The retirement age in the UK may have to rise to ...
In this week's In the Sheets:
The Financial Conduct Authority and the Bank of England have admitted their powerlessness in preventing bank branch closures with at least 189 branches are scheduled to shut this year.
The retirement age in the UK may have to rise to 71 due to the impact of increasing life expectancy and falling birth rates on the state pension.
In SME news, the government have launched the Small Business Council to support SMEs, bringing together SME chiefs across the country to represent within the government.
Tax News
HSBC begins defence in ￡240m Disney film tax trial
HSBC is set to defend itself against a ￡240m legal action brought by more than 500 investors over a Disney film tax scheme. The investors claim that HSBC's marketing of film financing schemes called Eclipse Partnerships caused them losses. The tax scheme, marketed by Future Capital Partners, promised tax relief for investing in film productions, but HMRC denied the tax breaks due to the movies not being made or the productions not being promoted. The investors were then presented with large tax bills. The case against HSBC includes allegations of deceit, conspiracy, and breach of obligations under the Financial Services and Markets Act 2000. HSBC denies promoting tax investment products and has instructed Norton Rose Fulbright to defend it in the case.
SME News
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Insolvencies forecast to hit 33,000 in 2024
Corporate insolvencies in 2024 could surpass last year's thirty-year high, with forecasts suggesting over 8,000 insolvencies per quarter. The Centre for Economics and Business Research (CEBR) raised its previous forecast of 7,000 per quarter after new figures revealed nearly 6,800 insolvencies in the final quarter of last year. The total number of insolvencies in 2023 reached 25,000, the highest in three decades. CEBR warns that struggling businesses will face further challenges before improvement, as the relationship between the economy and financially troubled companies lags by about 18 months
Brainteaser ??
What three positive numbers give the same answer when multiplied and added together?
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