Business News

TAX AVOIDANCE SCHEMS DEEMED IMMORAL

Tax avoidance schemes, such as the one used by comedian Jimmy Carr, are "completely and utterly immoral", Margaret Hodge, chair of the Public Accounts Committee (PAC), has said.

MPs on the committee have been questioning tax advisers and operators of tax avoidance schemes.

She said these firms were "running rings" around the tax authorities.

These schemes have attracted billions of pounds of investment over the past 15 years. Many have now been closed.

In sometimes heated exchanges, Mrs Hodge argued that tax avoidance schemes were being used for a purpose not intended by Parliament and that it was not simply wealthy investors being marketed to.

She added that the public would consider such schemes as "completely and utterly and totally immoral" and that those involved in devising and marketing them were "running rings round" HM Revenue and Customs (HMRC).

UK CAR SALES REACH 4 YEAR HIGH

UK new car registrations rose 11.3% in November from a year ago, putting them on course for their highest full-year total since 2008, new data suggests.

Registrations in the month of 149,191 brought the year-to-date total to 1.92 million, up 5.4% from the year before. It made the UK the second-biggest car market in Europe, behind Germany but ahead of France.

The Society of Motor Manufacturers and Traders (SMMT) said it expected a full-year total of just over two million.

That compares with the 2008 total of 2.13 million, and pre-recession annual totals in the last decade that averaged more than 2.4 million.

TESCO TO WITHDRAW FROM US MARKET

Tesco is launching a strategic review that may lead to the sale or closure of its US-based Fresh and Easy chain, the company has confirmed.

The UK's largest supermarket group has spent nearly £1bn ($1.6bn) on the loss-making US venture in an attempt to take on its main rival, Wal-Mart.

Tesco said that all options for its US business were under consideration. Tesco also said in a trading statement that non-food sales in the UK had not been good enough.

While chief executive Philip Clarke said that he was "pleased" with its food business, he said the business was renewing its efforts on improving the general merchandise business.

UK like-for-like sales - which strip out the impact of new stores - excluding VAT and fuel fell 0.6% in the third quarter, Tesco said.

PLEXUS CREATE JOBS IN BATHGATE

US-based electronics firm Plexus has unveiled plans to create 130 new jobs in West Lothian.

The £9m expansion will establish a new European centre for design and electronic manufacturing at the Pyramids business park in Bathgate.

A spokesman for Plexus said the new facility, which is due to open in February, would complement the plant which it already operates in Kelso. The plans will receive up to £1m of support through Scottish Enterprise.