Up to 50,000 council homes may be occupied by fraudsters
As the UK government gets set to invest a significant amount of money into council housing up and down the UK, a report by the audit commission suggests that a massive 50,000 council homes could well be occupied by fraudsters. The audit commission released a rough estimate calculating around £200 million of the £18.5 billion payout each year in housing and council tax benefits may well be fraudulently received.
It looks as though the UK government is readying itself for a massive attack on the benefits system around the UK and in particular housing and council tax benefits. Looking back, there has been an enormous increase in the amount of money paid out by the UK benefit system and instances of fraud are now more commonplace than ever before.
At the same time, it was revealed that one particular tenant in the London area was shown to have claimed around £135,000 in benefits using the identification of a third party. While much was made of the find, it is well known that the number of successful fraud convictions coming to the attention of the press, are only a scratch on the surface of what is becoming an enormous problem for the UK authorities.
Share this..
Related stories
Robin Hood tax could raise £250 billion a year
Otherwise known as the "Tobin tax" there is renewed pressure on governments around the world to introduce what has now become known as "Robin Hood tax" on a wide range of financial transactions. A very small levy on financial transactions around the globe has the potential to raise upwards of £250 billion a year which would be split between governments around the world and various charitable orga...
Read MoreLloyds bank loses £54 million tax court case
The pressure on Lloyds bank finances continues with news that the company has lost a £54 million court case regarding a tax bill connected to its HBOS subsidiary some years ago. The issue goes back to 2003 and the company's exposure to failed US giant AIG which prompted the creation of an overseas holding company into which derivative instruments were liquidated after HBOS agreed to pay £2.2 mil...
Read MoreChild maintenance payments to affect credit files
05/11/2014 Parents who miss child maintenance payments may now have their credit files affected, under new government proposals. From March 2015, evidence of parents’ child maintenance payment history could be shared with credit reference agencies. This could lead to said parent being turned down for credit, meaning they may have a hard time being accepted for a loan, credit card or even...
Read MoreUK public sector pensions more expensive than US counterparts
A report by the renowned British-North American Committee has today cast a significant shadow over UK public sector pensions which it claims are more expensive than their US counterparts. The report concludes that the unfunded pension liability for public sector workers in the UK amounts to a massive 85% of annual GDP against just 28% in the US and 27% in Canada. This unfunded situation will only...
Read MoreThe long-term impact of the Lloyds Banks merger with HBOS
As the UK government takes a firm step backwards with regards to the Lloyds bank and HBOS merger, despite allegations that the UK government interfered in the transaction, there appear to be long-term consequences for former directors of Lloyds bank. The first head to roll will be that of Sir Victor Blank, the outgoing chairman of Lloyds bank, who was ushered out of the door due in the main to the...
Read More