News headlines on Tuesday 16 July 2013

Personal finance

Child benefits for the unemployed should be capped at two children according to Conservative party chairman Grant Shapps. The move would put them in the same position as working parents who cannot afford to have large families. 

On the day the government’s £26k per year benefits cap for the unemployed came into effect, he also proposed that out of work under-25s should be refused housing benefits and have to live with their parents rather than enjoy taxpayer funding to help them move out.

Further benefit cutting measures put forward by the Tories aim to curb handouts to single teenage mothers in an attempt to reduce teen pregnancy (Mail p1, Express p2, Independent p1, Times p1, Telegraph p6)

Meanwhile, Prince Charles has been paying 12% less tax than his servants, prompting questions from the Inland Revenue about whether he should be allowed to treat his own spending as a business expense – because his business is being the Prince of Wales. (Everywhere)

Corporate

Nearly 2,500 bankers in Britain earn more than a million euros a year despite the financial crisis. A report by the European Banking Authority into bankers’ salaries in 2011 revealed there were three times more millionaire bankers in Britain than in the rest of the EU combined (Mail p28, Mirror p2, Independent p2, Times p14, Guardian p7).

 Property

The Suffolk district of Forest Heath was among Britain’s most desirable places to live last year, attracting the highest percentage increase of new residents and achieving a net population rise of 1.56 per cent. Official migration statistics collated by the estate agent Knight Frank also found that Cornwall was the most popular location with almost 20,000 people moving in. (Times p9)

Recruitment

Nick Clegg has announced a cross-government review into youth unemployment, effectively admitting the failure of the £1bn youth contract launched in November 2011. The scheme included wage subsidies for firms taking on staff aged 18-24, targeted at areas of high youth unemployment. A Cabinet Office review will now assess the support available to this group after Clegg suggested the current system is ‘confused’. (Guardian p17).

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