Food Bills May Rise Amid Growing Meat Tests

By Tom Parmenter, Sky News Correspondent

Consumers are being warned that food bills may rise if high demand for meat testing continues.

Since the start of the horsemeat scandal laboratories all over the UK have been inundated with requests to test different meat products.

The latest Food Standards Agency results last week showed 29 positive results for horse DNA out of 2,501 tested beef products.

At Worcestershire Scientific Services laboratory staff have been working early mornings, late nights and weekends to keep up with demand.

Even some of the equipment has been unable to keep up with almost continual testing.

Laboratory manager Paul Hancock told Sky News that funding is tight: "The FSA do support the laboratory to a degree but things are very very difficult.

"If the consumer wants quality food they have to be prepared to pay for a degree of policing that."

Checking a meat sample for DNA from other species takes three days and costs between £75 to £100 per sample.

The number of labs capable of carrying out proper testing though has fallen over recent years due to funding cuts. In April Somerset County Council will close their lab.

Those that remain open operate as competitive businesses rather than sharing information, equipment and practises with each other.

Paul Hancock from Worcestershire Scientific Services added: "Ten or 15 years ago the labs used to work closely together that relationship has broken down because of commercial activity and that makes life a whole lot more difficult as well."

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Britain's Premium Credit Rating Downgraded

Rating agency Moody's has stripped Britain of its top-grade AAA credit rating, citing slow growth and a rising debt burden.

After the international agency announced the one notch drop to AA1, Chancellor George Osborne said it was a "stark reminder" of the country's debt problems.

Moody's said Britain's recovery was proving to be significantly slower than previous rebounds from recession and it did not expect the situation to change.

"[There's] increasing clarity that, despite considerable structural economic strengths, the UK's economic growth will remain sluggish over the next few years," it said.

Moody's is the first of the major credit rating agencies to knock the UK off of its top rating.

The ratings agency also cut the Bank of England's AAA rating by one notch, also to AA1.

Moody's said it did not expect Britain's slow recovery to change

Sky Economics Editor Ed Conway said: "The fact that Britain has lost its AAA crown for the first time since credit ratings were given to the UK back in the 1970s, it's a really big blow to Britain's reputation.

"It's something of an economic blow, but in a way it's more of a political problem for Chancellor George Osborne. He made a key part of the Conservative election pledge to safeguard Britain's credit rating."

On Friday evening, the Chancellor said: "We have a stark reminder of the debt problems facing our country - and the clearest possible warning to anyone who thinks we can run away from dealing with those problems.

"We are not going to run away from our problems, we are going to overcome them."

Moody's said that the British economy is constrained both by the troubled global economy and the drag from businesses and the British government slashing their debt burdens.

"Moreover, while the government's recent Funding for Lending Scheme has the potential to support a surge in growth, Moody's believes the risks to the growth outlook remain skewed to the downside," it said.

Mr Osborne has been coming under increasing pressure to take action to stimulate the British economy.

He has used maintaining the top credit rating for government bonds as one of the key arguments for the Government's austerity programme.

However, Labour has insisted that withdrawing demand from the economy has put it more at risk by stunting growth.

Labour shadow chancellor Ed Balls said: "This credit rating downgrade is a humiliating blow to a Prime Minister and Chancellor who said keeping our AAA rating was the test of their economic and political credibility.

"In the Budget the government must urgently take action to kick-start our flatlining economy and realise that we need growth to get the deficit down. If David Cameron and George Osborne fail to do so and put political pride above the national economic interest we face more long-term damage and pain for businesses and families."

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Tax Cheats Named By HMRC For First Time

HMRC has published the names of nine individuals and businesses which it says each owe more than £25,000 in tax.

The tax authority described those named as "deliberate defaulters" who had repeatedly failed to co-operate with the taxman.

HMRC said those on the list had already received penalties for either errors in their tax returns or for failing to comply with their tax obligations.

But it stressed that the entries were specific to certain dates, and those named may no longer be defaulting on their tax.

The details published included names, addresses, occupations and the total amount of tax owed.

The Exchequer Secretary to the Treasury, David Gauke, said: "HMRC is dedicated to clamping down on the small minority of people who break the law, and finding and taking action against tax cheats who try to evade their responsibilities.

