Displaying items by tag: recommendations

Ground-breaking legislation introduced to Parliament recently could provide a major boost to Britain’s defences against illicit wealth. Transparency International (TI) said that the bill introduces much-needed reforms on property ownership, transparency, strengthening UK asset recovery powers, and sanctions. But there are some gaps within it. An 18-month transition period is far too long, and risks massive levels of asset flight. TI recommends the Government implement transitional provisions to stop property from being sold before the register comes into force and the proceeds transferred overseas. Overseas companies owning UK property should declare their beneficial ownership information; and the legislation should be implemented at the earliest opportunity to empower Companies House to introduce verification checks, query, investigate and remove false information.

A report by the Child Poverty Action Group stated a ‘significant deterioration’ in living conditions for low-income families caused by the coronavirus. 80% of the 285 families surveyed (those with children eligible for free school meals) are in a worse position, and 48% had a debt problem that was new or worse than before. In all, 83% found the pandemic has affected their ability to pay for food, with 76% struggling to pay for utilities. The report tells of problems with how benefits have been distributed - not covering basic living costs, delays and inconsistencies in delivery, and a lack of knowledge about where to get advice or support. Half of the families reported physical or mental health problems caused by money worries. The group recommends a £10 a week increased child benefit, the extension of free school meals to all receiving universal credit or working tax credit, and abolition of the benefit cap to those whose employment is disrupted by the crisis.