Lords: Scotland is ‘overpaid’ by Barnett funding formula

The formula used to allocate government funds to Scotland, Wales and Northern Ireland is unfair and should be replaced.

MPs discuss lump sums, pension funds and RPSM03105070

The Commons was awash with acromyms, schedules and figures on Wednesday night when Barry Gardiner undertook a “technical and complicated” discussion of the Finance Act 2004.

Chancellor: reform of financial system will “rebuild for the future”

The Chancellor of the Exchequer Alistair Darling told MPs today that he intends to reform and strengthen the UK’s financial system and “rebuild it for the future.”

Labour rebel MPs fail to secure amendment to Finance Bill on 10p tax

A group of Labour MPs failed to pass an amendment to the Finance Bill yesterday that would have forced the goverment to ensure nobody is financially worse off as a result of the abolition of the 10p rate of income tax.

Senior MPs call for more powers to scrutinise government spending

The liaison committee has said the way public expenditure figures for Government programmes for future years are controlled.

New committee says government must support efficient recovery of UK oil and gas

UK oil and gas production peaked in 1999 and is now declining by around 5% annually.

Treasury staff lacked “relevant skills” to deal with Northen Rock crisis

An influential committee of MPs has accused HM Treasury of being ill-equipped to deal with the crisis at high street bank Northern Rock in 2007.

Lords concerned that finance bill may put pensions savings at risk

The House of Lords Committee on the Finance Bill has said that proposed restrictions to relief for pensions contributions risk damaging pensions savings.

Former Speaker Michael Martin stands down as an MP

The Treasury announced today that Michael Martin has been appointed as Steward and Bailiff of the Manor of Northstead – a procedural device which allows MPs to resign between elections.

MPs report into banking crisis condemns Lord Myners over RBS

An influential Commons committee has questioned the judgement of Lord Myners, the Financial Services Secretary to the Treasury.