"The publication of these names sends a clear signal that cheating on tax is wrong and reassures people who pay their taxes - the vast majority - that there are consequences for those who refuse to tell HMRC about their full liability.

"It also encourages defaulters to make a full and prompt disclosure and cooperate with HMRC to avoid being named."

The following were on the list:

:: Southport Leisure, a licenced bar and club on Coronation Walk, Southport

:: Joseph Tyrrell, a hairdresser from Prescot Road, Liverpool

:: The Trade Beverage Company which bought and sold wine on Marrion Drive, Cheshire

:: Rafique Maroof Raja, a licenced grocer from Main Street, Kirkcaldy

:: S Stewart, a pipework specialist from Bishops Court, Liverpool

:: David Alan Jay, who works in property maintenance from Roseberry Gardens, Essex

:: Gatemain Contractors, a building company, on Holly Road, Rochester

:: Menemis, a knitwear manufacturer trading as Unlimited Knits, on Byron Industrial Estate, Nottingham

:: Brian Clifford Tattersall, a coach operator from Pixmore Avenue. Bolton

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Exclusive: Top Bosses 'Too Close To Auditors'

By Mark Kleinman, City Editor

The executives who run Britain's biggest companies have an excessively cosy relationship with the major audit firms that has enabled the quartet of accountants to exert a long-running stranglehold over the industry, the competition regulator will say tomorrow.

In a long-awaited report on one of Britain's most important professional services industries, the Competition Commission will say that while there is no evidence of collusion or a conspiracy between the 'Big Four' auditors, the industry does suffer from restricted competition.

However, the watchdog will not recommend a full break-up of the market's major players - Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers - in its statement of possible remedies aimed at bolstering competition in the market, instead saying that it wants to explore the most effective combination of potential measures.

I have learnt that among the proposals that will be floated by the Competition Commission will be a possible ban on the use of 'Big Four-only' clauses in loan documentation used in major companies' financial arrangements.

The competition watchdog will also raise the prospect of mandatory rotation of audit clients, although it will stop short of a formal recommendation of such a measure. Its full interim report will be published on Monday, with concrete proposals made in the Commission's final report later this year.

One insider close to the Commission said that its report, which has already faced a months-long delay, would suggest that increasing accountability to shareholders, potentially through new corporate reporting requirements, might help to promote competition. Investors, the report is expected to say, do not play a sufficiently engaged role in companies' choice of auditors.

Last October, the Commission raised concerns about the influence of the large numbers of executives from the leading accountancy firms who sat on the boards of Britain's biggest companies.

"It is possible that this familiarity will make them more favourably disposed to the appointment of a Big Four rather than a non-Big-Four firm ... on the other hand, it could make them less aware of the quality and experience of the non-Big-Four firms," it said at the time.

Its acknowledgement that firms outside the Big Four struggle to break the quartet's oligopoly will almost certainly lead to calls for the competition watchdog to go further.

The Big Four firms have argued that the market for auditing Britain's biggest companies is sufficiently competitive despite the fact that many FTSE-100 companies have had relationships with their auditors lasting for several decades.

Recently, there has been evidence of some switching between members of the Big Four, although it is almost unprecedented for a member of the UK's blue-chip index to go outside their ranks to a second-tier accounting firm.

This week, RSA, the insurance group, said it was moving its audit work from Deloitte to KPMG, and insiders say that Barclays may switch away from PwC after a new finance director joins later this year.

The major auditors have been criticised for failing to identify warning signs ahead of the 2008 banking crisis.

The European Commission is also examining the structure of the audit market, including the imposition of mandatory rotation and restrictions on the provision of non-audit services.

A Competition Commission spokesman declined to comment ahead of tomorrow's publication.

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HMV To Close 37 More Stores With 464 Jobs Cut

Is Your Local HMV Being Axed?

Updated: 12:15pm UK, Wednesday 20 February 2013

The latest 37 HMV stores identified for closure are:

Ashford, Basildon, Bolton, Cheltenham, East Kilbride, Enfield, Folkestone, Glasgow Argyle, Gloucester, Grimsby, Hatfield Galleria, Heathrow T5 Departure Level, Heathrow Terminal 1, Heathrow Terminal 3, Heathrow Terminal 4, Hemel Hempstead, High Wycombe, Isle of Wight, Lancaster, Leadenhall, Mansfield, Middlesbrough, Newbury, Newcastle Silverlink, Newport, Nuneaton, Redditch, Salisbury, Scarborough, Southport, Stafford, Staines, Stockport, Swindon, Taunton, Torquay, Woking.

