Mr Miles was one of the policymakers alongside the Bank of England’s governor, Sir Mervyn King that voted for a third round of monetary stimulus; and he has again reiterated his support for a cash injection of at least £50 billion.
During his recent interview, Mr Miles is quoted as saying: “Do we need a more expansionary monetary policy? ‘Yes'. Should it be a substantial change in asset purchases? ‘Yes'.
“Is 50 billion pounds a substantial number? ‘Yes it is'. Could one know in advance what is exactly the right amount to do? ‘Absolutely not'.”
However, the Bank of England policymaker also said he could not “see any reason for thinking” that Britain’s recovery had been curtailed by the governments austerity measures, aimed at reducing the budget.
Mr Miles added: “A pretty substantial increase in the costs of funding for most UK banks then got passed through in the form of some increases in the costs of lending to corporates, and pretty clearly some increase in the costs of mortgages.
“That has been pretty unhelpful.”
Later this week a third revision of first quarter GDP is set to be released; which is widely expected to confirm that the UK is in a double-dip recession.
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It has been confirmed by the taxman that from next year, adult learners will have to pay VAT if they study with an independent training provider.
As part of the “twenty-four plus advanced learning loan”, HMRC have confirmed that the twenty-percent charge will be applied to independent training providers; but will not affect “eligible bodies” including Further Education colleges and not-for-profit organisations.
Following the announcement, a spokesperson for HMRC said: “A provider of further education that is not an eligible body must charge VAT on its supplies of further education.”
However, the move by HMRC has been met with some criticism, with the chief executive of the Association of Employment and Learning Providers (AELP), Graham Hoyle, calling the ruling “nonsense.”
A second spokesperson for AELP, added that the issue had “come out of the blue” and would affect how many providers delivered level 3 and 4 qualifications for adult learners; claiming the move: “could have a huge impact on whether providers are in the game or out of the game, because it’s already giving the not-for-profit organisations a huge advantage in price fixing.”
Meanwhile, a spokesperson for Business Innovation and Skills (BIS) said: “BIS are not in a position to offer advice or views on matters relating to VAT and the position of training organisations.
“The position on VAT will differ depending on the individual circumstances of different training organisations and therefore it is important that organisations seek their own independent advice.
“BIS have been in discussions with HMRC regarding the treatment of VAT for the fees charged to individuals in respect of education and training.“
This work has focused particularly on the position of private universities but we are also looking at how this applies to the fees charged in respect of provision funded by 24+ advanced learning loans.”
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The Confederation of British Industry (CBI) has warned that the introduction of mandatory carbon reporting could increase the regulatory burden on businesses and accountants through duplication.
Earlier this week, the government announced that large listed UK companies will have to publish greenhouse gas emission reports in the next financial year; however accountants and business groups are concerned that the regulatory burden will add further costs to companies during the current economic uncertainty.
Currently large companies must report its carbon emissions under the Climate Change Act and the European Emissions Trading scheme, however the CBI are concerned that the requirement for businesses to publish greenhouse gas emission reports will lead to duplication.
The CBI director for business environment policy, Rhian Kelly, said: “We have been calling for mandatory carbon reporting for some time.
It is an important way to help businesses save money and emissions. But to avoid unnecessary duplication, the government now needs to scrap the Carbon Reduction Commitment.”
Concerns have also been raised that accountants are unprepared to audit or advise on mandatory greenhouse gas reporting; as the reporting takes into account all forms of harmful gases released into the environment.
One expert has said: “With only nine months to go before reporting becomes mandatory, accountancy firms must urgently address how they respond to this new requirement.
“Greenhouse gas expertise, both in terms of measurement and audit, is scarce throughout the advisory sector and firms will need to ensure they have the capabilities and expertise to meet the new obligations.
"In deciding their future strategy, at the very least, firms will need a working knowledge of greenhouse gas accounting best practice, so they can advise their clients.”
The latest announcement is likely to affect about 1,800 companies in the UK.
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More members of the Bank of England's policy setting Monetary Policy Committee supported pumping extra money into the economy this month; according to the Bank of England’s minutes to its June policy meeting; which have been released today.
Last month a Bank of England policymaker, David Miles, was the only official to call for an expansion of quantitative easing; although it was generally believed by economists that he would be joined by one or two further members of the Monetary Policy Committee this month.
However, the minutes show far stronger explicit support for more quantitative easing, with the Bank of England’s governor Sir Mervyn King, David Miles and Adam Posen voting to boost quantitative easing by £50 billion.
Another member of the committee, Paul Fischer, favoured a £25 billion rise on the current level of £325 billion.
It is the first five-four split on the Monetary Policy Committee since June 2007.
Along with revealing that there was a split on the Monetary Policy Committee in regard to further quantitative easing; the minutes from the Bank of England, said: “On balance, most members judged that some further economic stimulus was either warranted immediately or would probably become warranted in order to meet the inflation target.”
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It has been suggested that small businesses are facing a new credit crunch, which is denting confidence and restricting growth; even as the government launches an £80 billion scheme to boost lending.
According to research by the Federation of Small Businesses (FSB), who findings were published earlier this month, banks are rejecting more than four in ten firms who seek financing; which the FSB say is hampering the economic recovery.
Along with revealing that banks are rejecting more than four in ten firms seeking finance; the FSB also gave a cautious welcome to plans announced by the Chancellor, George Osborne, to boost bank lending to both individuals and businesses through the £80 billion credit scheme which is to be administered by the Bank of England.
A spokesperson for the FSB said: “We welcome the Chancellor’s funding for lending scheme but it will be delivered through the banks. None of the previous bank-led schemes has been an unparalleled success in funding the real economy. This scheme must be different”
The FSB added that small firms will only be able to access the finance they need when there is more competition in the banking sector.
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