We’re currently in the calm following the Diamond Jubilee celebrations, and preceding the 2012 Olympics, with just a little bit of football fever for some of us. 27th July is when the opening ceremony takes place and some of us may well be celebrating the event with a VAT free pasty…
Bank of England and Chancellor unveil ‘new firepower’ to help economy
At the annual Mansion House speech, Governor of the Bank of England, Sir Mervyn King, unveiled plans by the Bank and the government to offer loans to banks at below market rates, in return for them increasing their lending to businesses.
U-turn on pasty and caravan tax
Chancellor George Osborne has reversed plans to charge VAT on hot food designed to cool down, such as sausage rolls and the famous Cornish pasty, plans which had proved deeply unpopular with the public. VAT on static caravans will also be reduced from 20% to 5%.
Prime Minister and Bank of England discuss Eurozone break-up
According to reports, David Cameron has met with the governor of the Bank of England and the chairman of the Financial Services Authority to discuss contingency plans in the event of a break-up of the Eurozone.
Increase in council tax arrears cases
The number of people falling into arrears with their council tax is increasing, according to debt charity the Consumer Credit Counselling Service. They report a 27% increase in the number of people contacting them for help with council tax arrears.
HMRC to get new tax avoidance clampdown powers
HMRC are to be given new powers to demand that taxpayers alter their tax arrangements, if it’s felt that they are ‘artificial and abusive’.
10,000 jobs to go at Nokia
Mobile phone maker Nokia announced plans to cut 10,000 jobs globally after warning that losses to the business in the second quarter of the year will be bigger than expected.