Key Quotes - Money

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Last update: Wednesday 25th March




Tax dodgers are being named on a list published by HM Revenue and Customs (HMRC) for the first time, as their affairs come under greater scrutiny. The list highlights ‘deliberate defaulters’ who were found during investigations by HMRC into affairs conducted after April 2010. In these cases, the culprits had tried to avoid more than £25,000 of tax. The naming and shaming exercise is part of a crackdown that includes larger fines and tracing previous evaders. The first list features nine names, including a hairdresser, a coach operator and a knitwear manufacturer. They received fines ranging from a few thousand pounds to £291,830. This was imposed on wine retailer The Trade Beverage Company Ltd of Mobberley in Cheshire.
Money	The Sentinel, February 22, 2013



Ed Miliband has called for the 10p tax rate to be reintroduced, funded by a mansion tax on homes worth more than £2m. In an audacious bid to outflank David Cameron, he claimed Labour would use next month’s Budget to bring back the band controversially scrapped by Gordon Brown in 2007. The measure would be funded by a mansion tax on homes worth £2m or more, Mr Miliband explained in a key speech on the economy.
Money	The Sentinel, February 15, 2013



Family breakdown is costing taxpayers almost £50billion a year and the bill is rising fast, an analysis said yesterday. The costs have gone up by nearly a quarter in four years, said the Rela¬tionships Foundation think-tank…Its study put the share of tax credit spending attributable to family breakdown at £9.79billion, up from £6.31billion in 2009. Including other state handouts, the total benefit spending on broken families was put at more than £18billion. It calculated that physical health problems accumulated as a result of family break-up cost nearly £6billion, mental health problems £1.8billion, social services £5.5billion, and that almost £3billion is spent looking after children taken into state care as a result of the collapse of their families. Police costs for dealing with crime generated by young people whose lives have been warped by family breakdown, is said to be £5billion, with a further £1billion going on prison places. The total of £46.07billion compares with £37.03billion in 2009, when the figures were first compiled.
Money	Daily Mail 18 March 2013



More than a third of GPs have links to private firms that stand to make millions treating NHS patients, figures show. Many are directors or shareholders of companies providing out-of-hours care, skin-care services or hip replacements. Over the coming months such firms are expected to carry out an increasing amount of NHS work as part of the Government's health reforms. But as GPs will be responsible for deciding which companies are used, there is fear of a conflict of interest. Doctors may be inclined to offer contracts to firms in which they have a financial interest, knowing they will personally benefit from any profits.
Money	Daily Mail 14 March 2013



The NHS is spending tens of millions of pounds a year on public relations at a time when frontline services are under threat. In 1981, there were only eight press officers working for the entire Health Service. There are now ten times that number in London alone, a survey has found - 82 at the last count, on an average salary of £37,278. Some £9.7million went on press officers' salaries at hospitals and primary care trusts in the capital, while private PR firms were paid a further £3million. The total cost of almost £13million would be enough to pay for 600 nurses. And, as the total refers solely to London, it means that across the NHS as much as £100million may go on PR each year. Critics said it was outrageous that so much was being spent on spin when waiting times are getting longer and some operations are cancelled.
Money	Daily Mail 14 March 2013



“George Osborne was facing renewed demands from the Tory rank-and-file for tax and spending cuts after Britain was stripped of its AAA credit rating. Ministers and senior party figures rallied round the Chancellor in the wake of the decision by agency Moody’s, predicting it will have little impact on Government borrowing costs. But backbenchers warned next month’s Budget was the “last chance saloon”, demanding cuts to corporation tax and capital gains.”
Money	The Sentinel – 25th February 2013



“George Osborne vowed yesterday that 2013 will be the year when the banking system is “reset”, with new powers to break up the banks if they do not follow rules to ring-fence risky operations from savers’ deposits. Outlining the Government’s Banking Reform Bill, which went to Parliament yesterday, the Chancellor told bankers in Bournemouth that there would be no more “too big to fail” and unveiled payment reforms to speed up the banking system. His comments look set to incur the wrath of the City after he pledged to introduce powers to “electrify the ring-fence” if lenders fail to split high street branch operations from the dealing floor.”
Money	The Sentinel – 5th February 2013



