1 minute read
Covid billions lost
“It would be unacceptable for HMRC to write off such a large amount of taxpayer’s money,” the committee claimed. “Too many companies claimed that shouldn’t have and now won’t give it back,” said Dame Meg Hillier, the committee’s Labour chairwoman.
GOLD is a traditional standby providing protection against uncertainty and inflation although prices can experience intense fluctuations, experts warned.
“I wouldn’t recommend this type of investment for someone wanting short term returns,” financial adviser Victor Alvargonzalez said.
Gold shot up at the start of the pandemic and the beginning of the Ukraine war but tumbled between March and October 2022. An ounce of gold fetched $1,824 (€1,728) in February, 11 per cent below the maximum of $2,067 (€1,958) it reached in early August, Alvargonzalez said.
“Gold isn’t meant for speculation, it’s more of a strategic investment,” added market analyst Javier Molina.
Rising sales
GREGGS will open 150 new shops and trial 24hour drivethrough outlets after a rise in sales and profits despite increased overheads.
tion to chasing up the billions of public money lost.
The committee learnt that HMRC estimated that between £2 and £5.1 billion (€2.6 and €5.7 billion) of spurious claims have been made to the furlough scheme for company workers, the support programme for the selfemployed and the ‘Eat Out to help out’ meal subsidy plan.
This was unlikely to have been recovered by 202324, the committee found.
Caixabank says no
CAIXABANK intends to lodge a formal challenge against Spain’s 4.8 per cent windfall tax.
The bank joins other Spanish lenders in objecting to the temporary tax announced by the government in December to finance the €6 billion measures introduced to counteract the cost of living crisis.
The group in which Spain’s government still has a holding of just over 16 per cent via the 2009 Bank Restructuring Fund (FROB)has described the tax as “discriminatory, confiscatory and distorting market competition within the eurozone.”
Instead of settling the first advance payment of the windfall tax on net profits of more than €800 million due in February, Caixabank has opted to contest the levy.
Sabadell, Bankinter, Abanca and Kutxabank have joined, or will join, Cataloniabased CaixaBank in appealing against the tax.
HMRC said in January that the taskforce “has not given value for money” and announced it intended to close the unit in September 2023. The taskforce is likely to recoup between £525 and £625 million (€589.5 and €701.8 million).
