A gaping hole in the National Insurance computer system has left up to 10m workers with a potential ...
A gaping hole in the National Insurance computer system has left up to 10m workers with a potential shortfall in their state pension, says the Daily Telegraph.
Failure to send out NI reminders to those people who have not been paying enough spanned five years and is now seen as a major embarrassment to the government, says the Telegraph.
This couldn't have come at a worse time given the pressure already on the government about pensions, as many of those to be hit are near retirement and around a third of people, and most of whom are low earners, will be told they need to pay another £1500 to secure a basic state pension of £77.45 a week.
Talk about entering the euro is already hotting up after one of Gordon Brown's Treasury advisers recommended the UK stay out of the single currency until Brussels overhauls tax and spending rules, says this morning's Times.
Although there is not as much coverage this morning as you might expect, suggestions yesterday evening from the BBC were the Prime Minister has now accepted Britain will not go into the euro at this stage, and a referendum will not be held in this term of office.
The man to spark euro talk is Simon Wren-Lewis, says the Times, a University of Exeter academic, having published his thoughts in the Institute for Public Policy Research (IPPR) journal, New Economy.
According to the Times, Wren-Lewis believes joining the euro without reform of European Union spending rules could force Labour into raising tax or reducing investment in the NHS, thanks to the strict guidelines on balancing budgets.
The Daily Telegraph continues to look at the same story, but says 10 Downing Street has rebuked the story produced by the BBC's Andrew Marr which suggested Tony Blair had agreed that the conditions were not right for Britain to join the euro.
The European Commission is looking to implement a new corporate governance code which includes some of the controversial steps suggested by the Higgs report, says this morning's Financial Times newspaper.
Aim of the code is to promote "a enlightened form of shareholder activism" says the FT, by prevent them from making knee-jerk reactions when companies do not comply but to persuade firms to give reasons if they are unable to comply with the code.
It was bad timing to publish such news, suggests the FT, as it was also revealed the EC would like to make directors responsible for misinformation and the opening of shareholder rights.
Andrew Mohl, chief executive of AMP and the man keen to spin off the UK division, will have to face the shareholders today and explain why he thinks the company needs to raise A$1.95bn in new capital within the next two months, continues the FT, having previously stated no further funds were needed.
It's not just the capital he will have to explain but also the A$2.6bn when they had only signed off the accounts two months previous as well as why demerger is a great idea if the share value reflects otherwise and why the UK division needs to stand on its own.
Directors at Royal & SunAlliance were under fire yesterday from shareholders for the huge payouts that former directors received during hard times but it was mainly Bob Ayling, former chief executive of British Airways, who took the worst of the scrutiny.
Shareholders were critical of his history at BA and the New Millennium Experience at the AGM and looked unlikely to vote him back in as non-executive, however proxy votes secured his seat on the board for now.
New performance criteria and remuneration have been set out by Andy Haste, the new chief executive at R&SA, adds the Times, but there is a good chance that Ayling will be culled eventually, along with its chairman Nicholas Barber.
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