Details of Chris O’Shea’s ballooning package emerge in Centrica’s annual report after company reports bumper profits
The boss of the British Gas owner, Centrica, has seen his earnings nearly double to £8.2m, despite having admitted that his smaller pay packet the previous year was “impossible to justify”.
Chris O’Shea earned a basic salary of £903,000, which was topped up by cash and share bonuses worth an extra £7.3m.
Continue reading...Subsidiary of Lazari Investments fined £67,000 for breaches of HMO licence conditions on Camden flats
A family-owned property empire whose holdings include the former Fenwick department store building on London’s Bond Street has seen one of its subsidiaries named on the city’s rogue landlords register and hit with fines totalling £67,000.
The Lazari family have an estimated fortune of £2.5bn, placing them 72nd on the Sunday Times rich list. It is based on a property portfolio that includes some of the most luxurious addresses in central London as well as rental flats in the north of the city.
Continue reading...Court documents and interviews detail the products’ role in alleged exploitation – and how some payments go undetected
When police in Pennsylvania arrested 29-year-old Jennifer Louise Whelan in November 2022, they charged her with dozens of counts of serious crimes, including sex trafficking and indecent assault of three young children.
One month earlier, police said they had discovered Whelan was using three children as young as six, all in her care, to produce child sex abuse material. She was allegedly selling and sending videos and photos to a customer over Facebook Messenger. She pleaded not guilty.
Continue reading...The way women’s state pension age was raised plunged retirement plans into chaos with many now in line for compensation
Thousands of women are owed compensation because of government failings related to the way changes to the state pension age were made, a long-awaited official report has said.
The Parliamentary and Health Service Ombudsman (PHSO) said those affected were owed compensation but added that that Department for Work and Pensions (DWP) had clearly indicated it would “refuse to comply”, which was “unacceptable”.
Continue reading...Richard Branson has already indicated he will back takeover that will require the agreement of the group’s shareholders
Nationwide Building Society is lined up to take over its smaller rival Virgin Money after the pair formally agreed a deal worth £2.9bn.
The deal, which will solidify Nationwide’s position as the UK’s second largest mortgage lender, will also trigger the resignation of Virgin Money boss David Duffy, and is likely to lead to job cuts as well as an official “review” of the combined group’s workforce.
Continue reading...Exclusive: £10m needed for regulator charged with developing tools to thwart financial crime and protect consumers
Banks are under pressure to stump up millions of pounds in interim funding for the organisation that polices open banking, with regulators saying the new money is needed to prevent financial crime and protect consumers if things “go wrong”.
Large banks including NatWest, HSBC, Lloyds and Santander UK were among more than 40 City firms summoned by the Financial Conduct Authority (FCA) last week to discuss a cash injection into Open Banking Limited (OPL), the body that oversees innovation in this area.
Continue reading...Tories accused of deserting those without financial support, as proportion relying on help with deposits rises from 27% to 37% in a year
Rishi Sunak has been accused of “locking the door on home ownership” and entrenching inequality, amid evidence that tens of thousands more young house buyers have been forced to turn to the “bank of mum and dad” to secure a new home.
A crisis in housing affordability is again set to be a major election flashpoint, with the prime minister already admitting in recent months that the Conservatives needed to do more to address falling home ownership rates among the young. The party has failed in its manifesto pledge to build 300,000 houses a year.
Continue reading...Roadworks mean stretch between junctions 10 and 11 will be closed for first time, from 9pm on Friday to 6am on Monday
Drivers have been warned to steer well clear, turn off the satnav and stick to the official diversions as some of the biggest roadworks since the Romans results in part of the M25 motorway fully closed for the first time in its history this weekend.
Epic traffic jams are anticipated, with a five-mile stretch of Britain’s busiest motorway, the London orbital motorway, closed for engineering from 9pm on Friday.
Continue reading...Tech such as laptops, tablets and instant messaging has more positive effect on wellbeing, says thinktank
Exposure to new technologies including trackers, robots and AI-based software at work is bad for people’s quality of life, according to a groundbreaking study from the the Institute for Work thinktank.
Based on a survey of more than 6,000 people, the study analysed the impact on wellbeing of four groups of technologies that are becoming increasingly prevalent across the economy.
Continue reading...‘Motherhood penalty’ appears to be worsening, with pay gap for median hourly pay growing by 93p an hour since 2020
The “motherhood penalty” is wreaking havoc on women and the economy, according to campaigners, as fresh analysis reveals that the pay gap between mothers and fathers in the UK has grown by nearly £1 an hour since 2020.
A study of the hourly earnings of mothers and fathers, released on International Women’s Day, found that on average mothers earned 24% less an hour than fathers in 2023 – a “motherhood pay penalty” of £4.44 an hour.
