Entrepreneurs and investors are considering whether they should cash in on their investments in a rush to beat the new hikes in CGT. Plus the Lib Dems are said to want to lower the threshold level at which CGT becomes payable. We’ll be looking at the CGT issue in more depth later on today – so stay tuned and check back.
Daily Telegraph – Coalition government: outrcy over Capital Gain Tax plans
Financial Times – CGT plan irks private equity sector
The Guardian – Plans to raise capital gains tax anger City
The new business secretary Vince Cable, who replaced Lord Mandelson, has appointed two more ministers to his department: Mark Prisk (Cons) and John Hayes (LD). As ministers of state for business, both Prisk and Hayes will have influence on laws and regulations affecting entrepreneurs, so watch out for what they do. Prisk, for example, had previously said he would shut down Business Link as one of his first actions. Will he follow through on his promise
Sainsbury’s chief exec, Justin King, voices his opposition to the introduction of VAT on food, calling it a “bad idea”. As the government considers hiking VAT to 20 per cent, what effect will it have on business” Will the rise deter consumer spending, at a time when businesses are already struggling?
Financial Times – Sainsbury says VAT on food a ‘bad idea’
The Independent – Sainsbury’s boss warns VAT increase is coming soon
“Britain’s digital economy was given a boost yesterday after BT pledged to bring high-speed broadband to two-third of households by 2015,” reports The Independent. Yes, this is good news for the economy, as super-fast broadband will help make Britain more competitive internationally. A recent survey by Real Business and Deloitte supports this, revealing that the majority of entrepreneurs also view super-fast broadband as a priority, and should even benefit from state funding.
The Independent – BT vows to spend extra £1bn bringing super-fast broadband to UK homes
City AM – BT will spend an extra £1bn on broadband
European data privacy institutions slammed Facebook over its privacy settings yesterday, branding the social network’s “opt-out” settings as “unacceptable”. Read our take on Facebook’s dilemma here.
The Independent – Europe slams Facebook’s privacy settings