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Bank: Budget was ‘monumentally mishandled’
S&U, a London-listed bank, has criticised Rachel Reeves’ recent Budget, describing it as “chaotic and monumentally mishandled.” S&U said the policies set out by the Chancellor had triggered a “dampening effect on consumer confidence.” With the Office for Budget Responsibility having cut growth forecasts every year from 2026 to the end of the Parliament after…
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HSBC to settle French tax case
HSBC is negotiating a settlement of around $300m with French authorities regarding its involvement in a tax fraud scandal. This scandal, which has reportedly cost France €4.5bn in tax revenues, has implicated several banks. Crédit Agricole recently settled a similar investigation for €88.2m.
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Bank of England: Budget will cut inflation
The Bank of England predicts that measures set out in the Budget will reduce the UK’s headline inflation rate. Appearing before the Treasury Select Committee, Bank staff agreed with the Office for Budget Responsibility that measures announced by the Chancellor would strip 0.5 percentage points off headline inflation by mid-2026. Clare Lombardelli, a deputy governor…
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Judge-only trials to speed up justice
David Lammy, the Justice Secretary, has announced a new anti-corruption strategy aimed at expediting justice in complex fraud cases through judge-only trials. Speaking at Mansion House, he emphasised that these reforms would allow specialist judges to handle serious fraud cases more efficiently. Mr Lammy said: “If you loot, if you launder, if you defraud the…
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Covid fraud costs taxpayers £11bn
The upcoming report by Covid Counter Fraud Commissioner Tom Hayhoe reveals that nearly £11bn was lost to fraud and error in Covid-19 support programmes. Mr Hayhoe will address MPs, highlighting how fraudsters exploited rapid financial aid rollouts initiated by the previous Conservative government. The report criticises the lack of anti-fraud controls, saying: “Accepting a high…
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Royal Marines recruit sues MoD for £236k
Charlie Gould, a former Royal Marines recruit, is suing the Ministry of Defence (MoD) for £236,000 after suffering a heat-related injury during a training exercise in June 2020. Gould collapsed during a five-hour “yomp” on Dartmoor, claiming he experienced “exertional heat stroke” due to inadequate medical treatment. His lawyer, Jonathan Dingle, stated that Gould now…
