At the CBI conference yesterday Boris Johnson slammed Vince Cable’s proposed property tax saying it would penalise ‘cash poor Londoners’ and urged companies accused of tax avoidance such as Google to do more to contribute to the UK. He also called for an end to ‘banker bashing’ saying London is the key to the UK economy and called for Age of Enterprise to replace the downbeat Age of Austerity. At same conference both CBI chief and Ed Miliband warn against retreat from EU.
Autumn statement options – FT reports that Osborne is eyeing a fresh raid on the pensions of richer voters with plans to cut tax relief on the table ahead of the 5 December Autumn Statement. They also cover the options for ratcheting up stamp duty, bringing capital gains tax rates closer to income tax rates and increasing council tax for wealthy property owners.
Recruitment & Employment
City AM’s Elizabeth Fournier says accountants in the UK are expecting their bonus pots to fall this year after profits per partner at the big four firms fell by up to five per cent. Both bonuses and overall remuneration are expected to fall by around two percent, mirroring the decline of the past two financial years, said accountancy and finance recruiter Marks Sattin.
Sales of London luxury homes have slowed dramatically since March according to Land Registry data.