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Treasury official says current conditions show Darling’s Guardian comments were right

A Treasury official has backed the Chancellor’s controversial comments on the economy from earlier this summer.

Speaking at the Tisa conference today Mike Williiams, director budget tax, and welfare at the Treasury, said: “I’m sure you remember the outcry at the end of August when the Chancellor said that economic conditions were ‘arguably the worst they have been in the last 60 years’. There was outcry following those remarks at the time.

“Today there are few that would disagree with what he said. In fact the IMF said the world economy is now entering a major downturn in the face of the most dangerous shock in the financil market since the 1930s.”


Revenue widening search for offshore tax evaders

HM Revenue & Customs is targeting 25 building societies and foreign banks with UK operations as part of a fresh crackdown on offshore tax evaders, Money Marketing understands.

Survival of fittest

Copious column inches over the past weeks and months have attempted to explain the reasons for the financial crisis, assess just how long it might last, chart the way out and, of course, speculate over what the catalysts might be to allow this improvement to occur. For our part, we certainly are in no doubt that the current situation facing economies, their governments, fund managers, financial advisers and clients alike is arguably the most serious in a generation.

No repayment plan on interest-only

Nearly half of the UK’s 2.9 million interest-only mortgages have no specified investment vehicle to pay off the capital, according to research from LV= by CEBR.


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