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New tax rules for tech giants could affect UK firms too

The Chancellor didn't name names, but it is generally accepted he is talking about the likes of Google and Apple and Microsoft.

He is not happy with the way there are paying tax, and believes that British profits are being funneled abroad to places like Ireland, where they pay lower rates of tax, and sometimes further afield, where the rates of tax they pay is close to absolute zero.

Completely wrong, you may think, but all completely legal.

The OECD is in the process of trying to renew international tax law to come up with some sort of global consensus, but what is interesting about today is the Chancellor has clearly decided he is not going to wait.

He says there is hundreds of millions of pounds at stake, which makes it sound a bit like a one-way bet - it's not.

Remember we have our own global multinationals too. It may end up with the likes of Vodafone, BP and GSK paying less in Britain.


Johnson: You need economy to be going gang-busters

London Mayor Boris Johnson has defended the Chancellor's reforms to welfare.

Speaking during a visit to a factory in Newcastle-under-Lyme, he said:

If you want to have the cash to pay for the whole of society, then you need the economy to be going gang-busters.

The most important thing for us in the UK economy is you've got to reform welfare and it's quite right that you should be looking at ways of improving how it's spent, but you've got to get the economy moving because that's the way to pay for the whole she-bang.

– boris johnson, mayor of london

One-in-four homeowners 'fear interest rate rise'

Credit: Yui Mok/PA Wire

One in four mortgage holders fear they will be in financial trouble when interest rates start to rise, research has found.

Some 27% of those surveyed for the Building Societies Association (BSA) and charity the Money Advice Trust think they will be in difficulty when the base rate eventually moves off its historic 0.5% low.

One in 14 (7%) people said that they would be in serious financial trouble if mortgage rates and repayments changed as they expect over the next three years, while a further one in five (20%) said this would cause them slight financial problems.

Around 39% of those surveyed said they will be forced to cut spending on holidays and eating out to cope with rate rises, while one-fifth plan to reduce spending on essentials such as clothing and food.

Salmond hits out at 'Treasury leak' over flight of banks

Scotland's First Minister Alex Salmond has accused the UK Government of "scaremongering" over the possible flight of businesses to England in the event of a Yes vote.

He told BBC Radio Scotland that a source "within the Treasury" had leaked information about RBS and other banks making contingency plans to move operations south.

He said the official announcements later issued by the banks "makes clear there's no impact on operations or jobs".

He also told reporters there would be an "inevitable investigation" into the leaking of "market sensitive information".


Pound drops to 10-month low after Scottish polls

The pound has dropped to 10-month low. Credit: Lewis Stickley/PA Wire

The pound has slumped to a 10-month low after a surprise lead for the Yes campaign in some polling ahead of the Scottish independence referendum.

The 1% decline to just below 1.62 versus the US dollar adds to sharp losses seen last week after an earlier poll revealed gathering momentum for the independence campaign. Sterling had been at a six-year high above the 1.70 barrier at the end of June.

Rogue landlords 'ruin our reputation', says NLA

The National Landlords Association (NLA) has backed tougher measures against rogue landlords, saying they "ruin" the reputation of the private rented sector.

Richard Bianco, a member of the NLA's London team, said any moves to help landlords reinvest profits and improve their properties was "welcome".

"Rogue landlords ruin our reputation and we want to drive them out," he added.

Call for clampdown on rogue landlords

Housing policy experts have issued a call for stricter new minimum standards in the private rented sector to combat rogue landlords.

A new report from the Chartered Institute of Housing and thinktank the Resolution Foundation said landlords who exploit tenants should face tough sanctions.

Housing experts want more protection for tenants in the private rented sector. Credit: Peter Byrne/PA Wire/Press Association Images

The recommendations have also gained the support of the National Landlords Association, the umbrella body representing landlords.

The report says there has been huge expansion in the number of private rented homes in the past 15 years, with some landlords trying to take advantage of tenants.

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