business focus 19 of the month
HW, Chartered Accountants, presents a series of articles based on the HW blogs. They offer analysis, reviews and comments and welcome your feedback at
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Gangsters, 'banksters', what is the world writes Barry Potter, partner at Haines Watts
coming to? The banking scandals over Libor- fixing and other misselling seem to have spread further to turning a blind eye on money laundering activities by Mexican gangs. It appears that those at the top of the banks are seemingly putting their commercial interests above everything.
Whatever the story and rightly or wrongly, the media will milk it for what it is worth. They almost forget that for the ordinary business banker it continues to be business as usual. I recently received an e-mail from an area director at one of the banks embroiled in one of the
scandals clearly embarrassed by the goings-on. Other bankers, who have had nothing directly to do with the apparent wrong-doings, have mentioned the “ear-bashing” they have received from business owners frustrated by the difficulties of obtaining lending.
If you are a business owner, let’s try and be positive for a moment. The UK is still an attractive place to do business. The French seem to think so, especially since Sarkozy’s government lost out to François Hollande’s socialist party. There are so many French people in London now that it rates as France’s sixth largest city, after Paris, Lyon, Bordeaux etc,
in terms of the number of French population.
Inward investment by overseas companies remains buoyant, especially for Far Eastern investors. But despite the personal allowance for individuals with incomes over £100,000 reducing to nil and the unpopularity of the 50% rate of tax for those with a taxable income above £150,000 (although this will drop to 45% in April 2013), corporation tax is reducing, which is encouraging for business. The rate fell from 26% to 24% on April 1, 2012
... and is set to fall by two further 1% reductions by 2014. Broadly speaking, this makes us one of the more attractive countries in which to do business.
So let’s look on the bright side whilst we try to work our way through the “muddle”, as the UK has a lot going for it despite all the negativity.
Details:
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THE BUSINESS MAGAZINE – THAMES VALLEY – SEPTEMBER 2012
www.businessmag.co.uk
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