Hello and welcome to Wednesday’s Lowdown. Breaking news this morning comes from St. James’ Park and the London Stadium where police have arrested several men after an HMRC investigation. Elsewhere, the Treasury Select Committee’s chairman has decided to step down from Parliament.
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HMRC raids Newcastle United and West Ham
Former Newcastle United managing director Lee Charnley is one of several men working within the professional industry who have been arrested as part of an HMRC investigation into the club’s transfer dealings
According to the Independent, Newcastle United and West Ham received warrants which resulted in a number of arrests. HMRC confirmed the arrests were in regards to suspected income tax and national insurance fraud.
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Andrew Tyrie stands down
Andrew Tyrie, the Treasury select committee chairman, has announced his decision to stand down from Parliament.
Recently, Tyrie led the Treasury Select Committee’s investigation into Making Tax Digital. AccountingWEB’s consulting tax editor Rebecca Cave said on Twitter that Tyrie’s announcement means bad news for businesses because he “always insisted on hearing views from those affected by new law”.
Tyrie reflected back on his 20 years in Parliament, particularly the Select Committee’s contributions to “improve banking standards and to shape a more trusted and resilient financial sector after the crisis of 2008”.
He added: “I have also sought to play a part in reviving Parliament’s relevance, not least by making the case for Select Committee chairmen to be elected by their fellow MPs. Stronger Committees now demand better explanations for the decisions made by ministers, regulators, and quangos than hitherto.”
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Government borrowing drops by £20bn
The government’s deficit fell to the lowest level since the 2008 financial crisis, the Office for National Statistics (ONS) announced.
According to the BBC, although borrowing dipped by £20bn to £52bn the Office for Budget Responsibility expects borrowing to rise again this year as the tax receipts fall. John Hawksworth, an economist at PwC, told the BBC that it is “too soon to be complacent” about the state of the public finances, as higher inflastion and an aging population will exert pressure finances.
"So while the deficit is now approaching a more sustainable level, there will still be some tough choices ahead on tax and spending for the next government," he said.
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About Richard Hattersley
Richard is AccountingWEB's practice correspondent. If you have any comments or suggestions for us get in touch.