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Mark Hoban said the current definition of relative poverty used by the government is flawed. "Everyone knows the current definition is flawed. “The measure of relative poverty that the last government introduced does lead to some dist... Continue to article
Britain and France have both accused the European Commission of "ignoring the prevailing austerity" after its call to raise the EU’s budget by nearly 7% next year. The Commission justified the move as vital to meeting existing commitments by member states and for encouraging badly needed growth. But Mark Hoban, Financial Secretary to the Treasury, said the proposal was "unacceptable" and that Brussels "must improve its financial discipline". Valérie Pécresse, Nicolas Sarkozy’s Budget Minister, said the most was "impossible and unjustifiable".
The Treasury has closed a loophole by which veterans paid tax on their military benefits despite not earning any salary. Financial secretary to the Treasury Mark Hoban said "the current situation is unfair on retired veterans, and I'm delighted that we can fix this".
The coalition government is likely to commission a wide-ranging competition review of all aspects of the banking industry, according to Mark Hoban, the new City minister.
George Osborne has been accused of selling Northern Rock "for a song" to Sir Richard Branson after taxpayers took a £400m loss on the deal. The Chancellor described the sale of the bank as "a good thing for the British high street and a good thing for the north-east of England". But City of London MP Mark Field said he was "very concerned" whether the deal represented value for money, adding that Virgin supremo Richard Branson had got the bank "for a song".
Financial stability will be key to new reforms and will be regarded as more important than consumer protection should the two conflict, according to a new blueprint for UK regulatory reform.
The Conservatives have pledged to compensate the investors who lost all, or part, of their savings when Equitable Life nearly went bankrupt ten years ago. The payouts could amount to £1bn.
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