Written By Unknown on Sabtu, 21 Maret 2015 | 14.47
TSB is recommending its shareholders accept a Spanish takeover of the bank, with Lloyds confirming it has agreed a price for its remaining stake.
The announcements clear the way for a deal, first reported by Sky News last week, which will value TSB at £1.7bn as Banco Sabadell will pay 340p-per-share though it remains subject to regulatory clearance.
It means investors who bought the stock at the offer price of 260p when TSB floated nine months ago will receive a 31% premium.
Lloyds stands to net £850m from the 50% of TSB is currently holds but it has agreed to provide £450m in support of transition efforts.
It was required to divest of its remaining stake by the end of this year under a European state aid ruling, imposed because of its taxpayer bailout at the height of the financial crisis.
Lloyds chief executive Antonio Horta-Osorio said: "I am delighted to confirm we have agreed terms for the sale of our remaining stake in TSB to Sabadell.
"This is a significant and positive step for the group and will enable us to meet our commitments to the European Commission, well ahead of its mandated deadline".
The deal with Sabadell provides Lloyds with a clean exit from TSB, handing it a further boost just weeks after it was given the green light to pay a dividend for the first time since its 2008 rescue as the taxpayer's stake in the group is gradually sold off.
TSB chief executive Paul Pester will continue in his current role under the agreement, which will also see him join the management committee of Sabadell.
He has been in charge of TSB since 2013 and led its separation from Lloyds Banking Group.
The European Commission ordered TSB's split in a move that was code-named Project Verde.
The branches were to be sold to the Co-operative Group but that deal collapsed after the emergence of a £1.5bn hole in the Co-op Bank's balance sheet.
The FTSE 100 Index has risen to more than 7,000 points for the first time in its history.
World markets were cheered by a small recovery in the price of oil as well as signs of a breakthrough in the Greek debt crisis.
London's top-flight index was also buoyed this week by the prospect of UK and US interest rates remaining lower for longer.
It closed at 7,022.5 as the price of a barrel of Brent crude edged above $55 - still less than half its value last summer.
The FTSE had been on the brink of the landmark after a Budget-inspired rally earlier in the week.
Video:FTSE 100 Hits An All-Time High
It has never before breached the 7,000 mark, which makes the combined value of London's top companies nearly £1.8tr.
In February it passed a record high of 6,950, set at the time of the dotcom boom in 1999.
Peter Cameron, assistant fund manager at Ecclesiastical Investment Management, said: "After 15 long and bumpy years, the FTSE 100 has finally clawed its way back to the levels of the late 1990s and unlike then, when the market was gripped by an irrational technology bubble, this new high should not cause alarm amongst investors.
"A backdrop of inflation tailwinds from declining food and fuel prices, falling unemployment and signs of wage growth finally returning, create a benign outlook for the UK economy in 2015."
The rise boosted Royal Dutch Shell and BP - which feature in many UK pension funds - by about 1%, with exploration firm Tullow Oil climbing nearly 3% and rival BG Group up 2%.
Video:FTSE Plunges
Irish cement firm CRH advanced 6% after Holcim and Lafarge salvaged a planned multi-billion-pound merger to create the world's biggest cement firm.
CRH has agreed to buy €6.5bn worth of assets, which would give anti-trust clearance for the Holcim-Lafarge deal.
The new assets would transform CRH into the world's third biggest building materials supplier.
UK bank TSB also rose 2.2% after agreeing to a £1.7bn takeover by Spanish lender Banco Sabadell in one of the biggest cross-border banking deals since the financial crisis.
Lloyds, which was ordered to sell TSB as a condition of its £20bn bailout during the banking meltdown of 2008, agreed to sell a 9.99% stake to Sabadell. It also says it will sell its remaining 40.01%.
The heads of the City watchdog will be severely criticised next week by a panel of MPs over its handling of a briefing which wiped billions of pounds from the value of British insurance companies.
Sky News has learnt that the Financial Conduct Authority (FCA) will be accused of a "dereliction of duty" in a report to be published by the Treasury Select Committee.
John Griffith-Jones, the FCA chairman, and Martin Wheatley, its chief executive, are expected to be singled out for criticism by the MPs, a source said on Friday.
The regulator's handling of news of a planned inquiry into the sale of millions of closed-life insurance policies last March sparked chaos in the London stock market, with shares in companies such as Aviva, Friends Life and Legal & General falling sharply.
The story in The Daily Telegraph, which sparked fears of a draconian regulatory clampdown, was subsequently clarified by the FCA but not until more than six hours of trading had elapsed.
George Osborne, the Chancellor, and Andrew Tyrie, the TSC chairman, expressed disquiet over the incident, while the FCA's non-executive directors immediately ordered an inquiry to be led by Simon Davis, a partner at the law firm Clifford Chance.
Mr Davis' report, published in December, criticised the FCA's approach to information disclosure and made a string of recommendations that the watchdog subsequently agreed to implement.
It said that the regulator's briefing had been "high risk, poorly supervised and inadequately controlled. When it went wrong, the FCA's reaction was seriously inadequate and fell short of the standards expected of those it regulates."
The source said the TSC report would echo many of Mr Davis's criticisms and recommendations, including a prohibition on the disclosure of potentially market-sensitive information until its general dissemination.
Next week's report will not directly call for the resignation of either Mr Griffith-Jones or Mr Wheatley, they added.
However, they said there had been some disagreement between TSC members, with some calling for a tougher rebuke of the FCA's leadership.
