Wealthy homeowners listened even more intently than usual to the Budget this week, braced for yet more painful measures to limit the attractiveness of tax havens.
According to The Times, Alistair Darling, mindful of the bill imposed on taxpayers for the bank bailouts, promised further initiatives to limit tax evasion - which costs Britain anything from £1.5 billion a year to £18 billion, depending on which estimates you believe.
This measure follows the agreement to clamp down on tax havens outlined at the G20 summit in London earlier this month. Full story...
The Treasury has revealed that it was forced to pay out £7.4bn to savers who lost their money in the Icelandic banking crisis last year, The Daily Telegraph reports.
The Government stepped in to help more than 300,000 UK savers with Iceland's biggest banks, after Kaupthing and Landsbanki collapsed last October.
Figures released in Wednesday's Budget, show that the Treasury had to give £3.3bn to savers with money in Kaupthing Singer & Friedlander and Landsbanki's Heritable Bank, while compensation is expected to reach £4.5bn for savers with money in Icesave accounts. Full story...
UBS's new management on Monday took a first big step to trimming the balance sheet and redeploying capital with the $2.5bn sale of Pactual, the Swiss banking group's Brazilian financial services operations, to some of its founders, says The FT.
The sale of the business, acquired three years ago as part of UBS's push into emerging markets, is the latest evidence of the bank's determination to jettison projects championed by its previous management team while boosting its capital reserves. Full story...
Google has joined the list of companies facing criticism over tax avoidance after public accounts showed it paid only £600,000 in UK corporation tax despite local revenues of more than £1.25bn, The Guardian reports.
A review of Google's British operations suggests the web search engine could have faced taxes of more than £100m in this country, but that it avoided this by channeling revenues through Ireland.
Google's activities were condemned as unacceptable by politicians amid promises from the prime minister, Gordon Brown, to crack down on tax evasion in this week's budget. Full story...
Allied Irish Banks has bowed to government pressure and announced plans to raise an additional €1.5bn as part of a €5bn ($6.5bn) state-backed recapitalisation, The FT says.
The government of the Republic of Ireland has already agreed to invest €3.5bn of preference shares in the country's largest bank. Full story...
Putting the tech into protection
Square Mile’s series of informal interviews
Fallout from Haywood suspension
Launching later in 2019
£80bn funds under calculation