BRITAIN: Osborne Set to sell-off RBS & the loss to taxpayers this time – around £14-billion – Reports ‘

#AceFinanceNews – Featured Report:June.10: According to reports a decision to be announced at the Mansion House was being made to sell-off, RBS that the UK taxpayer took a huge stake in back in 2008.

This was of course after bankers risked all on sub-prime mortgage market in the USA. Now the time has come to sell-off the stake. As with Lloyds and TSB banks. Of course the institutional investors will get lions share. These are amongst the ones that helped put us in the global crisis in the first place, including Wall Street bankers.

Anyway this time it will be a loss to the taxpayer of £14-billion. This of course is a drop in the ocean said one investment CEO today to the BBC almost justifying grand larceny under the guise of good business.

Today this was Reuters take by two writers on our chancellors deficit credentials, see what you think and let me know?

LONDON (Reuters) – Chancellor George Osborne will seek to burnish his deficit-cutting credentials on Wednesday, fresh from a decisive Conservative victory in last month’s election, by reinforcing a long-term commitment to run budget surpluses.

Osborne will draft legislation to compel future governments to spend less than they raise in taxes during normal economic times — something that very few governments in British postwar economic history have managed — according to extracts of a speech that he will give to London’s finance industry.

Osborne is also expected to give details on how the government will sell its 80 percent stake in Royal Bank of Scotland.

Bank of England Governor Mark Carney, who is also speaking at the annual Mansion House dinner, is due to announce tougher regulation for financial markets, which have been rocked by a string of scandals.

“In the budget, we will bring forward this strong new fiscal framework to entrench this permanent commitment to that surplus, and the budget responsibility it represents,” Osborne is due to say in the speech.

Next month, Osborne will announce updated borrowing and growth forecasts in his first post-election budget statement.

Osborne set to sharpen deficit-cutting commitment

@acenewsservices

Ace Worldwide News Group

#george-osborne, #institutional-investors, #mansion-house, #rbs

BRITAIN: ‘ Osborne Believes His Own Rhetoric By Trying to Convince Us He is Telling the Truth ‘

#AceFinanceNews – London – October 09 Chancellor George Osborne has warned that the UK economy will be affected by the slowdown in the Euro-Zone economy.

Talking to the BBC, he said this was a “critical moment for the British economy”, which was not “immune” from what was happening on the continent.

The eurozone economy was stagnant between April and June, with the German economy – Europe’s biggest – shrinking by 0.2%.

Mr Osborne said there were steps the UK could take to protect itself.

“The eurozone risks slipping back into crisis, and Britain cannot be immune from that – it’s already having an impact on our manufacturing and exports,” he said.

Official figures published earlier this week showed that growth in the UK manufacturing sector slowed to 0.1% in August.

“We are not immune from what’s going on in the rest of the world, but we can take steps to protect ourselves,” the chancellor said.

“We must stick with our long-term economic plan, so delivering economic stability. We are cutting business taxes, making the UK a place to invest, and that will protect jobs right here.” 

Source: 

#AFN2014

#britain, #euro-zone, #europe, #george-osborne, #germany, #london

` Question When will ` George Osborne ' Tackle Tax Avoidance and Not just Tax Evasion '

#AceFinanceNews – LONDON – HMRC – April 12 – According to the article in the BBC News today George Osborne is intending to clamp down on tax dodgers or people with overseas bank accounts.

My first question does this include the tax authorities and MP’s that have companies, shareholdings or private trusts in offshore domains?

Or just as he put it only people who hide their money overseas to avoid paying tax.

His plan is that they will face bigger fines and could be jailed more easily under government plans to fight tax evasion, but no mention of tax avoidance (A legitimate way for those who are rich enough to AVOID) taxation. All in the name of business be it investment, reinvestment or company and corporate liability strategy.

He went onto say he intends to prosecute but at present, tax officials must prove a person holding income offshore has intended to evade tax.

Once again avoiding tax is not mentioned.

He continues – But under a new criminal standard officials would only have to show money was taxable and undeclared.
An onerous statement to say the least.
As no one would have to prove they owe it as according to HMRC Officials, they say under their new rules you do!
I imagine human rights organisations will have something to say about that change.

He then says – The changes would mean there was “no safe haven” for those evading tax.

No mention of not avoiding, once again.

But Labour’s shadow exchequer secretary to the Treasury said the government was “failing to tackle tax avoidance and evasion”.

A consultation will be held to let the public have their say on the plans.

Should you care to read his article it is at http://www.bbc.co.uk/news/uk-politics-26998208

#AFN2014

#avoidance, #evasion, #george-osborne, #government, #hm-treasury, #hmrc, #labour, #london, #tax-avoidance-and-tax-evasion

` Conservative Club boast they have solved the `Cost-Of-living-Crisis ' while many of the British People Disagree '

#AceFinanceNews – BRITAIN – April 09 – It was back in 1944 that the great challenge for post-war Britain was defined as eradicating the scourge of unemployment.

Now even George Osborne seems to have heard the news that full employment is an essential aim of any government, although nearly a million young people out of work will be rightly sceptical about his government’s ability to deliver.

But the Chancellor is not only 70 years too late; he is also at least a decade out-of-date.

Today, full employment – and getting people back to work – remains an absolutely necessary ambition but one that has become insufficient.

People know that work no longer guarantees the better future for their families they used to expect.

They are asking: what kind of work, what kind of wages – and what kind of prospects?

