Following delivery of George Osbourne’s new budget, there has been widespread concern regarding the fact that HMRC is to be furnished with new powers to seize debts directly from our bank accounts.

Many have gone so far as to say that the policy is tyrannical and deprives us of our right to dispute unpaid tax claims set out on the Magna Carta. However, whether these powers pose a serious threat the solvency of individuals and businesses seems somewhat unclear.

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Bank lending to businesses is expected to rise this year for the first time since the financial crash of 2008 according to the EY Item Club.

Bank lending peaked at £575bn in 2008 but declined each subsequent year.

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They have historically had a disproportionate amount of press when the economic impact of such procedures is taken into account. Indeed Teresa Graham, who was commissioned by the government to look into this process has been quoted as saying that they “do not amount to a row of beans”

However they continue to receive a lot of attention as they are an easy target and very easy to criticise as they appear to be non-transparent, allowing unscrupulous directors and shareholders to shed liabilities and to continue the old business under a “new entity”.

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Hardly has one season finished, hardly has the joy and despair of the promotion, relegation and cup final battles abated before it’s time to kick off again!

The 2015/16 football season starts on the weekend of 7/8 August. In the giddy heights of the Premiership it remains to be seen whether newly promoted Bournemouth Watford and Norwich have what it takes to play with the big boys both on and off the field. It’s Bournemouth’s first time in the Premiership, Watford’s first appearance for 8 years and Norwich are the bounce back team after being relegated in 2014. 

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From October 2015 the level of debt at which a creditor is able to petition for an individual’s bankruptcy is set to rise from the current level of £750 to £5,000.

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