Since Mr Davis's report, a number of senior FCA executives have left the organisation, including Clive Adamson, the former head of supervision, and Zitah McMillan, the former communications and international director who has since resurfaced in a senior role at a major payday lender.
The FCA said in December that their departures were the result of a restructuring rather than Mr Davis's report.
Mr Adamson, Mr Wheatley and Ms McMillan were all criticised in Mr Davis's report, alongside David Lawton, the FCA director of markets.
All four forfeited their bonuses for last year as a result, while any discretionary payouts for the current year are also under threat because of the £3.8m cost of the inquiry.
Mr Tyrie said in December that the report's findings illustrated a regulator "pursuing the wrong strategy in the wrong way".
"The Committee will, among many other things, examine whether these errors were a one-off or whether they reveal something amiss, perhaps seriously amiss, with the standards and culture of the FCA. We will also examine remedies, both those proposed or already announced, and others."
A TSC spokesman and the FCA both declined to comment.
Written By Unknown on Jumat, 20 Maret 2015 | 14.47
By Jon Craig, Chief Political Correspondent
Sky News and Facebook are to host an "Ask The Chancellors" event on Monday, 23 March, with key opinion formers quizzing George Osborne and Ed Balls in a TV showdown.
An audience of entrepreneurs, start-up companies and local businesses will ask tough questions of the Chancellor and shadow chancellor at an event in London hosted by Sky News Political Editor Faisal Islam.
Mr Osborne and Mr Balls will each face 30 minutes of live questioning from the audience in separate sessions, followed by questions asked by Facebook users across the UK.
After the Q&A sessions there will be live analysis with expert guests, who will give their views on how the politicians have performed.
Ed Balls challenges George Osborne on the Andrew Marr show
Ask The Chancellors will be broadcast live on Sky News and all its platforms as well as live streamed to millions on the Sky News Facebook page and YouTube channel.
All viewers will be able to get involved via the Stand Up Be Counted and Sky News Facebook pages using the hashtag #AskTheChancellors.
Jonathan Levy, head of newsgathering at Sky News, said: "This is a chance for business people to grill the Chancellor and shadow chancellor on their economic policies in the run-up to the General Election, as well as react to the content of Wednesday's Budget.
"I expect the live Q&As to be probing and impassioned, as the people whose lives and businesses are directly affected by the policies decided by Mr Osborne and proposed by Mr Balls ask the questions."
Mr Balls has been pressing for a TV clash with Mr Osborne since January, when he said he would be very happy to debate with George Osborne "any time, any place, anywhere".
Last weekend Mr Balls ambushed the Chancellor on the BBC's Andrew Marr Show by challenging him face to face and then shaking his hand.
Asked to agree to an encounter, Mr Osborne said: "Well, I'm happy to meet you in a debate."
Mr Balls replied: "We should shake on it and go for it."
Welcoming the announcement of the Sky News/Facebook clash, Mr Balls tweeted: "Looking forward to Sky Q&A - but disappointed George Osborne, like Cameron, running scared of head-to-head debate - despite our handshake!"
Citizens Advice is calling for an overhaul of rules governing mobile phone contracts, warning consumers can be "taken to the cleaners".
Its 'Calling The Shots' report found users are facing charges of up to £800 to leave maximum two-year contracts that fail to deliver on coverage or features.
The charity examined the 21,500 mobile phone complaints it dealt with last year, finding the most common problems concerned faulty phones (39%), poor service and exiting contracts (17%), misleading sales practices (16%) and bill disputes (12%).
It said most phone contracts failed to specify a reasonable minimum service they could expect from their phone, meaning customers did not have the right to cancel contracts that did not deliver what was advertised.
It cited examples of people who had paid for contracts that included 3G or 4G but were unable to get coverage being told, in some cases, to honour full contracts or pay the remainder of as much as £800 to end it early.
Citizens Advice said some customers reported being charged the full amount of their contract to cancel it before they had even received their phone.
It also calculated that the failure of phone providers and Government to put in place a cap on mobile phone bills run up by thieves had resulted in consumers, who had sought help from Citizens Advice, losing a total of £140,000.
It also cited confusion among consumers on who to contact if a phone was faulty, insisting it was the retailer's legal responsibility, and questioned how networks handled people in arrears.
Citizens Advice chief executive Gillian Guy said: "Consumers can be taken to the cleaners for ending a mobile phone contract that doesn't deliver.
"Consumers should only be paying for the service they receive. "For consumers to be guaranteed a good deal from their mobile phone providers, clear minimum standards of service and better contract exit rights are needed.
"Nobody should be left to fall through gaps in regulation, so the Government should now look into simplifying how mobile phone users can get redress when they are treated badly".
It advised those stuck with poor service to speak directly to the supplier, with evidence if possible to explain why it should be possible to leave the contract.
Sky News was attempting to contact major suppliers for comment on the Citizens Advice report.
TSB is recommending its shareholders accept a Spanish takeover of the bank, with Lloyds confirming it has agreed a price for its remaining stake.
The announcements clear the way for a deal, first reported by Sky News last week, which will value TSB at £1.7bn as Banco Sabadell will pay 340p-per-share though it remains subject to regulatory clearance.
It means Lloyds stands to net £850m from the 50% of TSB is currently holds though it has agreed to provide £450m in support of transition efforts.
It was required to divest of its remaining stake by the end of this year under a European state aid ruling, imposed because of its taxpayer bailout at the height of the financial crisis.
Lloyds chief executive Antonio Horta-Osorio said: "I am delighted to confirm we have agreed terms for the sale of our remaining stake in TSB to Sabadell.
