(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