The 66 stores already earmarked for closure were:

Ashton-under-Lyne, Ballymena, Barnsley, Bayswater, Belfast Boucher Road, Belfast Forestside, Bexleyheath, Birkenhead, Birmingham Fort, Blackburn, Boston, Bournemouth Castlepoint, Bracknell, Burton-upon-Trent, Camberley, Chesterfield, Coleraine, Craigavon, Croydon Centrale, Derry, Dumfries, Durham, Edinburgh Fort, Edinburgh Gyle Centre, Edinburgh Ocean, Edinburgh Princes Street, Edinburgh St James, Falkirk, Fulham, Glasgow – Fort, Glasgow – Silverburn, Glasgow Braehead, Huddersfield, Kirkcaldy, Leamington Spa, Leeds White Rose, Lisburn, Loughborough, Luton, Manchester 90, Moorgate, Newry, Newtonabbey, Orpington, Rochdale, Scunthorpe, South Shields, Speke Park, St Albans, St Helens, Stockton-on-Tees, Tamworth, Teesside, Telford, Trocadero, Wakefield, Walsall, Walton-on-Thames, Wandsworth, Warrington, Watford, Wellingborough, Wigan, Wood Green, Workington, Wrexham.

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Private Firms 'Better To Run Prisons', Report

Private firms are better at running prisons than the public sector and all jails should be subject to open competition, according to a think tank.

The Government would be wrong to limit the role of private companies within prisons to small contracts, such as maintenance and catering, right-wing group Reform said.

Ten out of 12 privately-managed prisons have lower re-offending rates among offenders serving 12 months or more than comparable public sector prisons, a report by the group found.

Researcher Will Tanner, who wrote the report, said: "Twenty years of private prisons have created an effective market which is ready to grow.

"Evidence shows that a greater role for the private sector will advance the 'rehabilitation revolution' which ministers want to deliver."

Private firms have been managing prisons since 1992, but in November last year Justice Secretary Chris Grayling signalled a move away from wholesale privatisation as he decided four prisons, including G4S-run HMP Wolds, should be run by the public sector.

Two contracts to run five prisons - Acklington and Castington, which have since formed Northumberland prison, and three in South Yorkshire - will proceed to the next stage of the competition with an announcement expected next spring.

Mr Grayling said private firms will be brought in to all public prisons to run maintenance, resettlement and catering to save up to £450 million over six years.

Policy groups, including Reform, said the decision amounted to the end of competition for prison management between the public and private sector, although Mr Grayling insisted it did not rule out further prison-by-prison competitions in the future.

The report found 12 out of 12 private jails performed better than the public sector at "resource management and operational effectiveness", while seven out of 12 were better at "reducing reoffending".

However, seven out of 12 public prisons performed better than private jails at "public protection".

Justice Minister Jeremy Wright said: "Reoffending rates across the entire prison estate are too high and we are pressing ahead with major reforms to tackle this unacceptable problem.

"And let's be clear, there has been no U-turn on the use of prison competition.

"The cost of running our prisons is too high and must be reduced.

"The recent competition process identified a new approach for reducing costs and improving services aimed at reducing reoffending at a faster rate involving the private sector."

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Google Share Price Breaks $800 Barrier

Google's stock price has topped $800 (£516) for the first time amid renewed confidence in the company's ability to reap higher profits.

The milestone comes more than five years after Google's shares initially hit $700, but then tumbled as the 2007 financial meltdown sparked global recession.

Its resurgent stock is an implicit endorsement of co-founder Larry Page, who replaced his managerial mentor Eric Schmidt as chief executive in April 2011.

Google's stock has risen by 36% since Mr Page took over.

Most of the company's gains have occurred in the past seven months - a period that has overlapped with a sharp downturn in the stock price of rival Apple.

The iPhone maker's market value has plunged by around $230bn, or 35%, since late September.

