Jul 232014
 

foreign-exchange1

The Serious Fraud Office has launched a criminal probe into allegations of fraudulent conduct in the foreign exchange market, in what would could be the City of London’s biggest financial scandal yet.

The SFO will investigate whether traders benefited from the manipulation of benchmark forex prices, coming alongside an ongoing probe by the Financial Conduct Authority City watchdog. More than 25 traders have already been fired, suspended or put on leave since allegations of market manipulation came to light last year.

In a brief statement, the SFO confirmed: “The director of the Serious Fraud Office has today opened a criminal investigation into allegations of fraudulent conduct in the foreign exchange market.” Continue reading »

Jul 232014
 
IAIN DUNCAN SMITH
Iain Duncan Smith is reportedly being urged by senior Tories to shut down all Jobcentres and let private companies and charities to step in to help Britain’s unemployed back to work.

The proposal, backed by allies of chancellor George Osborne, is being considered for potential inclusion in the party’s election manifesto for 2015, in what would be a radical step for Britain’s system to help people into work.

One senior Tory told The Sun: “Introducing competition into the job search market is a natural Conservative thing to do. Tailoring help from experts for what people really need will work far better than the clumsy one-size-fits-all state solution.” Continue reading »

Jul 202014
 

nick-clegg-pic-pa-52751387-124309

Nick Clegg has moved to distance the Lib Dems from the bedroom tax, in a major U-turn over the party’s support for the unpopular welfare reform.

After an internal government review found that 60% of households hit by the taxwere in arrears due to the cut in housing benefit, the Lib Dem leader told LBC radio that “when something isn’t working in the way we hoped, we should fix it”.

Although Clegg now restyles himself as a bedroom tax critic, HuffPost UK brings you eight moments he would rather you forget from when he was a fervent supporter. Continue reading »

Jul 182014
 

Proposals for the biggest change to the industry in two decades will be unveiled at a meeting this weekend of Labour’s National Policy Forum in Milton Keynes

ed miliband Proposal: Miliband will reject calls to renationalise the railways

Ed Miliband will create a new rail authority to make trains run on time, keep down fares and cut costs to taxpayers.

Proposals for the biggest change to the industry in two decades will be unveiled at a meeting this weekend of Labour’s National Policy Forum in Milton Keynes.

Mr Miliband will reject calls to renationalise the railways in a showdown with the unions.

Instead, he will announce plans for Network Rail to be merged with a new passenger watchdog that prioritises customer satisfaction.

This body will punish greedy rail firms and co-ordinate services as well as maintaining tracks – and overseeing stations and ticketing.

The complex fares system will be replaced with a simpler structure where customers have a legal right to the cheapest ticket.

And changes to the franchising system will force rail firms to bid against the public sector for contracts – a move that could save up to £1billion by 2020. A source close to Labour’s policy chief Jon Cruddas claimed the package will put right the mistakes of former Tory Prime Minster John Major’s botched 1993 privatisation.

The source said: “We want to get rid of the Tories’ failed franchising model without going back to the old days of British Rail.”

Credit :- James Lyons/Daily Mirror


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