The chancellor is set to come under fire over whether he will count the £50bn
of bonds – offered to lenders in exchange for assets – as government debt.
Alistair Darling is expected to tell MPs today that the Bank of England will
to make the swap in an attempt to restore confidence and ease the effects of the
credit crunch in the plunging house market.
Darling was criticised for keeping Northern Rock’s debt off the government’s
books, preventing the breaking of a key fiscal rule requiring debt to be no more
than 40% of GDP.
It is thought that the Treasury is prepared to double its aid to banks from
£50bn to £100bn, the
Despite the cash injection, there is no guarantee that this will in turn
persuade banks to offer cheaper mortgage deals.
British banks have not fully disclosed their individual losses and instead
are holding onto their cash reserves to protect their positions.
Darling said he expected banks to ‘begin now to disclose the extent of their
losses and explain how they are going to rebuild their capital’.
‘We believe that this will be an essential step in trying to get the
financial market stabilised. That in turn will help the mortgage market too,’
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
UK-based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy
A senior MP has questioned the impact of HMRC’s decision to undertake yet another radical overhaul of its internal structure
The Apple Tax situation; Accountants replaced by robots; and The Accountancy Age Top 50+50; all discussed by head of editorial Kevin Reed