alliance and Thatcherite former MP Norman Tebbit have all been active at the conference demanding cuts. The Tories’ tax commission is also due to report this month calling for 19bn of tax cuts, including removing the burden of IHT on primary residences. Osborne rejected calls to restore pension dividend tax relief and any return of Miras as “lazy thinking” although he said that he would look at increasing tax-exempt savings if it was affordable. Osborne said: “We need to be seen as sensible, competent people you can trust the economy to and it comes down to tax. Making irresponsible commitments three years before we could ever deliver a budget would say to people we are not ready for Government. There is no such thing as a tax-cutting Shadow Chancellor.”
Royal Bank of Scotland Intermediary Partners has made Caroline Marsh head of intermediary mortgages. She replaces David Jones, who has left the group. Head of business partnerships Louis Kaszczak has also quit the group, with Jayne-Anne Gadhia becoming MD for mortgages.
The FSA has announced it will allow fund managers to adopt single or dual pricing of units in authorised Collective Investment Schemes in order to better fit with principles-based regulation.Investment companies with variable capital currently have to value units on a single-pricing basis while authorised unit trusts have the flexibility to quote single or dual […]
Helen Pow says educating clients is vitally important for retaining and growing business for advisers
Since being forced out of being an IFA by my ethics, I have found solace in championing the consumer cause against poor financial services advice. Now what do we get? Money-motivated companies creating exams for complaint-handling staff (MM Professional Brief, September 21). Isn’t everyone aware of the existing financial services qualifications – FPC, AFPC, Cemap, […]
By James Dowey, chief economist & CIO at Neptune WHATEVER HAPPENED TO THE GOOD OLD DAYS OF CHUGGING ALONG AT 3 PER CENT A YEAR? That was the average rate of real economic growth in the advanced world from the end of the Second World War until the late 2000s. Despite all of the recessions and social changes […]
- Top trends
News and expert analysis straight to your inboxSign up
Latest from Money Marketing
The work and pensions secretary Esther McVey has been urged to intervene to protect the pensions of over 200,000 current and former Barclays staff as the UK bank reorganises its pension scheme. Concerns have been growing from the bank’s members over the decision of Barclays to transfer responsibility for pensions to the international and investment banking arm […]
The Financial Services Compensation Scheme is predicting that life and pensions advice compensation payouts will fall over the next year. In its budget for 2018/19 released today, the FSCS notes that while the three-year average for compensation claims over life and pensions intermediation is £83.8m, a falling trend from a peak two years ago should […]
Will PI cover stand up to the DB transfer test?