“Britain’s four biggest accountancy firms created 79 tax avoidance schemes in the past three years while benefiting from multimillion-pound government contracts. PriceWaterhouseCoopers (PwC), Deloitte, Ernst & Young and KPMG structures almost a fifth of all tax schemes disclosed since 2009.”
Money	The Times – 31st January 2013



A radical shake-up of state pensions unveiled by the Government will leave up to half of pensioners worse off by 2060, it was revealed. High earners and recent immigrants will be among those hit by the Government’s plans to reform the pensions system. Ministers said their proposals would simplify the current complicated system and particularly benefit women, low earners and the self-employed, with a single flat rate state pension, equivalent to around £144 a week in today’s money, introduced for new pensioners from 2017. But the Government’s White Paper revealed a number of people will lose out, with Labour claiming more than 400,000 women on the verge of retirement will miss out.
Money	The Sentinel, January 15, 2013



Public green areas will be allowed to become ‘wildlife meadows’ as a council scales back its budget for grass cutting by more than £100,000, it has been revealed. Stoke-on-Trent City Council slashed its £202,000 budget for maintaining greenery by £46,000 this year, leading to large areas of grassland being left to go wild and less maintenance at sites like cemeteries. Now the authority wants to save another £113,000 by cutting back on summer-only grass-cutters and significantly reducing the amount of land it maintains.
Money	The Sentinel, December 17, 2012



There is a 50:50 chance that Britain will slide into a devastating triple-dip recession this year, leading economists warn today. Output 'probably' fell in the final three months of 2012 and could do so again in the first three months of 2013, said the Centre for Economics and Business Research. Another two quarters of decline in a row would mean the third recession in five years and set the scene for another bleak year. The think-tank singled out the crisis in the eurozone as 'a major challenge for the UK economy', given it is Britain's biggest trading partner.
Money	Daily Mail Jan 1 2013



Thousands of wealthy British investors hiding money in Swiss bank accounts will finally be forced to pay billions in unpaid tax under a deal that comes into force today. Under the settlement between UK and Swiss authorities, an estimated £5billion will be clawed back and handed to HMRC over the next six years. The deal, signed in 2011, was hailed as the largest tax evasion set¬tlement in UK history by Chancellor George Osborne.
Money	Daily Mail Jan 1 2013



British households reduced their mortgage debt by £8billion over the autumn as the country battled to put its finances on an even keel. Figures from the Bank of England yesterday showed that homeowners paid off far more than they borrowed in the third quarter of 2012. It was the 18th quarter in a row that mortgage debt has fallen, and families have now ploughed £137.5billion of equity into their homes since early 2008. The injection of equity - which increases the proportion that households own against the proportion that is mortgaged - is in stark contrast to the borrowing binge of the decade before the financial crisis struck.
Money	Daily Mail Jan 1 2013



The Financial Services Authority has not launched a single enforcement action against any regulated business for failing to comply with its remuneration code since the rules were introduced three years ago. Legal sources said there was disbelief in the City at the lack of action by the regulator to enforce its own code and that there was widespread evidence of breaches of the rules. "We have seen at least one firm where more than half of its new staff have been hired with guaranteed bonuses, which is clearly against the spirit of the code that says these type of arrangements should only be used in exceptional circumstances," one said.
Money	The Daily Telegraph Dec 31 2012



Hospitals are squandering £500mllllon a year paying too much for blankets, syringes and other basic equipment. An Investigation found that some are being charged twice as much as others for the same Items. Researchers looked at ten NHS trusts and found some hospitals were paying £120 for a box of electric blankets while other paid only £47. Others were charged £23 for a box of forceps which cost others just £13. Some trusts were paying £1,109 for knee Implants while others were paying £787.
Money	Daily Mail November 20 2012

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