Apparently, some Conservative MPs resent raising of National Insurance on the grounds of its being a breach of the 2019 manifesto. They must be mad since, surely, there is an implied term allowing exceptional circumstances to override such an undertaking. Covid-19 is undeniably one such.
As to how income should be taxed is a different matter. It seems to me that the elderly (i.e. I and my wife) get away with blue murder on the taxation front. Accordingly, I favour taxing the elderly on the net wealth of their homes. The elderly have had too easy a ride here for decades.
That said, from HMG’s point of view, this is a case of light blue touch paper and retire quickly.
Pelatro (LON:PTRO) have provided an update this morning. It is a little unclear but I would sooner be a buyer than a seller at the current level. Now c. 43p.
Spectra (LON:SPSY) offers a results statement this morning. Clearly it is going well. Now 175p offer it looks a fairly safe buy..
By way of idle enquiry yesterday afternoon during the Test, I checked the price of Beximco Pharma (BXP) in Dhaka. Astonishingly it is now 175p as against a London price of 87p. This is barmy and, since BXP is going gangbusters and will continue to do so, it is time to climb aboard after the rush up here a few months ago.
Finally, my wife and I have had a frustrating exchange or two trying to open forex bank accounts for one of our customers whose business is importation and distribution of sports bikes and associated kit. Since this is pretty innocent stuff I cannot understand why any bank would fear “compliance issues”. But they do.
However, apparently, this disease of stupidity on the part of regulators and high street banks is not confined to customers of my small practice. It has broken out all over the place and must be costing GB PLC a fortune. Time for ministerial intervention.