Buddah Lineage

The measure is part of the Welfare Reform Bill: a piece of legislation that is intended to reorganise the way benefits are claimed and paid across the UK. Ministers have insisted families  would not be "plunged into poverty"  as a result of the limit. But some members of the House of Lords have been attempting to defeat the government over the proposal, and on Monday evening voted in favour of an amendment that  excluded child benefit from the cap . Here's a guide to what has been happening and why. How does the government want to cap benefits? By imposing a £26,000-a-year limit - the equivalent of £35,000 before tax. How much does that mean a family would get a week? Around £500, which is equivalent to the average wage earned by working households after tax. When and where would this cap come into force? The cap would apply to families living in England, Scotland and Wales from 2013. What about Northern Ireland? It has its own social security legislatio...

  Petroplus Holdings AG's (PPHN.EB) Coryton refinery in Essex, southeast England, may run out of crude in a matter of days but its administrators are trying to source more oil, a member of the European Parliament and a Unite labor union representative said Friday. The joint administrators, from PricewaterhouseCoopers, can't make a loss from any transaction and are allowed to buy crude only if they can make a profit, said Richard Howitt, the member of the European parliament for the East of England. PricewaterhouseCoopers hasn't returned calls seeking comment. The administrators can't give any assurances that the refinery, which has an overall capacity of 220,000 barrels a day, will get more crude, said Unite regional industrial organizer Russ Ball. Coryton was supplying around 10% of the U.K.'s fuel market and was a big supplier of jet fuel to the country's biggest airport Heathrow before Petroplus lost access to all credit lines earlier this month. Around ...

The cost of moving house has soared by 70 per cent in the last 10 years and now stands at £9,000. The rocketing financial burden has even outstripped the rise in house prices over the same period, according to a new report. It means house moving costs are now equivalent to 27 per cent of average UK gross full-time wage, up from 22 per cent in 2001, putting further financial pressure on already cash-strapped families

  The pound posted its biggest weekly decline against the euro in almost three months and gilts dropped as French and Spanish borrowing costs fell at their first debt auctions after their credit ratings were cut. The yield on 10-year gilts rose the most in four months as demand for the relative safety of AAA government bonds eased amid signs global growth hasn’t lost momentum. Reports this week showed U.K. retail sales rebounded in December while U.S. initial jobless claims fell to the least in almost four years. Further advances in gilt yields may be limited next week before a report predicted to show the U.K. economy contracted in the fourth quarter of last year. “There are worries that the U.K. economy is heading back into recession,” said Michael Derks, chief strategist at FXPro Financial Services Ltd. in London. “It would not be surprising to see further weakness of the pound against euro in the near term.”

  A judge overseeing the settling of hacking claims by victims of News of the World has ordered executives' computers be searched. Senior managers at News Group Newspapers – the parent company of the News of the World – were criticised by Mr Justice Vos, the judge supervising the settlements. Jeremy Reed, who is acting on behalf of several victims of phone hacking, said that when the News of The World moved offices in 2010, computers used by journalists accused of hacking were destroyed. He disparaged their reaction to a request in 2010 from lawyers for the actress Sienna Miller to retain emails that might be relevant to a phone hacking claim. Within three days, the judge said, ‘a carefully conceived plan to delete emails was put into effect at the behest of senior management’. He said the evidence raised ‘compelling questions about whether you concealed, told lies, actively tried to get off scot free’. He ordered the company to search a num...

  The research, from Lloyds TSB International, asked over 1,000 British citizens in the 10 most popular expat destinations to rate their new homes on factors ranging from quality of life to cost of living. Overall, 68 per cent of those interviewed said they were happier in their adopted country than in Britain, rising to 75.9 per cent in Spain. Other countries which fared well on the happiness index were Canada and Germany, where 72.2 per cent and 71.4 per said they were happier respectively. Interestingly, those countries where expats said they had the highest quality of life or best financial prospects were not necessarily where expats were most happy. New Zealand, for example, offered the highest quality of life according to the survey, but was ranked bottom for contentment, while the country where most expats said they were better off – the UAE – was only the fourth happiest place. John Kramer, a British expat who lives in Andalucia, said that he was unsurprised by ...

  Yesterday the company paid the actor £130,000 after accepting that it had published stories gleaned from hacking his phone. One of the articles News International accepted had come from phone hacking was a 2003 story in the News of the World which referred to telephone calls Law’s assistant Ben Jackson had made to him when he arrived at an airport. It is believed the airport was John F. Kennedy airport in New York. News International’s admission has led the US authorities to investigate whether a crime took place on American soil. It is thought the possibility that Law’s phone was using an American network at the time could lead to offences having been committed under US law.

  Carnival Corp & plc, whose luxury liner Costa Concordia capsized off the coast of Italy last week, said it was providing lodging, refunds and other support to people affected by the accident, even as some public relations executives criticized the company's handling of the situation. "I give my personal assurance that we will take care of each and every one of our guests, crew and their families affected by this tragic event," Carnival Chief Executive Micky Arison said in a statement late on Wednesday - five days after the incident that left 11 people dead and 22 missing. Costa Cruise Lines, a unit of Carnival and operator of the ship, has been arranging lodging and transportation for passengers and crew members to return home, and has offered assistance and counseling as needed. It has also begun refunding passengers their cruise fares and all costs incurred while on board. The company also said it was contacting every passenger and crew member or their family a...

  Short-term lender Wonga.com has announced that it is taking down information on student finances from its website following accusations it was encouraging undergraduates to take out one of its high-interest loans. Earlier Wonga.com came under severe criticism after its website claimed that its loans can offer students "a little more financial freedom and independence". The claim attracted outrage on Twitter. One user, Neale Gilhooley, tweeted: "A pox on loan company #Wonga offering students loans at a sharking 4,214pc APR." On the "student loans" section of its website, Wonga.com says these government-backed loans – despite their very low interest rates – could encourage people to borrow too much. Student loans currently attract interest at 1.5pc or 5.3pc, depending on when they were taken out. "It's pretty hard not to get carried away when you're a student on a budget and have the option to borrow large amounts of money with a student loan....

  Banks are hoarding the European Central Bank's record 489 billion-euro ($625 billion) injection into the banking system, thwarting attempts by policy makers to avert a credit crunch in the region. Almost all of the money loaned to 523 euro-area lenders last month wound up back on deposit at the Frankfurt-based central bank instead of pouring into the financial system, ECB data show. Banks will use most of the three-year loans to meet their refinancing needs for this year and next, analysts at Morgan Stanley and Royal Bank of Scotland Group Plc estimate. “It's illusory to think that the measure will translate into credit generation,” Philippe Waechter, chief economist at Natixis Asset Management in Paris, said in an interview. “It will assuage some of the anxiety banks have regarding their liquidity needs. But they've engaged into a massive overhaul of their strategy and shrinkage of their balance sheets, which is, coupled with the deteriorating economy, not co...