Boost Home and Capital Gains Taxes on Wealthy, Says Britain’s Deputy PM
Britain’s deputy prime minister called for an increase in taxes on capital gains and on the priciest real estate transactions, saying it was harder for the wealthy to avoid taxes on assets they couldn’t just pick up and move.
BoE’s Tucker Will Testify on Barclays, Libor
Paul Tucker, deputy governor of the Bank of England, was to appear before Parliament to give his version of events described in a memo written by Bob Diamond, former CEO of Barclays.
Eurozone Slumps Further as Fidelity Predicts Bailouts for Spain, Italy
Despite the formation of a new government in Greece and a rescue for the banking sector in Spain, it looks as if a long, hot summer is in store for the eurozone.
Fitch Cuts U.K. Outlook
Fitch Ratings has downgraded the outlook for Britain after saying that the nation could lose its AAA rating because of a limited ability to deal with financial shocks.
EU Proposes Transaction Tax for Financial Institutions
The European Union proposes that a transaction tax be assessed on financial institutions, the EU announced Wednesday.
Gold Soars on Threat of U.S. Debt Default
Default is in the air. Last week Greek woes threatened to scuttle the euro zone economy; this week, with the U.S. embroiled in a debt-ceiling-vs.-deficit standoff, investors are fleeing other holdings and sinking their funds in safe-haven gold.