But it remains the most valuable US company with a market value of $432bn. Google now ranks third with a value of $266bn.

Tuesday trading saw Google stock climb 1.8% to close at $806.85.

Standard & Poor's Capital IQ analyst Scott Kessler said: "There are probably even going to be people talking whether Google's stock can get to $1,000.

"Never underestimate the excitement that can be caused by a rising stock market and a rising security."

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Tesco: Supermarket Bottom Of Which? Survey

Tesco is the UK's least popular supermarket - and Waitrose is the most liked - according to a new survey.

Waitrose received an overall satisfaction score of 82%, including five-star ratings for its customer service and the quality of its fresh produce.

Meanwhile Tesco scored just 45% - placing it at the bottom of the poll of 11,492 people by consumer watchdog Which?

It also received poor marks for its pricing, store environment, quality of fresh produce and customer service.

Discount supermarkets Aldi and Lidl came second and third best with scores of 74% and 69% respectively, beating some of their bigger rivals such as Morrisons (59%), Sainsbury's (58%) and Asda (53%).

Aldi and Lidl were the only supermarkets to get four-star ratings for their pricing, with 97% of those surveyed saying they both offer good value.

Fourth place went to Marks & Spencer with 68%, while the Co-operative scored just above Tesco with 48%.

Ocado took top spot in the online ranking with 81%, followed by Waitrose (74%), Sainsbury's (71%), Tesco (63%) and Asda (61%).

The poll revealed that consumers' biggest irritation when supermarket shopping is not being able to compare prices because of different unit measurements, with 37% reporting that this annoyed them.

They also wanted supermarkets to keep special offers simple, with 55% preferring straight discounts ahead of other offers such as petrol vouchers (16%) or buy-one-get-one-free deals (11%).

A Tesco spokeswoman said: "Millions of customers shop regularly with Tesco and we are always looking at ways to improve their shopping experience.

"We have made a £1bn commitment to make Tesco better for our UK customers and since this survey in October 2012, we have had an encouraging Christmas and New Year and are delivering further improvements this year.

The survey was conducted before horsemeat was discovered in products sold as beef, triggering a probe by the Food Standards Agency which has embroiled British supermarkets.

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MPs: Tax Dodgers 'Should Be Named And Shamed'

Tax dodgers should be "named and shamed" to stop celebrities using legal loopholes to cut the amount they pay to the Treasury.

The Public Accounts Committee says promoters of tax avoidance schemes are "running rings" around the taxman by taking advantage of the time it takes HM Revenue and Customs (HMRC) to shut them down.

It wants promoters and those who use their schemes to be listed and called on HMRC to be "more robust in its approach".

Margaret Hodge, who chairs the Public Accounts Committee, said: "We have seen how public anger and consumer pressure can influence large companies, such as Starbucks, to behave more responsibly.

"HMRC should publicly name and shame those who sell or use tax avoidance schemes in order to discourage such activity.

"With at least £5 billion lost to tax avoidance each year, HMRC has got to get much more robust in its approach."

Margaret Hodge chairs the Public Accounts Committee

Mrs Hodge highlighted the case of comedian Jimmy Carr, who last year admitted making a "terrible error of judgment" after using a complex avoidance scheme to reduce his tax bill.

The K2 scheme he used enabled its members to pay income tax rates as low as 1%.

"Promoters of 'boutique' tax avoidance schemes like the one brought to our attention by the case of Jimmy Carr, are running rings around HMRC," Mrs Hodge said.

"They create schemes which exploit loopholes in legislation or abuse available tax reliefs such as those intended to encourage investment in British films, and then sign up as many clients as possible, knowing that it will take time for HMRC to change the law and shut the scheme down.

"Their clients can then take advantage of this window of opportunity to make a lot of money at the expense of the UK taxpayer, while the promoter simply moves on to a new scheme and repeats the process.

"It is a game of cat and mouse and HMRC is losing."

According to the Public Accounts Committee, some tax avoidance schemes have been shut down because of tax rules that require promoters to notify HMRC of new tactics.

However, it warned officials do not know how many promoters are ignoring the requirement.

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Scheme To Spark Life Into Electric Car Sales

By Gerard Tubb, North Of England Correspondent

Thousands of new charging points for electric vehicles (EVs) will be installed across the country to try to boost the market for so-called zero emission cars.