Continue reading...Economists say making the policy an election pledge could cost £40bn, which is badly needed for health, education and elsewhere
Rishi Sunak has been warned against fighting an election on an unfunded plan to abolish employee national insurance amid projections the move could blow a £40bn hole in the public finances.
As the pre-election battle on the economy between the Conservatives and Labour intensified, the prime minister was on Thursday under mounting pressure to explain how the measure could be afforded while public services were crumbling.
Continue reading...Exclusive: Officials fear government is ill-prepared for lobbying from wealth advisory industry after taxation overhaul
The Treasury disbanded a unit tasked with offshore and non-dom tax policy weeks before announcing significant changes in the budget to the way foreign residents are taxed, sources have said.
The unit, which comprised technical experts on offshore tax issues, included specialists on non-dom policy. These officials would, according. to the sources, have been expected to help manage the implementation of a replacement for non-dom status as outlined by the chancellor this week.
Continue reading...Jeremy Hunt said his budget measure will benefit 27 million people – here’s how it will work
A big national insurance cut was the centrepiece of Jeremy Hunt’s autumn statement and he has done the same again for the spring budget . But just how much better off will UK employees really be?
The chancellor is cutting the main rate of national insurance contributions (Nics) paid by workers from 10% to 8% with effect from 6 April 2024, which he said would benefit 27 million workers. He also announced changes to the national insurance paid by those who are self-employed.
Continue reading...Chancellor also scraps ‘non-dom’ tax breaks and slashes capital gains on property in pre-election gambit
Jeremy Hunt has announced a 2p national insurance cut in his budget as a pre-election gambit to revive flatlining opinion poll ratings and reboot Britain’s economy from recession.
In what could be the last major economic intervention before voters go to the polls, the chancellor said the government was making progress on its economic priorities and could now help hard-pressed families by permanently lowering certain taxes.
Continue reading...Report calls for overhaul of rules on loan affordability and repayment, and more flexible mortgage products
Mortgage reforms introduced after the 2008 banking crisis have “tilted too far” in support of financial stability to the point that first-time buyers are being excluded from the housing market, building societies have warned.
A report commissioned by the Building Societies Association has called for an overhaul of affordability and repayment rules, which they say have contributed to a steady decline in first-time buyer mortgages since the mid-2000s.
Continue reading...In London, Tube and bus fares are being frozen and prices reduced during rush hour and on Fridays
Rail fares in England and Wales will rise by 4.9% on Sunday, adding hundreds of pounds to annual travel costs for many commuters.
Campaigners said passengers would be “rightly angry” at the latest increase, above the current inflation rate of 4%, despite the government arguing that it had made a significant intervention to keep the fare rise down.
Continue reading...First-year vehicle excise duty is a fraction of that in countries such as France and the Netherlands
Low taxation on petrol SUVs in the UK compared with much of Europe is inviting a glut of large, polluting luxury cars, according to an analysis by a green thinktank.
The tax paid when buying a new petrol or diesel SUV in the UK is only a fraction of the levies in neighbouring countries, including France and the Netherlands, and lower than many others in Europe, making it a “tax haven” for the bigger, less environmentally friendly vehicles, the report from Transport & Environment (T&E) found.
Continue reading...New report notes ‘continued decline’ and rising call-waiting times as ‘fiscal drag’ pulls growing numbers of people into an ailing system
Customer service levels at HM Revenue and Customs have sunk to an “all-time low”, parliament’s spending watchdog has said.
Users regularly encounter long call-waiting times as the tax department apparently struggles to cope with demand, a report by the cross-party public accounts committee (PAC) has found.
Continue reading...Bank’s profits rise 57% but it says there is ‘significant uncertainty’ over liability amid FCA investigation
Lloyds Banking Group has been forced to put aside £450m for potential fines and compensation for motor finance customers, after the UK regulator opened an investigation into whether consumers had been charged inflated prices for car loans.
The lender, which also owns the Bank of Scotland and Halifax brands, said there was “significant uncertainty” over the extent of any misconduct or loss to customers that could result in penalties or payouts.
Continue reading...Thinktank says juicy cuts this year follow far bigger increases in 2023 and precede planned ‘chunky rises’
Jeremy Hunt’s expected pre-election giveaway budget will be sandwiched between £20bn of tax increases already implemented and a further £17bn of hikes pencilled in for after polling day, a thinktank has said.
The Resolution Foundation said it expected Hunt to freeze fuel duty and cut income tax on 6 March but warned the chancellor’s “tax sandwich” was based on the “fiscal fiction” of £30bn of spending cuts in the next parliament.
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