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FCA chief executive Martin Wheatley to step down

FCA chief executive Martin Wheatley to step down Credit: Lewis Whyld/PA Wire/Press Association Images

The Financial Conduct Authority chief executive Martin Wheatley is to step down in September, the City watchdog announced today.

Wheatley will continue to act as an adviser to the FCA board until January 2016.

The current FCA director of supervision Tracey McDermott will step up to become acting chief executive from 12 September while the FCA searches for Wheatley’s replacement.

John Griffith-Jones, chairman of the FCA, said "Martin has done an outstanding job as chief executive, setting up and leading the FCA over the last four years."

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Inflation rate slips back to zero, figures show

Credit: PA

The inflation rate slipped back to zero last month, official figures showed today.

It comes as a round of summer sales and run of falling food prices reached its longest stretch for 15 years.

The Bank of England expects it to turn higher later this year as the effect of falling oil and food prices fades.

April was the first time the Consumer Price Index (CPI) fell below zero in more than 50 years.

Philip Gooding, from the Office for National Statistics (ONS), said: "Inflation has continued its pattern of recent months, when prices have been very little changed on the previous year.

"The headline rate for June has dropped very slightly on May, back to zero, thanks to small downwards effects from movements in clothing and food prices and air fares."

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Andy Burnham: Budget shows the 'Nasty Party is back'

Labour leadership hopeful Andy Burnham has called the Institute for Fiscal Studies' verdict on the Budget as "devastating" and condemned Iain Duncan Smith's Commons celebrations.

The IFS said 13 million families will be worse off because of the freeze on working-age benefits.

The Work and Pensions Secretary was seen on camera cheering when the Chancellor announced the new National Living Wage yesterday - a celebration that Burnham said showed the "nasty party was well and truly back".

Tax rise will lead to 'increase in uninsured drivers' on roads

The Chancellor has been accused of an "outrageous" tax hike on motorists that will lead to more uninsured drivers on the country's roads.

Motorists are being "hit in their pockets", says the AA Credit: PA Wire

George Osborne raised the Insurance Premium Tax in yesterday's Budget from 6% to 9.5%, a move which the AA said could backfire.

"Drivers shouldn’t be dancing in the streets or at the pumps due to a promised freeze in fuel duty," said Edmund King, AA president.

"The sting is in the tail. The Insurance Premium Tax increase on the average car insurance policy is still equivalent to a fuel duty increase of almost 2p per litre. Either way drivers are being hit in their pockets.

"This is an outrageous hike which could well backfire by leading to an increase in uninsured drivers"

Budget 'unfair' to Catholics because of tax credit limits

The Budget is unfair to Catholics because of plans to limit to two the number of children eligible for tax credits from April 2017, a Labour MP has suggested.

Iain Duncan Smith said he was Credit: PA Wire

Intervening on Work and Pensions Secretary Iain Duncan Smith in the Commons, his Labour shadow, Helen Goodman asked: "Could you explain to the House why cutting tax credits for large families is a fair thing to do when it will be concentrated... on families where children are living in poverty, on Roman Catholic families, on Catholics from other minorities.

"Don't you understand that every child matters?"

Mr Duncan Smith replied: "I have for some time believed the way tax credits operated distorted the system so there were far too many families not going into work, living in bigger and bigger houses, with larger families subsidised by the state when many others, the vast majority of families in Britain, make decisions about how many children they can have and the houses they can live in.

"Getting that balance back is about getting fairness back into the system."

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