"This is a significant and positive step for the group and will enable us to meet our commitments to the European Commission, well ahead of its mandated deadline".
The deal with Sabadell provides Lloyds with a clean exit from TSB, handing it a further boost just weeks after it was given the green light to pay a dividend for the first time since its 2008 rescue as the taxpayer's stake in the group is gradually sold off.
TSB chief executive Paul Pester will continue in his current role under the agreement, which will also see him join the management committee of Sabadell.
Written By Unknown on Kamis, 19 Maret 2015 | 14.47
There are two main takeaways from this Budget.
The first is that there has been a significant change, since the Autumn Statement in December, in George Osborne's public spending plans should he remain Chancellor for another five years.
In the Autumn Statement, Mr Osborne was assuming the Government would be running a surplus of £23.1bn in 2019-20.
He has now forecast that the Government would have a surplus of just £7bn in that year.
Austerity is going to come to an end, in the next parliament, a year earlier than expected.
Video:Budget: Consolidation Or Loss?
The reason, one must assume, is that the frequent claims by the Shadow Chancellor Ed Balls that Mr Osborne intended to "return Britain back to the 1930s" have hit home.
Certainly the Government now plans to shrink the state to no smaller than it was in 2000 - when Tony Blair was in 10 Downing Street and Gordon Brown was Chancellor.
The other big takeaway is just how small this Budget has been in its scope.
The largest single Budget measure is the changes Mr Osborne has announced to the taxation of savings and the new flexibility introduced to ISAs.
These will total just over £1bn during the 2016-17 financial year.
Video:Budget 2015: Video Highlights
Overall, though, this Budget is fiscally neutral. The new tax year will see a net tax increase of just £745m, which is tiny in the overall scope of a £1.9trn economy.
Many of the measures were small scale.
It is hard to imagine some of Mr Osborne's illustrious predecessors, such as Stafford Cripps, Rab Butler, Roy Jenkins, Geoffrey Howe or Nigel Lawson, padding out a Budget speech with pettifogging measures about Wi-Fi in public libraries, Agincourt anniversary celebrations - has a joke in a Budget speech ever cost £1m before? - and church roof funds.
Commanding heights of the economy, it ain't.
The measures aimed at helping business, in so far as they go, will be welcomed.
Video:Analysis: Your Budget Need-To-Know
The most significant of these is the cut in taxation for North Sea oil producers and the increased investment allowances they will receive.
But they will only help those North Sea producers who actually pay tax and are unlikely to address the wider structural issues faced by such producers.
And, of course, they will not bring back the jobs of the many hundreds of North Sea oil workers who have already lost their jobs.
Of the other measures aimed at supporting business, the previously-announced cut in corporation tax to 20p will be welcomed, as will the abolition of Class 2 National Insurance contributions for the self-employed - many of whom are small business owners.
There was also a lob for farmers, many of whom may have been flirting with voting for UKIP, while boosts for transport infrastructure will also have pleased business.
Video:Miliband's Response To The Budget
However, the Chancellor is also bashing some parts of business, with the banks hit with an increase in the annual levy.
This is partly a reflection of the fact that the banking levy is raising less money for the Government because the banks are - at the behest of Government regulators - having to shrink their balance sheets.
And some moves are downright unwelcome.
Mr Osborne presented the decision to cut the lifetime allowance for pensions savings from £1.25m to £1m as a move that only hits rich savers - but that sum, when turned into an annuity, buys a pensioner and their spouse an annual income of barely £22,000 apiece.
People taking home that sum every year can scarcely be described as "rich". It was a measure all about hobbling Labour - which wants to raid pensions tax relief for better-off savers to fund a cut in tuition fees - rather than anything more considered.
Video:Yorkshire 'Beats France' In Growth
Such savers, along with the pensioners whom the Chancellor has spared having to buy an annuity, are now likely instead to pour a larger part of their retirement savings into areas such as buy-to-let property.
This places them in direct competition with the first-time-buyers Mr Osborne purports to want to help with his new Help to Buy ISA.
In essence, then, this was a Budget with no huge pre-election giveaways - there is just not the scope for that - but plenty of small ones, relatively thinly spread.
Targeting tax avoiders and high value properties are among the measures set to be announced by the Lib Dems later as they aim to distance themselves from their coalition partner's Budget.
The Chief Secretary to the Treasury, Danny Alexander, will use an unprecedented alternative fiscal statement in the Commons to say that deficit reduction needs to happen more fairly than proposed by the Chancellor.
He is even going to have a yellow box as a Lib Dem alternative to George Osborne's red one.
Mr Alexander told Sky News: "Obviously we are trying to deal with the deficit in the short term but I think there needs to be a very different path once we have balanced the books. We should be allowing public expenditure to grow as the economy grows.
"We should be using tax measures to deal with the deficit, which also means there is a lot more money to invest in public services and infrastructure."
Video:Budget 2015: Video Highlights
He went on: "A big part of our strategy is to say that it is completely wrong to balance the books solely on the backs of the working poor and on departmental spending cuts.
"I've been clear I want to see measures like extra taxes on high value properties, measures on tax avoidance and measures that ensure the banks make an additional contribution."
George Osborne's no-gimmicks, no-frills Budget has set the dividing lines between the parties ahead of May's election.
Video:The Budget In 77 Seconds
He claimed Britain was "walking tall again" after five years of austerity.
But Labour politicians highlight a section of the Office for Budget Responsibility (OBR) report which says the Conservatives' cuts leave "a rollercoaster profile of implied public services spending through the next parliament".
