Saturday, 5 February 2011

Cameron rules out big tax cuts at budget

Prime Minister David Cameron ruled out big tax cuts at next month's budget, confirming in a Sunday newspaper interview that his focus remained on reducing Britain's budget deficit. Skip related content
Cameron's Conservative party and their Liberal Democrat allies set out a five-year plan to almost eliminate Britain's budget deficit in an emergency budget in June last year.
Sales tax rose at the start of the year and an increase in payroll taxation will come into effect in April, and some legislators on the right of Cameron's party are upset he has not made a clear commitment to cutting taxes in future years.
"I would love to see tax reductions. I'm a tax cutting Tory (Conservative) and I believe in tax cuts, but when you're borrowing 11 percent of your GDP, it's not possible to make significant net tax cuts. It just isn't," he told the Sunday Telegraph newspaper.
"It's no good saying we're going to deal with the deficit by cutting spending, but then we're going to make things worse again by cutting taxes. I'm afraid it doesn't add up," he continued in an early edition of the paper.
Separately, a report in the Sunday Times newspaper said that the finance ministry was looking at reducing tax breaks for people who are resident in Britain but claim their main financial interests remain overseas.
So-called 'non-domiciled' taxpayers avoid paying tax on money earned from overseas work and investments, and this has made Britain an attractive destination for businessmen such as steel tycoon Lakshmi Mittal and Chelsea football club owner Roman Abramovich.
(Reporting by David Milliken)

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Business executives killed in Iraq plane crash

The chief executive of private equity group MerchantBridge and two JPMorgan executives were among seven people killed when a small plane crashed in northern Iraq, officials said on Saturday. Skip related content
The plane went down shortly after takeoff on Friday from an airport at Sulaimaniya in Iraq's semi-autonomous northern Kurdish region.
MerchantBridge Chief Executive Officer Basil al-Rahim and Abdallah Lahoud, a partner in the company, died in the crash, MerchantBridge said in a statement.
Airport officials said the businessmen on the plane had flown to Sulaimaniya to visit the offices of AsiaCell, one of Iraq's major mobile phone service providers, which is partially owned by Qatar Telecommunications.
Rahim was a member of the AsiaCell board of directors, AsiaCell said in a statement. JPMorgan executives Murad Megalli and Javier Zurita also were killed in the crash, along with the three crew members on board, it said.
Megalli "had been with J.P. Morgan for more than a decade and successfully led our businesses in Turkey, Central Asia and the Middle East, North Africa (MENA) region," JPMorgan Chief Executive Officer Jamie Dimon and two other executives said in an email to employees.
Zurita had been head of telecom investment for Europe, Middle East and Africa and had worked for the bank for four years, the email said.
A JPMorgan representative could not immediately specify the victims' nationalities.
MerchantBridge said last October it had launched an equity fund in Iraqi equities. An executive said at the time that the company had over $1.5 billion (931.1 million pounds) worth of investments in Iraq.
(Reporting by Muhanad Mohammmed; additional reporting by Daniel Trotta in New York; writing by Jim Loney)

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