The Sunday Times reported that Chancellor George Osborne has decided not to introduce a mansion tax in the next budget. Mansion tax would have been levied on home owners with properties worth in excess of £2 million.
German Chancellor Angela Merkel is facing a backbench revolt over the euro zone that analysts feel could weaken her political career. Merkel has admitted that there is no guarantee that the bailout will work and has lost support from the German media with the Bild running the headline “Billions for Greece – Stop!”.
In an attempt to reduce criticism HM Revenue & Customs (HMRC) has announced that they will double the number of tax disputes dealt with by its commissioners. HMRC has been accused by MPs of failing to take £25 billion in tax from large companies.
Positive housing and unemployment figures released in the US yesterday indicated that there could be a recovery in motion as the Dow Jones surged to its highest level since May 2008; this in turn pushed Asian markets up. The Nikkei was up 0.54%, the Hang Seng was up 0.12% and the Shanghai Composite gained 1.24%.
New figures released by the Office for National Statistics (ONS) show that less than half of the working population are currently saving into a workplace pension. This is a 15 year low. The National Association of Pension Funds Policy director Darren Philip believed that auto-enrolment will help address the problem.