The OBR report projects a "much sharper squeeze" on spending in 2016-17 and 2017-18, which would be followed by a sharp increase in 2019-20.
Video:Analysis: Your Budget Need-To-Know
Shadow Business Secretary Chuka Umunna said: "I'm not sure that I would want my public services to be on a roller coaster, I would want to have decent provision for my constituents and all across the country."
Mathew Hancock, the Conservative Business Enterprise and Energy Minister, responded to the criticism.
He said: "We have a plan to deliver and anyone who wants to spend more money or go more slowly will see the debt rising as a proportion of GDP, and that is exactly the sort of mistake that got us into this mess in the first place."
Video:Could Budget Help Shape Election?
Mr Osborne's Budget did have some sweeteners for first time buyers and savers, including the first £1,000 of savings being tax free for a basic rate tax payer.
He also announced a help-to-buy ISA under which first-time buyers saving for a deposit will receive a 25p top-up from the Government for every pound they put aside up to a maximum of £3,000, on top of savings of £12,000.
Fashion chains Next and Ted Baker have anounced strong increases in annual profits on improved sales growth.
Next reported a 12.5% rise in underlying profit before tax to £782.2m in the 12 months to 31 January, powered by sales growth at both its stores and Directory internet business.
The firm, which trades from over 500 stores in Britain and Ireland and almost 200 stores overseas, enjoyed a 10.4% increase in profits at its retail store division on the back of a near-5% rise in sales.
Next Directory sales rose more than 12%.
The retailer forecast sales growth of 1.5%-5.5% for its 2015-16 year, with pre-tax profit expectations rising to between £785m-£835m.
The company said it was benefiting from improvements to design content in its ranges and it was continuing to release some new products much closer to core seasons.
Its performance is in stark contrast to that of Marks & Spencer, which has struggled to grow its clothing offering.
The Next share price rose 14% over its last financial year while the value of M&S fell more than 10% over the same period.
Ted Baker, which operates from 398 outlets worldwide including licenced stores, said revenues for its year to 31 January rose 20.4% to £387.6m and that helped its profit before tax to rise 25% to £48.8m.
Income tax will be the main focus of what could be George Osborne's final Budget as he plans to raise the personal allowance and scrap annual returns.
The Chancellor has insisted there will be "no gimmicks or giveaways" but the Tories hope his speech will kick-start the party's election campaign.
An improvement in economic forecasts will see him allocate £2bn to raise the personal tax allowance from £10,600 to £11,000.
Mr Osborne will also announce plans to scrap the annual tax return - affecting more than 12 million professionals.
Digital tax accounts will be created for all individuals and small businesses which can be accessed at all times from a smartphone, computer or iPad.
Video:Prediction: 'Several Give-Aways'
Older voters have already been promised further changes to pensions, allowing five million people with existing annuities the right to cash them in from next year.
Businesses will also hope to see announcements on passenger air duty, reductions in charges on North Sea energy firms and measures to encourage research and development.
The Chancellor will use the Budget to give voters more details on what the Conservatives would do if they win the General Election on 7 May.
Video:Last Pre-Vote Chance for Osborne
These will include taking more people out of inheritance tax and raising the higher rate tax threshold to £50,000.
A Sky News projection, following analysis of the latest polls, suggests a hung parliament with the two parties virtually neck and neck.
Mr Osborne will say: "The critical choice facing the country now is this: do we return to the chaos of the past?
Video:What Two Georges Want From George
"Or do we say to the British people, let's work through the plan that is delivering for you?
"Today we make that critical choice: we choose the future. We have a plan that is working - and this is a Budget that works for you."
The Chancellor has said there will be "no giveaways, no gimmicks" so what can we expect to see in today's Budget?
:: Income Tax: Personal allowance increase to £11,000. George Osborne has already announced the amount people can earn before tax kicks in will be increased to £10,600 in April but it is expected he will go further.
How to spend your pension?
:: Pensions: The Chancellor has indicated he will announce that pensioners will be able to swap their fixed annual incomes – annuity – for cash.
This is an extension of measures contained in the Autumn Statement, which saw savers given the option of drawing down cash from their pensions, rather than being forced to buy an annuity. This comes into effect in April.
Video:60-Second Economist: The Budget
:: Google Tax: Expect further tax avoidance measures to build on the so-called "Google Tax" announcement last year.
The Government wants to stop multinational companies from moving profits around the world to keep the tax bill down.
:: Something for the regions: Expect announcements of investment in infrastructure, science, energy and housing. Remember, Mr Osborne wants to create a "northern powerhouse".
:: Beer: The Chancellor is expected to either freeze beer duty or announce a 1p or 2p cut on a pint.
:: Fags: Tipped for a 28p cut on a packet of 20 but the Chancellor is also thought likely to announce a tobacco levy.
He already ordered a consultation on the issue on the grounds that smoking has a significant cost to society and tobacco firms should pay for it.
If he did it could indicate he could look to impose a levy on other industries using the same rationale.
Video:50 Years Of Pre-Election Giveaways
:: National Insurance: There have been some suggestions the Government could increase the amount of earning before National Insurance Contributions (NICs) are paid.
It would help the lowest paid and, therefore, would win favour with the Lib Dems but is an income tax/NICs double-whammy too much?
What we are unlikely to see:
:: Inheritance Tax Cuts: The Tories included this in their 2010 manifesto, agreed in coalition not to make it a priority but still want to make changes.
It has been disclosed the Treasury drew up plans to allow parents to pass homes worth up to £1m to children tax free ahead of the Autumn Statement but the Lib Dems blocked it.
