New income tax rate set at 45%
The government has today introduced the new 45% tax rate for those earning over £150,000 per year but this is not planned to come into force until 2011. This has caused obvious concern within the Conservative party and while they have not commented specifically on the new tax, for fear of falling into a government trap, there are grave concerns that Conservative supporters will demand a clear strategy for the new income tax band.
This appears to be more of a political move that a fiscal move with the new tax band only affecting the top 1% of taxpayers in the UK and said to only raise a paltry £4 billion. At the same time as introducing this new tax rate the government has also confirmed that each basic rate taxpayer will be £145 better off next year due to changes in the tax bands. It is hoped that consumers will use this increased income wisely and it should hopefully instigate some form of economic recovery.
The Chancellor has caught many people off guard with his tax changes even though a number of the main ones where already leaked to the press. The 45% tax rate band had been kept under wraps until late last night and appears to have gone down well with traditional Labour supporters.
Edinburgh set to lead UK housing market higher
Edinburgh will be the unlikely setting for the U.K.'s first property sector year-on-year increase when figures are announced later this week. The average home in Edinburgh now cost in the region of £212,000 which is a surprise 6% increase compared to this time last year. At a time when the Scottish economy is under real pressure, from a number of avenues, it seems that property in Scotland is sti...Read More
Is JJB Sports susceptible to a takeover?
As we covered yesterday, JJB Sports is desperately seeking to raise around £50 million to increase the company's working capital resources. While a number of options have been considered it seems as though the company is priming the market for a significantly discounted rights issue or open offer. This would see additional shares issued to existing investors at a significant discount to the curre...Read More
Could JP Morgan really leave the UK?
As we covered earlier today, financial giant JP Morgan is on the verge of pulling out of a £1.5 billion office development in the Docklands. The company had planned to make London its European headquarters and the new £1.5 billion project was going to be the central point of the company's expansion in the future. However, the UK government appears to have upset the US giant with the ongoing bank...Read More
Beware the online fraudsters
As the Internet becomes a part of everyday life for many people in the UK we are seeing growing interest in areas such as online auctions which attract billions of pounds worth of business around the world each and every year. EBay is obviously the dominant factor in this particular market and while there are many safety nets built into the system we are seeing more instances of alleged fraud and...Read More
MPs decide to fight on in expenses row
As more and more MPs decide to fight the action of Sir Thomas Legg, it would appear that the expenses scandal is set to roll on for many months to come. A large number of MPs have this week receive letters and e-mails from Sir Thomas Legg stating the amount of money which they need to repay from their earlier expenses.
It would appear that some MPs are concerned that the while under...