The number of companies going bust hits...
In this week's In the Sheets:
HMRC has failed to meet its own deadline for responding to MPs who criticised the digitisation of the tax system.
The number of companies going bust hits a 30-year high in England and Wales.
HSBC has been fined ￡57.4m by the Bank of England's Prudential Regulation Authority (PRA) for "serious failings" in protecting customer deposits.
Tax News
UK government's VAT decision costs economy ￡11.1bn and deters tourists
The UK government's decision to scrap VAT-free shopping for tourists is costing the economy ￡11.1bn in lost GDP and deterring about two million foreign visitors each year, according to an analysis by the Centre for Economics and Business Research (CEBR). Prime Minister Rishi Sunak's decision in 2021 to charge VAT on shopping for tourists, reversing a tax rebate that had been in place for decades and still exists in every EU country, has been highlighted by the CEBR and business leaders as a reason for the slow recovery in UK tourism. The think tank calculated that visitor numbers would have been 589,000 higher in the third quarter of last year if a rebate scheme had been in effect and expenditure would have been about ￡1.3bn higher. During the autumn statement in November, Jeremy Hunt, the chancellor, pledged to "look again at the numbers" regarding VAT-free shopping, saying that the policy was changed because "we did not think we could afford to continue it," and citing a Treasury analysis that estimated the cost of the policy at ￡2.5bn. The Treasury said: "We keep all taxes under review and recognise the value that retailers bring to Britain."
Economy
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Bank of England: Ensuring privacy a ‘core design feature’ of Britcoin
The Bank of England and the Treasury say privacy would be a “core design feature” of the digital pound, stating: “Just as with other forms of money, ensuring trust in a digital pound issued by the central bank would be essential.” Over 50,000 people responded to a consultation on the introduction of a so-called Britcoin, amid widespread concerns about privacy. A response paper from the Bank said legislation introduced by the government for a digital pound would guarantee users’ privacy, and officials were committed to exploring “technological options” that would make it impossible for the Bank to access personal data through its core infrastructure. Bim Afolami, Economic Secretary to the Treasury, said: “We will always ensure people’s privacy is paramount in any design.”
Brainteaser ??
I am an odd number.?
Take away one letter, and I become even.
What number am I?
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