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Wells Street Journal: HMT ‘not responsible’ for money

The Treasury has an astonishing new set of responsibilities, which don’t monitoring government funds, the Wells Street Journal can reveal.

After intense pressure from a hack at WSJ sister title Money Marketing, one Whitehall insider blurted out to a hack that cash was no longer the focus of the Government’s erstwhile bank vault.

“It’s not the Treasury’s job to keep track of all the money!” they exclaimed, as a journalist tried in vain to figure out if, indeed, the Treasury possessed an calculator.

The removal of any monetary role from the Treasury marks a continuation of Prime Minister David Cameron’s amusing performance art piece, The Appointment of a Grotesquely Inappropriate Cabinet.

The performance was kickstarted by the appointment of homeopathy fan Jeremy Hunt to lead the Department for Health in 2012 before a hilarious second act saw the PM name a second successive equalities minister who had voted against same sex marriage.

Rumours abound that Cameron is building to a grand climax, in which Boris Johnson will land an important role in government, athough observers have derided such a move as “ridiculous” and “unbelievable”.



End of the line for the Sipp cash gravy train

Rapidly disappearing returns on cash could end up costing the Sipp industry hundreds of millions of pounds and see up to half of bespoke providers closing. Firms are already under pressure from the new capital adequacy regime, falling new business, cuts to higher earners’ annual allowance and the possibility the tax relief system will be […]


Aegon to quit ABI

Aegon is to leave the Association of British Insurers at the end of the year in a bid to lobby “direct to the Government and regulators”. It follows Legal & General which quit the insurers’ trade body last year, believing it could lobby more effectively alone. Aegon chief executive Adrian Grace says: “Aegon has enjoyed […]


Deutsche Bank to cut 23,000 jobs

Deutsche Bank will cut a quarter of its workforce, 23,000 staff, in a cost-cutting reorganisation, according to reports. The plan, from new chief executive John Cryan, will see the cuts focused on technology jobs, as well as additional job losses as it spins off its Postbank division, sources told Reuters. The changes come shortly after Cryan took […]


Treasury urges private sector to lead pensions dashboard development

Treasury minister Harriet Baldwin has called on the private sector to take the lead in development of a ‘pensions dashboard’ for savers. The idea of creating a pensions dashboard formed part of the FCA’s recommendations to improve the way the annuity market operates after a thematic review, published in December 2014, found competition “is not […]


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