Scottish first time buyers are more likely to escape the burden of stamp duty than those across the UK as a whole, according to the Council of Mortgage Lenders, reports the Scotsman .
The CML’s latest figures reveal 78% of first time buyers (FTBs) in Scotland are buying homes for under £125,000 – the current stamp duty threshold.
This compares with only 44% of people purchasing a property under this level across the UK.
In greater London only 3% of FTBs are below the stamp duty threshold, says the paper.
THE CHIEF executive of the Financial Services Authority (FSA) yesterday warned MPs over-regulation of hedge funds could drive the industry out of London, reports the Times.
John Tiner told the Commons Treasury Committee the current regulatory regime helped the City to compete directly with New York.
US hedge funds have been opening offices in London to gain access to European investors and increase their trading in the region’s capital markets.
Tiner told MPs: “Our worry would be that, if we had a disproportionate effect on these companies, they would take their business offshore.”
THE AUSTRALIAN investment bank Macquarie has shelved plans to float one of its funds on the London market, blaming its change of heart on poor market conditions, says the Independent.
The Macquarie Global Income Fund had hoped to raise as much as £300m by listing on AIM, in what would have been the company's first float on the London Stock Exchange.
A spokesperson confirmed the launch had been abandoned, saying: "We looked at [launching] a product earlier this year, but decided not to go ahead because market conditions were uncertain."IFAonline
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