The Government is launching the second phase of its Plugged in Places scheme which has so far funded 2,800 of the approximately 8,000 charging points for battery powered cars in the UK.

The Department for Transport will announce millions of pounds in funding for home and on-street charging as well as charging points at railway stations.

Until now, take up of EVs has been slow, with only 3,000 on Britain's roads.

But industry experts believe new European models could see the number double each year from now on and they predict that prices will fall.

In the North East of England, a pilot area for EV infrastructure, researchers believe plug in points on the streets are essential for persuading motorists to switch to batteries from petrol and diesel engines.

Dr Yvonne Huebner from Newcastle University says despite Government figures showing 93% of car journeys are 25 miles or less, many would-be EV buyers have what she calls range anxiety.

She explained: "Lots of people still think there is no charging infrastructure around and that prevents them from buying electric cars.

"So we need public infrastructure to show people that there are lots of places they could plug in if they needed to."

The new Government funding is being announced at Gateshead College next to Nissan's Sunderland factory which will soon be making 50,000 Leaf plug-in cars and 60,000 EV batteries every year.

The college has also set up a company, Zero Carbon Futures, to capitalise on the region's expertise.

Managing director Colin Herron told Sky News that while the new charging points are important, EVs are just one part of the future of motoring technology.

"Trucks, heavy vehicles, buses probably won't become electric," he predicts.

"They may be hydrogen, they may be gas, [and] the EV will be predominantly the urban run-around."

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FTSE 100 Firms' Legal Liabilities Shoot Up

The amount of money Britain's companies have set aside to cover regulatory and legal costs has shot up, according to legal publisher Sweet & Maxwell.

It said the legal liabilities reported by the FTSE 100 companies jumped by 22% last year to £22.1bn - up from £18.2bn the previous year.

This reflects the amount companies set aside to cover regulatory and legal costs in 2013.

Aggressive fines are the main cause of the increase, Sweet & Maxwell said - rather than more legal cases between businesses.

The banking industry saw the sharpest rise following a year in which it was forced to pay out billions of pounds to customers mis-sold payment protection insurance.

Legal liabilities in the sector, which made almost 30% of the annual total, shot up from £991m in 2011 to £6.3bn last year.

But it was the oil and gas industry that was hardest hit, setting aside £8.1bn - although this was less than the £8bn clocked up in 2011.

The managing director of Sweet & Maxwell, Teri Hawksworth, said: "When the credit crunch started there was the expectation that legal liabilities would rise as commercial pressure led to more litigation between companies.

"What was not so widely forecast was that the biggest source of this pain would be from regulatory bodies."

These include the Financial Services Authority in the UK and the US Securities and Exchange Commission among others, she said.

Ms Hawksworth added that it remains to be seen whether the fines are a result of normal processes or because regulators and Government agencies are following public pressure to punish "big business" more severely.

Businesses are responding to the rise in these costs by broadening the role of in-house legal teams, she said.

"In-house counsel is moving from a role of just managing the costs of external law firms to clear up after a problem to taking a bigger role in ensuring that legal problems do not arise in the first place."

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PM Heads Largest Ever Trade Mission To India

By Joey Jones, Deputy Political Editor, In Mumbai

David Cameron has arrived in India where he is heading the largest ever trade delegation to travel overseas with a British Prime Minister.

Mr Cameron is anxious to drum up the prospects for business deals, but knows that there is a risk that his trip will be clouded by corruption allegations surrounding the sale of luxury AgustaWestland helicopters to India.

The Indian media and political arena has been dominated for days by a corruption probe, which has led to arrests in Italy where AgustaWestland's parent company Finmeccanica is under investigation.

The Prime Minister knows there is a risk that the deal - which has already been part-completed - could end up cancelled, but is anxious to ensure his schedule is not derailed by the helicopter affair.

On arrival Mr Cameron travelled to Mumbai for a day of business-focused meetings ahead of talks with the Indian Prime Minister and President in Delhi.

Mr Cameron has frequently stressed the value he places on working to improve the UK's trade  relationships overseas.

Among the party of more than 100 joining Mr Cameron are representatives of major companies like Rolls-Royce, BAE Systems and BP, small businesses, universities, football's Premier League, the London Underground and nine parliamentarians.

