Update 1-press Digest- Sunday British Business – Oct 6

Cumbrian sheep farmer Linda Allan complained when her weekly groceries included New Zealand lamb. And she was outraged when Tesco told her: As lamb is not in season in the UK at the moment, we have to source our supply from elsewhere. Mother-of-four Mrs Allan, who runs a 200-acre upland farm with 1 000 sheep at Killington with her husband Neil, pointed out the British season is at its peak. She said: On its website, Tesco says it sources lamb from the north of England from September to December. But what it is doing totally contradicts that. I was shocked. I dont understand why it is doing it when there is a glut of British lamb on the market. What hope have British farmers got if this is the attitude of our biggest supermarket? Farmers leaders have accused Tesco boss Philip Clarke of breaking a pledge made during the horsemeat scandal to sell more British meat. Phil Stocker, leader of the National Sheep Association, has asked for an urgent meeting with the retailer. He said: For Mrs Allan to be told lamb is out of season is astonishing, and either purposefully misleading or a case of Tesco being completely unaware of reality. It is unacceptable either way. He said: Mr Clarke stated after the horsemeat scandal that Tesco needed to support UK farmers. The recent evidence shows that this is not happening. Charles Sercombe, chairman of the National Farmers Unions livestock board, added: The market is awash with UK lamb. Tesco described the incident as an error and said it supported British farming. In a statement, it added: We are confident that we source more British lamb than any other UK retailer. However, two months ago in an industry survey of British lamb on sale in supermarkets, Tesco came bottom with 67 percent. – The Mail on Sunday Privacy Policy Copyright 1999 – 2012 Independent Online, a division of Independent Newspapers (Pty) Limited. The copyright in the literary and artistic works contained in this online news publication and its other related and connected websites, as well as in the published editions of group newspapers, their supplements and any other content or material, belongs exclusively to Independent Newspapers (Pty) Limited unless otherwise stated.

Photo: ITV Exposure Religious leaders appeared willing to agree to perform underage marriages at some mosques across the UK, an ITV investigation has discovered. Two undercover reporters called 56 mosques for Exposure to ask whether they would perform the marriage of a 14-year-old girl. Two-thirds of those contacted refused to perform the marriage, and many of them made clear they found the request abhorrent. But 18 of the respondents spoken to agreed. An undercover reporter called the Al Quba Mosque and Shahporan Islamic centre, in Manchester, posing as a single mother who wanted to have an Islamic marriage, known as a nikah, for her 14-year-old daughter. The Imam at this mainstream mosque, with a congregation of one thousand, told her “that’s not going to be a problem”. The Al Quba Mosque and Shahporan Islamic centre and the Imam were approached for comment but have not responded to the programme. Around 400 schoolchildren mainly girls from South Asian communities – are forced into marriage every year in the UK, according to official Government figures. The vast majority of forced marriages of British children happen abroad, according to official statistics. But the Exposure investigation has been told by experts in the field that children as young as 10 are being forced into marriage in the UK. “Meera” said she was married in the UK when she was 15-years-old. She told the programme she found the experience so devastating that she has not been able to tell her friends or family, and she remains trapped in her forced marriage, 40 years on. Nazir Afzal, Chief Crown Prosecutor for the CPS North West, told Exposure that “forced marriage is probably the last form of slavery in the UK”. He said: The law in this country is very straight forward, that you cant marry until youre 16, also that you cant engage in sexual activity consensually until you are the age of 16.

UK Imams agree to perform underage marriages

PENSION CORPORATION EYES 1.2 BILLION POUND FLOAT Pension Corporation, a specialist insurer for defined benefit retirement schemes has discussed a possible stock market listing with investors as it looks to raise capital to support growth. CVC COLLECTS $865 MLN DIVIDEND FROM FORMULA ONE Private equity group CVC, the largest single shareholder in Formula One, has banked an $865 million dividend from the motor racing business for the financial year to December 2012. CHINESE CHEMICALS GIANT TO LIST IN LONDON Chinese chemical company Tianhe Chemicals, which postponed a London float in 2011 and had since planned to list in Hong Kong, has switched its sights back to London again and is looking to go public by March next year. TESCO INVESTORS URGE CHIEF EXECUTIVE TO CUT PRICES A top-10 Tesco shareholder said Chief Executive Philip Clarke needed to be more aggressive with its turnaround plan, including cutting prices in the UK, and was running out of time to prove to shareholders he was the right man for the job. The Sunday Times SERCO FACES GOVERNMENT INVESTIGATION Global outsourcing group Serco faces a wide-ranging government investigation into its largest state contracts. Its UK and Europe Chief Executive Jeremy Stafford is expected to leave, according to sources. HOUSE OF FRASER SPEEDS UP FLOAT PLANS Department store House of Fraser is accelerating plans for a stock market float early next year and is expected to appoint bankers in the next few weeks. ROYAL MAIL COULD PAY NO TAX FOR YEARS AFTER FLOAT The prospectus for Royal Mail’s London listing reveals it may not have to pay corporation tax for several years, after building up a backlog of 2.8 billion pounds of losses against which it can claim tax relief. RBS ACCUSED OF BLOCKING HOUSING BUILDING State-backed Royal Bank of Scotland has been accused of blocking house building on 1 billion pounds worth of property, acquired through repossessions, despite the government’s push for more new homes to be constructed. TESCO UNDER PRESSURE OVER TURKISH BUSINESS Tesco shareholders have called on the supermarket to come up with a plan to shake-up its loss-making Turkish business or sell the 191-store Kipa chain. JOHNSTON PRESS SEEKS DEAL ON DEBT British regional newspaper publisher Johnston Press has hired Rothschild to co-ordinate discussions with its lenders over refinancing its 300 million pound debt pile.

Google UK Ltd’s Tax Rate Was Actually 83.8% Of Profits So What Were The Guardian Talking About?

Margaret Hodge, the chairwoman of the Commons public accounts committee who earlier this year accused Google of breaking its company motto of dont be evil said it had once again shown contempt for its customers and UK taxpayers. Googles complex tax arrangements, under which sales are booked in Ireland but revenues funnelled to a subsidiary in the tax haven of Bermuda, help the group pay minimal tax on the billions it earns outside the US. Google UK said in its latest accounts that it earned pre-tax profits of 37m on a turnover of 506m. The thing is, Google didnt pay 11.6 million in tax on that 37 million profit. Its paid 30.8 million in tax on that profit of 37 million for a tax rate of 83.8%. The actual accounts I have here. And as you can see the numbers The Guardian are using are simply wrong. The reason why theyre wrong is also simple enough to explain. Google was expensing certain of the stock awards that theyve made to staff. HMRC has, possibly correctly, insisted that these are not in fact tax-deductible expenses. They might well be correct under IFRS but theyre not under the tax rules: therefore previous tax deductions taken have to be reversed and the tax paid.

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