David Cameron has said the proposals will not be included in the Budget – but do expect to see them in the Tory manifesto.
:: 40p Tax Rate Changes: The PM has made clear he wants to raise the level at which people start paying the 40p tax rate.
Video:The Sky News Budget Rap Battle
At the Autumn Conference he pledged to increase the threshold from £41,900 to £50,000 by the end of the next parliament.
There had been suggestions measures could appear in the Budget but given the Lib Dem opposition to tax cuts for the wealthy it is unlikely.
:: And the white rabbit?
Well this might not be quite like all other pre-election Budget giveaways, despite the fact the Chancellor has around £5bn to play with.
Remember, if the Tories look good the Lib Dems will look good and as the coalition partners are going toe-to-toe in a number of marginal seats then Mr Osborne will be keen to make sure Nick Clegg's party are not the ones left showing the rabbit.
What key phrases will Chancellor George Osborne use in his last Budget before the General Election?
Sky News' Economics Editor Ed Conway and Political Editor Faisal Islam give their predictions in Budget Bingo.
Why not play along by marking which phrases Mr Osborne delivers.
ED CONWAY:
:: Long term economic plan
Video:Osborne's Most Important Budget
Maybe you've heard this one before once or twice? It's the Chancellor's favourite buzzphrase, already in regular use in the election campaign. The implication, of course, is that while the Government has a plan, none of its rivals do.
Interestingly, it's officially a Government slogan, not merely a Tory one. Expect it to figure repeatedly, and not just from the Chancellor.
:: Fastest growing economy in the G7
If you look solely at full-year growth last year, Britain was indeed, the fastest-growing economy in the group of seven leading industrialised nations (Britain's 2.7% growth just outpaced Canada's 2.6% and America's 2.4%).
Expect the Chancellor to make much of this in his Budget speech - even if the UK looks like it will be overtaken by the US again this year.
:: Northern powerhouse
The Chancellor's latest big plan is to attempt to improve growth and economic standards in the North with a host of policies, including investment plans and a new high speed rail scheme.
The policy is designed to counter perennial accusations that the Conservatives are perfectly happy with income and regional inequality, which is higher in the UK than almost any other country in the developed world.
:: Employment rate has never been higher
The performance of the labour market has been one of the most extraordinary features of Britain's economic recovery. Last month the Office for National Statistics reported that the proportion of people in work had never been higher, hitting 73.2% in July to September of 2014.
Video:The Sky News Budget Rap Battle
There is even a chance that the rate rises beyond that - though there are legitimate questions over how much the employment rate has been boosted by part-time and self-employed workers.
:: We're coming after tax evaders
Another policy designed to underline the fairness agenda: the Chancellor has repeatedly promised to levy new tax rules to clamp down on companies such as Google and Starbucks which have been accused of legally avoiding taxes in the UK.
He has also pledged to clamp down on those illegally evading tax - such as people secretly stashing away money in offshore bank accounts. Expect more measures this time around - whether they succeed in raising much money is another question.
FAISAL ISLAM:
:: Competence not chaos
The single "strapline" that permeated, percolates and unites all of the Conservative campaign message. It is meant to mark a contrast between the Conservative and Labour leaders and their philosophies.
Almost every Conservative attack on Ed Miliband contains the word "chaos", and then "utter chaos". It enables Mr Osborne to connect a future of Labour minority requiring SNP support, with Labour's record in office ahead of the crisis.
:: Finish the job
It's the classic incumbent offer to the electorate, designed to turn voter inertia and risk aversion into votes. It worked for Barack Obama in 2012. It didn't work for Gordon Brown in 2010, but may have helped Labour limit its losses.
Video:60-Second Economist: The Budget
It requires, in this instance, Mr Osborne to offer sunlit uplands after a tough half decade,
:: Rebalancing
This is one of the sunlit uplands that Mr Osborne can offer. It also reflects badly on Labour's record in office.
It means an economy that is better balanced geographically (see Northern Powerhouse, HS2), between the public and private sectors, and between finance and the "real economy". Mr Cameron promised it early on. It is yet to be fully delivered.
:: Record low inflation
It is a fact that helps neutralise the Labour successful attack on "living standards". Inflation, our measure of the cost of living, is at a record low of 0.3%.
This is driven by drops in the oil price that are passing through to petrol and energy prices. It's also a stroke of luck as it is determined by factors way out of Mr Osborne's control.
:: Alex Salmond
Not an MP (yet), but, hopes Mr Osborne, a lingering presence costing Mr Miliband dozens of seats in Scotland, and helping turn voters of Labour in England. He has almost no relevance to the Budget, but it will be telling that he is mentioned.
Written By Unknown on Selasa, 17 Maret 2015 | 14.47
By Afua Hirsch, Social Affairs Editor
Housing in Britain is in crisis, campaigners say, as thousands are expected to attend a rally in Westminster calling on politicians to take urgent action.
The protest, which includes housing associations and charities as well as major developers, cites the lowest housebuilding levels since the 1920s as evidence that demand for homes across the country is far outstripping supply.
The problem is particularly affecting younger, first-time buyers, they say, who are increasingly delaying or being squeezed out of owning a property.
"It's really sad, the fact that not everyone can buy their own property," said Katy Popiol, 28, a first time buyer in West London.
"It's frustrating to say at least. It would be great to see more people my age to be pretty much the owner of their own property."
Video:Lib Dem Housing Plans
Britain needs 245,000 new homes a year, but there are currently only 125,000 a year being built, according to the Housing Federation, which convened the rally.