So there is now a clear divide emerging ahead of the election: on one side, the Conservative Party boasting how it has solved the cost-of-living crisis; and, on the other side, the vast majority of the British people who know that it has not.

AFN2014

#britain, #chancellor, #conservative-party, #george-osborne

Sell-Out of Tax Payers – As Sell-Off of Lloyds Bank – To Large Investors – Takes Place

English: Study on alternative investments by i...

English: Study on alternative investments by institutional investors. (Photo credit: Wikipedia)

Government sells 6 per cent of shares in Lloyds Banking Group, at 75p per share.

The government has today begun the process of selling part of its shares in Lloyd’s Banking Group. It has sold 6 per cent of the shares in the bank, at a price of 75p per share. A profit has been made from the sale, which will be used to pay down the national debt.

The Chancellor received advice from UK Financial Investments yesterday that it would be appropriate to begin the process to sell part of the government’s shareholding in Lloyd’s. The Chancellor agreed with that advice and authorised the process to begin.

Today marks an important step in the government’s plan for the recovery of Britain’s banking system.

The Chancellor, George Osborne, said:

I can confirm this morning that we have sold 6% of Lloyd’s Bank at 75p a share. That is a profit for taxpayers, and rightly so. The money will be used to reduce the national debt by over half a billion pounds.

This is another step in the long journey in putting right what went so badly wrong in the British economy; it’s another step in repairing the banks; it’s another step in getting the money back for the taxpayer; and it’s another step in reducing our national debt.

All of those things together are good news.

If you look at what has happened over the last 12 hours with Lloyd’s, you have investors from around the world investing in a British bank. That is a sign the British economy is turning a corner.

On the face of it this looks good for the tax payer  and couched in the correct way such as the return and the overall benefits, we could start to believe this government really cares about the use of tax payers money! The fact is look much deeper at the way it has been worded by our Chancellor and look at who will benefit and a very different story emerges! The actual shares are to be sold off or should l say offered to:

 Institutional investors are organizations which pool large sums of money and invest those sums in securitiesreal property and other investment assets. They can also include operating companies which decide to invest their profits to some degree in these types of assets.

Typical investors include banks, insurance companies, retirement or pension fundshedge fundsinvestment advisors and mutual funds. Their role in the economy is to act as highly specialized investors on behalf of others. For instance, an ordinary person will have a pension from his employer. The employer gives that person’s pension contributions to a fund. The fund will buy shares in a company, or some other financial product. Funds are useful because they will hold a broad portfolio of investments in many companies. This spreads risk, so if one company fails, it will be only a small part of the whole fund’s investment.

Institutional investors will have a lot of influence in the management of corporations because they will be entitled to exercise the voting rights in a company. They can actively engage in corporate governance. Furthermore, because institutional investors have the freedom to buy and sell shares, they can play a large part in which companies stay solvent, and which go under. Influencing the conduct of listed companies, and providing them with capital are all part of the job of investment management.

This will of course look to bolster the economy for the institutions and at the same time make the pension funds look more healthy for the beleaguered OAPS investments, which of course were decimated back in 2008, at the time of the financial crisis, brought on mainly by the banks and their risky lending policy, something that our previous Bank of England Manager would not sanction, but enter Osborne’s new replacement and all of a sudden, risky lending is back on the cards! Anyone uncertain of Mr Carney’s track record for taking risks read his policy in the Canadian Banking Industry and see what l mean!

So now we have what l can only term as a sell-out of the tax payer, having bolstered up the banks with the hard-earned tax payers funds, using infrastructure funds ,that should light our streets or renew our roads, and now the 4 year plan is completed! Oh yes also a split between the savings and retail arms of what was Lloyd’s TSB Bank Plc and now we have to distinct banks Lloyd’s Bank PLC and TSB Bank PLC, has also taken place, allowing any toxic assets to disappear, into the restructuring process!

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/240104/Chancellor_letter.pdf

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/240105/UKFI_letter.pdf

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/240106/Perm_sec.pdf

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/240104/Chancellor_letter.pdf

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/240105/UKFI_letter.pdf

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/240106/Perm_sec.pdf

UK Financial Investments:

Take a look at their site and view their pdf containing details of the sell-off you even have to agree not to use the information in the US, but visit here is a link to their site: http://www.ukfi.co.uk/

#acenewsservices, #sellout, #business, #economy, #economy-of-the-united-kingdom, #george-osborne, #government, #lloyds, #lloyds-bank, #lloyds-banking-group, #mutual-fund, #politics, #the-survivors-of-the-chancellor, #uk-financial-investments-limited

The Institute for Fiscal Studies has said that the spending cuts announced in the Autumn Statement are “close to inconceivable”

Tax

Tax (Photo credit: 401(K) 2012)

 

The Institute for Fiscal Studies has said that the spending cuts announced in the Autumn Statement are “close to inconceivable” and added that it believes further welfare cuts and tax rises are likely if the Government’s figures are to add up. Its director Paul Johnson said that pensioners’ benefits could be targeted for further cuts, commenting: “Working age individuals receiving benefits and tax credits have been hit. The richest few per cent have been hit very hard. Pensioners, and those in work on more modest incomes have borne less of the burden.” The IFS said that Britain is on course for £7bn of tax rises and another £20bn in welfare cuts and spending reductions after the next election, adding that it expects 5m workers to be paying higher-rate tax by 2015 – half a million more than the Treasury’s estimate.

 

#autumn-statement, #britain, #business, #economy, #george-osborne, #government, #ifs, #institute-for-fiscal-studies, #legal-working-age, #paul-johnson, #politics, #tax