Morning papers: Regulators to tackle shadow banking
Non-bank lending markets face unprecedented levels of government intervention under sweeping proposals to tame “shadow banking” laid out by global regulators meeting as the Financial Stability Board, reports the Financial Times.
Coalition plans a mansion tax by the back door: Stamp duty may be increased on £1m homes
George Osborne and Nick Clegg have held secret talks to draw up plans for a new tax raid on properties worth more than £1m, putting them at odds with David Cameron, reports the Daily Mail.
Business secretary Vince Cable confirmed yesterday that the Coalition is devising ways to tax property – leading to a mansion tax by the back door – as well as more welfare cuts in the autumn statement next month.
Bank profits distorted by audit rules, warn investors
In a letter to business secretary Vince Cable, investment houses, which include Threadneedle Investments, the Co-Operative Asset Management, London Pension Fund Authority and Railpen, said accounting rules are “harming” shareholders and destabilising banks and the economy, reports the Daily Telegraph.
More than one in 10 high street shops left empty
More than one in 10 shops in the UK’s town centres were empty in October as retailers suffered from stagnating sales and rising costs, and the outlook is likely to get worse, according to the British Retail Consortium, reports The Guardian.
FSA closes inquiry into Connaught
Executives who presided over one of Britain’s biggest corporate collapses of recent years will not face action by the City regulator, reports The Times.
Two years after Connaught, the once fast-growing FTSE 250 social housing contractor, tumbled into administration, the FSA has closed an investigation into whether the company’s directors or senior managers broke financial rules.