Tackling football too hard over tax nets an own goal April 26, 2012 IT SEEMS that barely a week goes by at present without a dispute between Premier League football and HMRC. High-profile stories have included HMRC sending detailed questionnaires to all Premier League clubs on employment tax compliance, Manchester United, Chelsea and Newcastle United settling outstanding image-rights liabilities, the ongoing football creditor case at the High Court [...]
Today Barclays puts its pay report before investors: Are you intending to support it? April 26, 2012 YES Guy Jubb We are pleased that our key concerns over last year’s executive bonuses have been addressed. The decisions demonstrate that robust stewardship engagement by long-term institutional investors does work, especially when it is undertaken in a “comply or explain” governance environment. The result is a much better alignment with pay for performance than [...]
RAPID responses April 26, 2012 Bonus control Andrew Haldane, a Bank of England official, has suggested that bonus deferral and claw-back periods should be extended to 10 years or more for bank executives. While we sympathise with the view that regulation is not sufficient, this proposal is unworkable and counterproductive. Who would work on that basis? 10 years is a [...]
The MPC shouldn’t rely on the new GDP figures – and nor should you April 25, 2012 WHO should we believe on the economy: the CBI – which released a relatively positive survey of industrial trends yesterday; or the Office for National Statistics which told us that the economy was back in recession? It is not just the CBI which is showing a more positive picture of economic growth than the official [...]
Obama’s reputation needs protection against his own Secret Service detail April 25, 2012 NO LONGER servants, and no longer civil.” Winston Churchill’s adage to describe the British bureaucracy could also be applied to the public mood today across the United States. The White House has been on the defensive over the past ten days, seeking to mitigate the fallout from two scandals that will certainly contribute to the [...]
It’s time to think creatively about growth in the UK April 25, 2012 WITH Britain said to be back in recession after four years of economic turmoil, it’s time we had a creative rethink. A lot has been said about the need for an enterprise-led recovery – and you will find no greater champion of entrepreneurship than me. Small and young businesses are the backbone of our economy, [...]
As Britain returns to a technical recession, what course should George Osborne take? April 25, 2012 PLAN A+ Mark Littlewood George Osborne must not change course. On the contrary, he needs to redouble his efforts and rediscover the steely determination that the coalition has recently lacked. The government’s apparent bravery in tackling public expenditure looks set to result in spending flat-lining, not markedly falling, between now and 2015. The budget deficit [...]
RAPID responses April 25, 2012 Hope against hope [Re: A tax on heritage, Tuesday] I own a Grade II listed house that we wanted to refurbish. We’ve spent a large amount on design proposals and planning permission and we may have to shelve our project and sell up as we can’t afford the extra in tax. We’re not building a [...]
What businesses want in London’s new mayor: A wishlist from the CBI April 24, 2012 IN A YEAR of exciting events, the London mayoral elections are first in the capital’s diary, followed in the summer by the Queen’s Diamond Jubilee and the 2012 Games. The spotlight will be on London, so there’s no better time to redouble our efforts to promote the city as a world-leading business centre. Whoever wins [...]
State spending leads to growth in Grossly meaningless Domestic Product April 24, 2012 TWO years ago, the Bank of England (BoE) predicted that GDP would today be growing at a rate of 2.5 per cent a year. It is in fact growing at 0.0 per cent or thereabouts. An economic forecaster overestimating GDP growth by 2.5 percentage points is like a weather forecaster predicting that the temperature will [...]