Wonderful Wefinda weekly news - Week ended 12 November 2010

Just how fast are we climbing out of recession?
The Office of National Statistics has admitted that it got the figures wrong when calculating the growth in the second quarter. Following an adjustment on construction figures they have downgraded their original report from an overall 1.2% to 1%. Within that figure construction growth has been slashed from 9.6% to 6.8%. The adjustment has sent alarm bells ringing although economists are generally still of the opinion that we have avoided the possibility of double dip recession. In its inflation report the Bank of England agrees but predicts a rocky road ahead with inflation staying above target as long as the end of 2012.

How taxing is your tax calculation?
The Office of Tax Simplification has come up with over 1,000 tax reliefs and allowances as a first step to simplifying our tax system. Now they want to know if we can spot ones that they have missed and also which reliefs we think could be cut. Log in to their site for more information and to see the list. You might even find some exemptions that you didn’t know you could claim. For example how about “Historic exemption from excise duty for a fermented beverage made from malt and molasses, often without hops.” http://www.hm-treasury.gov.uk/ots_taxreliefsreview.htm

Touch Local survey on the long term unemployed
Following the announcement by Ian Duncan Smith that he was planning to make the long term unemployed undertake work placements our sister company Touch Local ran a survey of SMEs to get their views. A massive 77% of those poled agreed that the work placements would be a good idea with respondents highlighting the benefits for the claimants in terms of self esteem and confidence.

So, what do we have to look forward to?
Parliament is working a five day week for the second week in a row so there is plenty to look out for. Questions in the House include Treasury matters on Tuesday and Business Innovation & Skills on Thursday. The Business Innovation & Skills select committee is looking into Government assistance to industry whilst the Treasury select committee is looking at choice in the banking sector.

And finally
How do you tackle pollution? Cut down factory and car emissions, think about city layout or encourage air movement? Well the Mayor of London, Boris Johnson, has come up with a new spin on pollution. He is going to glue it to the Capital’s streets. Spraying roads with a Calcium Magnesium Acetate solution will apparently trap pollution particles and stop them from flying back into the air. Trials elsewhere have resulted in up to 20% reduction in pollution levels so Wefinda will be watching the results of the trial with interest.