George Osborne announced an agreement with the Swiss authorities to attempt to recover tax on an estimated £125bn kept in the famously discreet banking system.
Announcing the deal, Osborne launched a strong attack on wealthy tax evaders, likening them to benefits cheats. Telegraph MORE
Chancellor George Osborne will meet European finance ministers today to discuss the details of a possible bail-out of Portugal, amid fears that British tax-payers will have to find more than £4bn as part of a rescue package. Telegraph MORE
HMRC has lost out on £27.4bn over the past five years because of the economic downturn combined with an over-complicated tax code which has left the troubled body unable to collect the money, a report revealed. The total is equivalent to £200 per year for each household in the country. Daily Mail MORE
The US budget watchdog has cut the country’s debt forecast. Congressional analysts painted a rosier picture of the US budgetary picture for the next decade on the back of this month’s deal to increase the debt ceiling, but offered a bleaker portrait of the country’s economic recovery. FT MORE
