Insurers fear tax raid to fund pensions - papers 16 July

Banks and insurers fear that they will be left vulnerable to a windfall tax if the funding proposal, tabled by the Conservatives as an amendment to the Pensions Bill, is voted through. The Government could choose to finance the scheme by raiding dormant bank accounts and unclaimed pension and savings assets, hitting the savings of thousands of people, lobby groups for the financial services industry said. THE CONSORTIUM LED BY Royal Bank of Scotland has increased the amount of cash in its offer for ABN Amro this morning as it seeks to get on the front foot in its gladiatorial bidding ba...