Recent figures also shed light on the measures young people are willing to go to in order to raise the money needed for a deposit.
Of those aged 18 to 34, 14% are considering living with parents, while 15% are considering delaying having a family or getting married.
Video:Experts Debate The Generation Gap
One in 25 are thinking of taking part in medical trials in order to get on the housing ladder.
Although all three main political parties have acknowledged the need to build more homes, none are pledging to build at the level campaigners say is needed to immediately meet demand.
The Conservatives and Labour have committed to developing 200,000 new homes by 2020, and the Liberal Democrats have said they will build 300,000.
Video:London Homes Become Unaffordable
Campaigners say it is not enough.
"Politicians need to pull their heads out of the sand and realise that housing has become a major general election issue," Henry Gregg, of the National Housing Federation, said.
"We are calling on all the political parties to end the housing crisis within a generation and build the homes that young people desperately need."
The minimum wage will rise by 20p to £6.70 an hour this October, benefiting 1.4 million low-paid workers.
David Cameron and Nick Clegg have announced the Coalition has accepted the 3% rise recommended by the Low Pay Commission (LPC) for all workers aged over 21.
The shift represents the largest real-terms increase in the rate since 2008 but is not enough to restore the rate to its value before the financial crash.
The Trades Union Congress said the low paid workers in line for an increase were also those who had been hardest hit by Coalition cuts.
Labour said it fell "far short" of the £7 hinted at by George Osborne as the level needed to put the minimum wage back on track in real terms.
The Chancellor did say at the time that it would be up to the independent LPC - made up of employers, unions and academics - to set the actual rate.
The Coalition has also accepted the commission's call to raise the level for younger workers over 18 by 17p to £5.30, and for 16 and 17-year-olds by 8p to £3.87.
But it has gone further when it comes to the pay of apprentices.
The LPC suggested a 2.6% increase to £2.80.
Instead ministers are increasing the level by 57p to £3.30 - which is the first step in an ambition to complete a £1 rise in the rate.
The minimum wage is a sensitive issue because of pressures from both the left and right.
When it made this latest recommendation, the LPC said: "We have carefully weighed the risk of doing too little to raise the earnings of the lowest paid against the risk of recommending more than business and the economy can afford."
For politicians the issue is clearly important because of the nearing election.
Labour has long criticised the Coalition for a situation in which inflation outstripped wages, but that trend has reversed more recently.
David Cameron has called on employers to "give Britain a pay rise" following the improved economic situation.
Today, he added: "At the heart of our long-term economic plan for Britain is a simple idea - that those who put in, should get out; that hard work is really rewarded; that the benefits of recovery are truly national."
Mr Clegg said it was one of many ways in which to create a "fairer society".
He said: "Whether you're on low pay or starting your dream career through an apprenticeship, you will get more support to help you go further and faster."
But Chuka Umunna, the shadow business secretary, said: "Ministers have misled working families who have been left worse off.
"Where under David Cameron we've seen the value of the minimum wage eroded, we need a recovery for working people."
Labour has promised that the level will rise to £8 by 2020, but there has been a suggestion that the real-terms rate could be higher than that by then.
Supermarket giant Sainsbury's saw like-for-like sales fall 1.9% in the last quarter, excluding fuel.
It is the fifth consecutive quarterly drop recorded by the retail chain, and is down on the 1.7% fall in the previous period.
Chief executive Mike Coupe said: "The trading environment remains challenging and the decisions we have taken to improve our competitiveness are reflected in our quarterly performance."
And he went on in the firm's trading statement: "We expect the market to remain challenging for the forseeable future.
"Food deflation is likely to persist for the rest of this calendar year, and competitive pressures on price will continue."
Written By Unknown on Senin, 16 Maret 2015 | 14.47
By Mark Kleinman, City Editor
Lenders will be required to annually certify the fitness of staff to perform their roles under a new framework that will reinforce the City watchdog's new-found status as one of the world's toughest banking supervisors.
Sky News understands that the Financial Conduct Authority (FCA) will announce on Monday that proposed final rules for banks operating in the UK will put the onus on affected companies to assess and certify the propriety of thousands of staff working in the industry.
The new rules will be confirmed in a speech by Martin Wheatley, the FCA chief executive, and will demonstrate the extent to which banking regulators are attempting to increase industry accountability following a series of mis-selling and market-rigging scandals in the aftermath of the financial crisis.
Industry sources described the development as a blow to the banking industry's hopes of limiting the bureaucratic burden of the new regime.
Following a report in 2013 by the Parliamentary Commission on Banking Standards, which recommended a new template for supervising bankers' behaviour, some banks had argued that the FCA itself should be responsible for certifying those working in the industry.
In a consultation document last year, the FCA said: "The (Banking Reform) Act has introduced… the requirement for firms to certify certain employees as being fit and proper to perform certain functions.
"This originated from the PCBS's recommendation that a 'licensing regime' be introduced to address concerns that the existing Approved Persons Regime brought too narrow a set of individuals within the scope of regulation, and that firms took insufficient responsibility for the fitness and propriety of their staff."
Mr Wheatley hinted in December that banks should expect the new rulebook to increase the burden on them, saying: "The management of conduct and culture, as issues that have escalated over the last few years, are perhaps complicated by a lack of institutional attention to dealing with them in the past.
"What should not be difficult… is for individuals to take responsibility for their actions. You should not need a rule book to determine right from wrong.
"Indeed, it would be impossible and, frankly, undesirable for any regulator to attempt to codify the limits of what is, or is not, morally acceptable."
