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Families with children will lose an average of £511 a year under tax and benefit changes which come into effect tomorrow, the start of the new financial year. An analysis by the Institute for Fiscal Studies (IFS) of austerity measures announced by George Osborne in the Budget last month underlines the scale of the squeeze faced by middle-income families. It also reveals that despite the row over the so-called granny tax, pensioners will suffer the least as a result of the coalition’s policies. More than 850,000 families on modest and middle incomes will lose all their child tax credit, worth about £545 a year. The average income for families with children is £38,000. Up to 212,000 working couples with children earning less than £17,000 per year will lose all of their working tax credit, worth up to £3,870 a year, if they cannot increase their working hours.
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Reuters
NEW DELHI - After taking office on the crest of an economic boom that allowed an unhurried approach to reforms, Brazilian President Dilma Rousseff is starting to take bold steps to cut the country's notoriously high business costs and taxes, driven by what advisers describe as a new sense of urgency to revive a stagnating economy. Full Article
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Jamie Dimon, the chairman and chief executive of JPMorgan Chase, has blasted governments and regulators for slowing the global economic recovery. Spanish borrowing costs have soared to five-month highs, leading to fears that the 'sugar rush' of the European Central Bank's €1 trillion loan programme has already burned off. The cost to News International of the phone hacking scandal has soared to £240m as writedowns, legal claims and redundancy payments have punched a hole in the accounts of Rupert Murdoch’s newspaper empire. British Gas has admitted it will have to replace many of the 400,000 smart meters it has installed in UK homes – after new Government guidelines deemed they were not smart enough. Discrimination claims are expected to rocket in the year ahead as disgruntled workers seek ways of getting around the new unfair dismissal rules introduced on Friday.