On this trip he is likely to suggest that the relationship with India had been neglected under the previous Labour government, but that it is a priority for the current government.

Before the visit he told the Hindustan Times: "Frankly, Britain did neglect this relationship during the first decade of this century," he said.

"But under my Government we're determined to turn that around.

"Trade grew at over 20% in 2010 and 2011. We're reaching out beyond the biggest cities, with the biggest diplomatic footprint of any country in India."

Ministers have set themselves a target of doubling bilateral trade over the course of the parliament, but the speed of growth in India is such that Mr Cameron knows opportunities to trade are continuing to expand above expectations; and UK ministers and companies alike need to be ready to take advantage.

He has also indicated that he is planning to relax visa requirements to attract Indian business visitors to the UK.

Asked by the Hindustan Times about business concerns about the difficulty of obtaining UK visas, Mr Cameron said: "I think there's more we can do here and that's an area where I hope we can put an even more attractive offer on the table during this trip."

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Home Ownership '£1,440 Cheaper' Than Renting

The cost of buying a home has become £1,440 a year cheaper than renting, according to new research.

Halifax found the average monthly costs associated with buying a three-bedroomed house stood at £621 in December, which is £120 cheaper than the typical monthly rent of £741 on a similar property.

The latest figures are an about-turn from December 2008, when buying a home was £217 a month more expensive than renting.

In recent years the gap has widened amid house price falls and record low interest rates which have made borrowing cheaper for those who can get access to a mortgage.

Meanwhile, increased demand in the rental sector from those struggling to raise a deposit or meet lenders' borrowing criteria has pushed up rental costs.

Home buying costs have declined by one third (34%) over the past four years, while average monthly rents have been pushed up by 14%, the study found.

The gap between buying and renting has widened by £21 a month over the past year. At the end of 2011, the monthly cost of home buying was £99 lower than renting.

Buying was found to be more affordable than renting in every UK region.

Buying is most affordable compared with renting in London, where the monthly difference is £193, while in Yorkshire and the Humber buying is just £1 a month cheaper than renting, Halifax found.

Martin Ellis, housing economist at Halifax, said that while the "financial attractiveness" of buying a home has improved in recent years, the tough economy is still holding would-be home buyers back.

He said: "Concerns over job security and raising a deposit are the main obstacles to people buying their own home. However, it is worth noting that once home buyers are on the first rung of the ladder, their monthly costs are notably lower."

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Michael Fallon Eyes £65bn Kazakh Trade Deals

By Mark Kleinman, City Editor

Michael Fallon, the Business Minister, will fly to Kazakhstan on Sunday in an attempt to help British companies win a share of $100bn (£65bn) in new trade deals.

Mr Fallon, who was promoted in last autumn's Cabinet reshuffle, will visit resource-rich Kazakhstan aiming to bang the drum for companies with a big presence there, including BG Group, the gas producer, and Rio Tinto, the mining group.

Trade ties between Britain and Kazakhstan are relatively modest in scale, with UK exports to Kazakhstan in 2011 standing at £530m, and UK imports just £459m.

British companies have won $7bn (£4.5bn) in contracts in Kazakhstan in the last ten years, but Mr Fallon believes the opportunity is much more substantial than that, with up to 15 times that sum available in contracts during the next decade.

"The French and the Germans are already there, on the ground, and we have to be relentless in pursuing opportunities for British trade," he said.

His trip will be the first by a business minister since the last general election to the central Asian country.

During talks with ministers and government officials, Mr Fallon is also expected to discuss the operations of GlaxoSmithKline and HSBC, which also have a presence in Kazakhstan.

Tens of millions of Britons do already have an exposure to the Kazakh economy through investments made by pension funds in companies such as ENRC, the FTSE-100 miner.

Mr Fallon's trip to Kazakhstan will come in the same week that David Cameron travels to India accompanied by the biggest-ever business delegation to visit the country.

The Prime Minister is expected to promote access to the vast Indian market for British retailers as well as discuss a string of major defence and aerospace deals.

His visit takes place amid deepening concerns that the UK's trade ties with India are faltering, placing the Coalition's target of doubling trade by 2015 in doubt.

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