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Miliband vow to ban rules that make UK ‘a tax haven’ for rich
Britain’s 200-year-old “non-domicile” regime – a tax rule exploited by wealthy executives, Russian oligarchs and the jet-set – would be abolished by a Labour government, Ed Miliband will announce today. The Labour leader will claim the non-dom rule is not used by any other leading economy, costs hundreds of millions of pounds a year and has turned the UK into “an offshore tax haven for a few”.
Companies and Markets
Efficiency drive boosts appeal of luxury vehicles in US
When Johan de Nysschen, president of General Motors’ Cadillac luxury brand, was presenting the CT6, the new flagship luxury sedan, at the New York auto show last week, he boasted about a surprising feature of its 400 hp engine.
Linn tapped to head Afren amid financing talks
Afren, the financially distressed oil and gas explorer, yesterday appointed industry veteran Alan Linn as its next chief executive amid talks to conclude a recapitalisation plan for the London-listed company.
Economy put on fast track by thriving services sector
The dominant services sector grew at its fastest pace in seven months in March, a closely watched survey reported yesterday. The Markit/CIPS purchasing managers’ index (PMI) for the sector jumped to 58.9 last month, from 56.7 in February.
Companies and Markets
We’ll put worker on pay committees, Labour says
Labour would force listed companies to appoint employee representatives to remuneration committees in an attempt to “increase accountability and fairness” and curtail excessive boardroom pay. Chuka Umunna, the shadow business secretary, reaffirmed the Labour party policy yesterday at a head-to-head debate with Vince Cable, the business secretary, and Matthew Hancock, the Tory business and energy minister.
Oil fuels pace of recovery in Eurozone
Eurozone growth has recovered to levels not seen in four years, according to a closely watched indicator of private sector activity that has signalled a long-awaited rebound in the struggling single currency bloc.
Russian gas deal with Greece may ‘undermine sanctions’
Russia is preparing to offer Greece a cut-price gas deal as part of a package that European Union officials fear is aimed at undermining the sanctions regime against Moscow.
Driving up costs
Car insurance premiums for drivers under 21 are nearly four times as expensive as for those aged 50 to 64. The typical policy costs £1,422 for a young driver, compared with £299 for older motorists, analysis from CompareTheMarket shows.
Britain’s recovery growing stronger
Britain’s recovering economy has ‘moved up a gear’, boosting the Conservatives ahead of next month’s General Election, according to figures published yesterday. Research group Markit said the economy looks to have grown by 0.7pc in the first quarter of 2015 following expansion of 0.6pc in the final three months of last year.
Clarkson inquiry ends
Jeremy Clarkson will face no further police action over his attack on a Top Gear producer, North Yorkshire Police have said. The force said it had “completed its routine inquiries” and would “not be pursuing this matter any further”.