The Prudential Regulation Authority (PRA), which sits within the Bank of England, has also issued a new rulebook covering the responsibilities of senior managers, who will be presumed to be responsible for the failure of an institution unless they can demonstrate that they took reasonable steps to prevent it.
Last month, the two watchdogs said they would limit the presumption of responsibility to non-executive directors carrying out delegated duties, absenting some board members from the scope of the framework.
The PRA is also planning to publish further details of its plans for regulating banks on Monday, covering those working at UK branches of overseas firms.
The FCA and PRA both declined to comment on Sunday.
Here are the six main points that have emerged about the likely content of Wednesday's pre-election Budget.
1: Pensions Giveaway
Up to five million people will be able to sell their retirement annuities for cash without facing a hefty tax bill, according to an authoritative and reliable briefing reported by Sky News, other broadcast media and the Sunday papers.
2: North-South Divide
George Osborne will promise a "truly national recovery", with measures to boost the English regions such as investment in infrastructure, science, energy and housing. This was revealed by the Chancellor in an article for The Sun on Sunday.
Video:60-Second Economist: The Budget
3: 'No Gimmicks'
Appearing on BBC One's Andrew Marr Show, Mr Osborne declared: "No giveaways, no gimmicks. A Budget for the long term. Everything we do in this Budget has to be paid for. That has been the central argument I've made all along."
4: Tax Cuts
A rise in the income tax threshold from £10,600 to £11,000 has been widely predicted for some weeks and was reported in The Sunday Telegraph and The Sun on Sunday. A rise in the 40% tax threshold from £41,865 to £50,000 was reported in the Sunday People.
5: Inheritance Tax
A signal that the Tory election manifesto will include a pledge to raise the threshold from £325,000 was reported in the Sunday Express. "We've said on the record it's one for the election, in the manifesto," a senior source told Sky News.
6: Beer And Baccy
A cut in the duty on beer and cider is expected, meaning 1p or 2p off a pint, a move campaigned strongly for by Tory MPs.
Another 16p is expected off a bottle of spirits, as well as a freeze on wine duty; and 28p on a pack of 20 cigarettes - reported in The Sun on Sunday.
A "radical review" of English business rates has been launched aimed at levelling the playing field between those hit by the annual property tax and online companies.
Chief Secretary to the Treasury Danny Alexander pointed out the current system had been created nearly three decades ago, during which time the world of business had "changed beyond recognition".
He also acknowledged business rates "are a considerable cost" and wanted to ensure the system is "fair, efficient and effective".
The move comes amid further evidence the High Street is continuing to struggle in the face of online sales and changing consumer habits with a three-fold increase in the number of shops closing last year.
The Treasury review, which will report back by next year's budget, follows the commitment made by Chancellor George Osborne in last year's autumn statement that the tax would be revamped.
Launching the review, Mr Alexander said: "Our system of business rates was created nearly 30 years ago.
"Since that time, the worlds of commerce and industry have changed beyond recognition. I've been impressed by the representations made by the business community and I know that business rates are a considerable cost.
"This government has taken measures to help businesses by capping rates and introducing reliefs for smaller businesses.
"But now the time has come for a radical review of this important tax. We want to ensure the business rates system is fair, efficient and effective."
Measures being introduced next month will see small business rate relief doubled for a further year, and business rates discounts for smaller retail premises increased.
The current business rates system was introduced in 1990 and covers around 1.8 million non-domestic properties, including shops, offices and factories.
The tax raised £20.5 billion in 2013/14.
But Labour's Shabana Mahmood said: "Britain's businesses need more than just a re-announced review.
"Labour will take immediate action by cutting and then freezing business rates for 1.5 million small business properties.
"We will also devolve to city and county regions 100% of the additional business rates revenue generate by growth."
Written By Unknown on Minggu, 15 Maret 2015 | 14.47
By Mark Kleinman, City Editor
The troubled Co-operative Bank has approached some of the world's biggest distressed investment funds about a sale of billions of pounds of British mortgages as part of its revival plan.
Sky News has learnt that advisers to the Co-op Bank have held talks with funds including Apollo Management, Blackstone and CarVal about potential deals for parcels of the £6.6bn Optimum portfolio.
The talks with prospective investors are ongoing and are likely to result in a series of transactions involving different structures for the assets, which the banking regulator has ordered the Co-op Bank to sell.
A number of other unidentified parties have also held talks with the Co-op Bank about buying parts of Optimum, which the lender adoped after its merger with the Britannia Building Society in 2009.
The Optimum assets were partly responsible for the Co-op Bank being the only one of eight big lenders to fail stress tests set by the Bank of England in December.
News of the talks with potential buyers of Optimum's assets comes just days before the formerly mutually owned lender releases its annual results for 2014.
Sky News revealed last month that the chief executive of the Co-operative Bank was in talks about extending his contract amid continuing pressure from regulators for management continuity at the top of the company.
Sources said that Niall Booker, who took over in 2013 as the bank faced the threat of collapse, is likely to sign a rolling six-month contract to take him beyond his existing deal, which expires in June.
An announcement about his position is expected to be made either before or alongside the results, which are likely to be published next week.
Mr Booker, a former head of HSBC's North American operations, is understood to have had a difficult relationship with some of the bondholders who became major Co-op Bank investors as part of its rescue restructuring just over a year ago.
As a consequence of its stress test failure, the Co-op Bank postponed a vote on incentive awards for Mr Booker and senior colleagues because the proposals "include measures which may no longer be appropriate".
