Wednesday newspaper round-up: Tax reliefs, hiring prospects, JPMorgan

by | Jul 26, 2023

(Sharecast News) – Almost £200bn of tax reliefs handed to businesses and individuals each year should come under greater government scrutiny to prevent fraud and abuse, according to an all-party group of MPs. The Treasury committee said in a report published on Wednesday that “a systematic review” into more than 1,000 tax reliefs was needed after MPs found HM Revenue and Customs did not have the resources to monitor how tax breaks and deductions were used. – Guardian
Taxpayers face a bill for an extra £50bn to cover losses on the Bank of England’s money printing, after stubborn inflation triggered frenzied bets on higher interest rates. The Bank’s latest estimate of losses it will suffer over the next decade on government bonds amassed during the pandemic and financial crisis has ballooned by around £50bn to £270bn in just three months. – Telegraph

Car industry executives have attacked mixed signals from ministers over the planned 2030 ban on petrol cars, over fears they will undermine investment in electric vehicles. Rishi Sunak this week appeared ready to change course, emphasising the need for a “proportionate and pragmatic” approach to net zero in response to questions. Then on Tuesday, Michael Gove said the ban, made law by Boris Johnson in 2020, was “immovable”. – Telegraph

Employers are feeling more confident about their hiring prospects and the state of the economy, in further signs that the labour market is still resisting the pressure of rising interest rates. A closely watched survey of employers in the public and private sector, carried out by the Recruitment and Employment Confederation (REC), found that sentiment improved between April and June, even as borrowing costs surged and inflation persisted at high levels. – The Times

JPMorgan Chase allegedly repaid Jes Staley, its former executive, for the cost of journeys he took to meet the paedophile Jeffrey Epstein, according to claims made in court filings in the United States. Staley, a former top executive at JPMorgan who later ran Barclays, is accused of witnessing and taking part in Epstein’s sex trafficking crimes.- The Times

Related articles

Wednesday newspaper round-up: Thames Water, BYD, BT Group

Wednesday newspaper round-up: Thames Water, BYD, BT Group

(Sharecast News) - The amount of electricity generated by the UK's gas and coal power plants fell by 20% last year, with consumption of fossil fuels at its lowest level since 1957. Not since Harold Macmillan was the UK prime minister and the Beatles' John Lennon and...

Sunday share tips: Top picks to consider for 2024

Sunday share tips: Top picks to consider for 2024

(Sharecast News) - The Sunday Times and Mail on Sunday have offered their top investment tips for 2024, which includes stocks from a variety of sectors such cruises and market research to metals and real estate. Business writers from The Sunday Times each gave their...

Sunday newspaper round-up: Three, Royal Mail, Google…

Sunday newspaper round-up: Three, Royal Mail, Google…

(Sharecast News) - Telecoms giant Three has paid out a record £2 billion dividend to the Hong Kong-listed conglomerate of billionaire Li Ka-shing, as it cashes in on the sale of mobile phone masts across Europe. Hutchison 3G, which trades as Three and has ten million...

Trending stories

Join our mailing list

Subscribe to our mailing list to receive regular updates!