Published 12 minutes ago comments Comments Share close Share page Copy link About sharing The pound has climbed after the chancellor reversed his controversial decision to scrap the top rate of tax. Sterling gained more than 1% to $1.1284 before falling back slightly while government borrowing costs edged lower. Tory MPs had threatened to vote against Kwasi Kwarteng's plan, saying it was unfair when living costs were so high. The U-turn may ease market nerves, said the Institute of Fiscal Studies, but unease remains over how a remaining £43bn of tax cuts will be funded. "The difference this makes really is trivial," said Paul Johnson, director of the IFS think tank. The chancellor pledged to abolish the 45p rate of tax, which is paid by people who earn more than £150,000 a year. Getting rid of the rate would have cost the Treasury around £2bn of out £45bn … [Read more...] about Tax U-turn lifts pound as borrowing costs fall
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Since Brexit, those holding a British passport have seen more stamps than ever in their passports as each country they visit leaves a dated mark on its pages. But, it’s not a stamp from the European Union that could end up affecting the cost of your holidays in upcoming years. Those hoping to holiday in the United States – whether that be a week at Walt Disney World in Florida or a few days in New York – will be the ones hit hard. READ MORE: Disney's World of Frozen to open in 2023 and Disneyland Paris version to follow Most Brits taking a trip to the USA for 90 days or less can apply for a visa waiver rather than needing to get a fully-fledged visa to enter the country. Also known as an ESTA, such waivers cost just $21 – that’s £18.73 with the current exchange rate. But, if you’ve been to any country on the “State Sponsors of Terrorism” list you are not eligible for an ESTA. And, in the final days of his office President Trump added Cuba – a popular tourist … [Read more...] about Passport stamps could affect your next holiday and add £145 to cost
Published 6 February 2018 Share close Share page Copy link About sharing By Patrick Burns Political editor, Midlands Revolving Door "We're fighting a losing battle". That was how senior police drugs squad officers described their efforts to enforce the laws on substance abuse when I talked to them privately nearly 20 years ago. They told me the drugs epidemic was enabling organised crime syndicates to prosper and encouraging "acquisitive crimes" like burglary and thefts of and from cars by drug users desperate to feed their addiction. It was the first time I had heard that now-familiar reference to a "revolving door" of offending and reoffending. Prisons, far from controlling the problem, were becoming hotbeds of drug-taking, with criminal gangs reaping their ill-gotten gains from lucrative business operations on the inside, and out. And that was long … [Read more...] about Crime commissioner’s call for new West Midlands drug policy
Jacob Rees-Mogg gives update on Brexit to the Commons SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info South Carolina governor Nikki Haley told the Policy Exchange that Brexit will be a "positive game-changer for the future of Europe" and should be strongly supported by the United States. She stressed the importance of a united western front in response to Russian aggression. She explained: "This is a clash of civilizations — a classic struggle between light and darkness, good and evil, right and wrong. We need look no further than the streets of Mariupol, Hong Kong, and Tehran for proof." The former US Ambassador to the UN added: "Our challenges are steep, but they are not too steep to overcome, so long as we believe in ourselves and our fight … [Read more...] about Brexit: ‘Game-changer’ US governor throws weight behind Britain in stirring speech
A woman who claims she lived without heating her home for years gave her tips to those who are looking to save on their energy bills this winter. Klaire de Lys, who posts on TikTok as @klairedelysofficial, explained how she had to go four years without being able to heat her home, but there were simple, affordable solutions that made it liveable for her. In the video, which gained more than 3,000 likes, she explained: "So you can't turn the heating on because it's bloody freezing, luckily I have experience in this, four years of experience." READ MORE: One in three Brits fear cost of living will make their current lifestyle unaffordable She went on to make some cheap recommendations, firstly, by directing people to buy a cheap pair of leggings from Primark and sizing up so they don't wear out quickly. Klaire then recommended purchasing a load of cheap oversized t-shirts, which she claims are cheaper to buy in the men's clothing section. "You want them baggy so … [Read more...] about ‘I lived with no heating for four years – Primark essential helped me keep warm’
Published 1 hour ago Share close Share page Copy link About sharing Related Topics Reality Check By Reality Check team BBC News The government has dropped its plan to abolish the 45% rate of income tax after Chancellor Kwasi Kwarteng acknowledged that it was proving a "massive distraction". Mr Kwarteng announced a series of tax cuts and changes in his mini-budget on September 23, before performing the U-turn. The government has not said how they will be paid for. So how many people will benefit from them and how much will they cost? Income tax 45% rate The top rate of income tax for those earning more than £150,000 a year was reduced from 50% to 45% by then Chancellor George Osborne from April 2013. A decade on, the rate was to have been abolished in England, Wales and Northern Ireland, leaving top earners paying the 40% rate instead. Mr Kwarteng has … [Read more...] about What do government’s tax changes mean for me?
It never rains but only pours at Credit Suisse. Switzerland's second largest lender has stumbled from one crisis to another in recent years. There was the corporate spying scandal three years ago in which the bank was accused of hiring a private detective after one of its former executives had defected to a rival. Shortly afterwards, the bank lost $5.5bn from its exposure to the collapsed hedge fund manager Archegos Capital, while it also suffered losses related to the collapse of the supply chain finance group Greensill Capital. Other embarrassments included a string of fines for making fraudulent loans - nicknamed 'tuna bonds' - to the government of Mozambique between 2012 and 2016. After these various setbacks Credit Suisse appeared to have pulled off a considerable coup when, in April 2021, it hired Antonio Horta-Osorio , the highly regarded former chief executive of Lloyds Banking Group, to become its new chairman. Investors were delighted when he promised to … [Read more...] about Credit Suisse has stumbled from one crisis to another – but the panic is possibly overdone