There have been no subsequent disclosures about revised terms for those payouts, although details may emerge alongside or soon after the results.
Some of the US hedge funds which now control a majority of the Co-op Bank's equity have pressed for Mr Booker to work to restructure the organisation more aggressively, insiders say.
At the time of the stress test failure, Mr Booker said: "We have achieved the target of building our capital base and the actions we have taken during the first year of our business plan have made the Bank more secure for the benefit of all stakeholders.
"Our key ratios around capital, liquidity and leverage at the present time are significantly strengthened, we're ahead of schedule in the disposal of Non-core assets and the stability of our core franchise is improving.
"However, given we are in the early stage of our plan, the original capital deficit and the nature of our assets, it is no surprise that we have not met the severe stress test hurdle."
The Co-op Bank was plunged into financial chaos even as it attempted to pursue a takeover of 632 Lloyds Banking Group branches.
Its former chairman, Paul Flowers, brought the bank into disrepute when his drug-taking and sexual activities were exposed by a tabloid newspaper, while his financial competence was questioned by MPs after he failed to correctly state the size of the Co-op Bank's balance sheet.
A spokesman for the Co-op Bank declined to comment.
Britain's biggest secondhand car dealer is gearing up to change hands in a £1.2bn takeover engineered by some of the City's largest investors.
Sky News has learnt that British Car Auctions (BCA) is in detailed talks about a deal that would involve it being bought by a listed vehicle called Haversham Holdings.
Haversham was set up last year to swoop on "substantial companies and businesses in the UK and European automotive, support services, leasing, engineering or manufacturing sectors".
Fronted by Avril Palmer, who ran Autologic and had a short-lived spell as boss of Stobart, the haulier company, Haversham has backing from a funding group comprising including Aviva Investors, Artemis, Invesco and Schroders.
The firm set up by Neil Woodford, the UK's best-known fund manager, is also understood to be a key supporter of the proposed takeover.
Insiders said on Saturday that Haversham planned to raise £1.2bn from its investors to fund the deal.
A statement responding to news of the plan to take control of BCA could be made to the stock exchange as early as Monday, although a source cautioned that it was not yet certain to happen.
If the deal proceeds, it will be the second time in six months that Clayton Dubilier & Rice (CD&R), the private equity firm which acquired BCA in 2009, has looked at offloading BCA.
It would also coincide with a £2.5bn flotation of Auto Trader, which is owned by rival buyout firm Apax Partners.
Last autumn, CD&R pulled a flotation of BCA, blaming volatile global equity markets.
At the time, it said: "The board and shareholders were very encouraged by the broad engagement and interest in BCA shown by investors and remain excited about supporting the next phase of the group's growth.
"BCA has an excellent track record as Europe's leading used vehicle marketplace with strong revenues and earnings growth on the back of momentum across its physical and digital platforms."
Operating from more than 200 locations across Europe, BCA claims to be more than two-and-a-half times the size of its nearest competitor.
BCA owns the online vehicle buying operation webuyanycar.com, which acquired 120,000 vehicles in 2013.
It said last autumn that over the three-year period to the end of 2013, BCA saw revenues rise 74% to £442.3m, with adjusted pre-tax profit growing by 27% to £62.5m.
In total, more than 900,000 vehicles were sold using BCA in 2013, with 37% of those transactions taking place online, highlighting the growing importance of digital channels in the sector.
The proposed structure of the BCA takeover would echo a plan used last year by a group of heavyweight City figures to take control of the AA, the roadside recovery service, and list it through a form of accelerated initial public offering.
Haversham's broker Cenkos Securities and Bank of America Merrill Lynch are understood to be among the advisers working on the BCA deal, which is said to have been driven by the group of City investors.
CD&R is thought to have been open-minded about a more conventional flotation effort later in the year.
Cenkos also worked on the AA listing, for which it is understood to have received a fee in excess of £30m.
None of the parties involved in the BCA talks would comment.
Chancellor George Osborne is expected to extend pension freedoms to some five million people who have already purchased an annuity.
The change - due to be announced in Wednesday's Budget - will remove limits on buying and selling existing annuities.
The reform lets people cash in their annuity without incurring heavy tax penalties.
It also allows pensioners the same access to their retirement funds as the Chancellor announced last year for people who have yet to take their pensions.
Under those changes, from 6 April people can cash in their pension savings when they retire, rather than purchase an annuity.
Video:The Sky News Budget Rap Battle
With just weeks to go before the General Election, the announcement is expected to be popular with elderly voters.
The Chancellor is also reportedly considering cutting inheritance tax in a move which could allow millions to pass on their homes to their children tax free.
The Sunday Express reports that Mr Osborne is considering raising the death tax threshold from £325,000 to £1m, or abolishing the tax for a main family home.
The reform will either be announced in the Budget or as part of the Conservative manifesto, according to the newspaper.
Mr Osborne is expected to say on Wednesday that his Budget will deliver "a truly national recovery".
Video:60-Second Economist: The Budget
The Chancellor will outline measures to invest in industries around Britain, not just in London and the South East.
The measures are expected to include increased support for regional technology clusters and investment in the chemical sector in the North East.
Writing in The Sun On Sunday, Mr Osborne said: "We mustn't go back to the bad old days of just relying on the City of London for growth.
"New analysis shows that if all parts of England outside London and the South East grew at the national average then the UK economy as a whole could be an extra £90bn bigger by 2030.
"And it can be done. Between 2010 and 2013 Yorkshire and the Humber alone created more jobs than the whole of France, and in the South West over the last year someone has got a new job every 10 minutes."
