Lilly Chairman & CEO Lechleiter Says Innovation Is Vital-But-Missing Plank in Health Reform Debate
Eli Lilly and Company logo. (PRNewsFoto)
INDIANAPOLIS, IN UNITED STATES
Chamber of Commerce Speech Tackles Policy Issues, from Personalized Medicine to Biosimilars
WASHINGTON, May 14 /PRNewswire-FirstCall/ — In remarks before the U.S. Chamber of Commerce today, John C. Lechleiter, Ph.D., chairman and CEO of Eli Lilly and Company (NYSE: LLY) said that federal policymakers’ attention to access, quality and costs in health reform should also include a focus on innovation – or the results could include “unintended side-effects.” Innovation, he said, helped boost the average American’s life expectancy from 47 to 78 years, a rise of 66 percent over the past century and “unprecedented in human history.” In his keynote speech before a group of business, government and health care representatives, Lechleiter identified specific policy proposals and their implications for patients and for developing breakthrough treatments and cures.
“Encouraging innovation needs to be the purpose of U.S. health care reform, not its victim,” Lechleiter said. “It’s innovation that explains why we are the healthiest, longest-lived and wealthiest human beings ever to occupy the planet.”
But, he asserted, if heath care reform does not encourage innovation, “then the important goals of expanding access, improving quality and controlling costs will prove illusory.”
He cited a Columbia University study that analyzed data from 52 countries and showed that, controlling for other factors, the availability of new medicines alone accounted for 40 percent of the increase in life expectancy during the 1980s and 1990s. He said the medical advances of the past century that made life-expectancy and quality-of-life gains possible included the invention of:
* Antibiotics to cure infections * Vaccines that have nearly eradicated several conditions, such as polio * Effective treatments for a growing number of cancers, and * Medications that have lessened the toll of a number of dreaded diseases, such that they are now considered chronic, manageable conditions.
He then observed, “The economic payback from these gains is difficult to overstate. The payback is years of productive work, economic value added, consumer spending and tax dollars paid – which together outweighs the costs of treatment overwhelmingly – even if you resist the idea of putting a number on the intrinsic value of being alive.”
Lechleiter expressed hope for similar future gains, but he pointed to major bellwethers warning that innovation is at risk:
* The pharmaceutical industry, he said, is “in the midst of a wave of defensive consolidations that will leave the world with even fewer entities capable of taking an idea — a discovery — and turning it into a medicine approved for patients.” * “Half of the smaller biotech firms in the U.S. have less than a year of [operating] cash remaining, and a third are down to their last six months”; and * Recent FDA new drug approvals have dropped sharply relative to the past 30 years.
Lechleiter rounded out his speech with a closer look at several areas of public policy under which, depending on the path taken in health reform, innovation will be enhanced or curbed.
Prefacing his policy prescriptions, he said: “When it comes to sustaining innovation, the burden remains on us — as it should. We’re not asking for a handout or a bailout. Instead, businesses that live or die by health care innovation in the U.S. ask only that we be allowed to continue doing just that: proving the value of what we’ve developed or failing in the marketplace.”
He urged all stakeholders engaged in health reform to ensure that:
* The value of medicines is evaluated by doctors and patients, who, when properly informed, can choose from the available alternatives a drug that’s medically appropriate and best for the individual patient; * Innovators get a return on investment that accurately reflects the value of the innovations delivered, thus encouraging investment in new treatments and cures for patients; and * Innovators retain ownership, for a reasonable period of time, of their intellectual property, to provide the necessary incentives for risk-taking that leads to innovation.
Such an approach to public policy, he contended, would usher in:
* An era of “personalized medicine,” which would tap the insights of the Human Genome Project and replace the usual one-size-fits-all approach; * Market-based health reforms, including access to insurance for all Americans, supported by public subsidies and tax credits rather than a government-run option; * Solid comparative effectiveness research that informs on the benefits, risks and costs of various treatment options but that does not trump physician judgment, deny patients access to needed treatments or mandate prices; * A 14-year data protection period for biologic drugs, which balances the prospect of a return on investment with a clear path to lower-cost copies. The bipartisan “Pathways for Biosimilars Act” in Congress takes this approach.
Lechleiter spoke as part of the Chamber of Commerce’s National Chamber Foundation CEO Leadership Series.
About Lilly
Lilly, a leading innovation-driven corporation, is developing a growing portfolio of first-in-class and best-in-class pharmaceutical products by applying the latest research from its own worldwide laboratories and from collaborations with eminent scientific organizations. Headquartered in Indianapolis, Ind., Lilly provides answers – through medicines and information – for some of the world’s most urgent medical needs. Additional information about Lilly is available at www.lilly.com.
(Logo: http://www.newscom.com/cgi-bin/prnh/20031219/LLYLOGO )
C-LLY
SOURCE Eli Lilly and Company
SEIU to Launch ‘Keep America Working’ Hotline & Website
National Campaign will Support Small Business Owners and Workers Facing Job Loss as Ailing Banks Deny Credit, Push for Company Liquidation
Historic Factory ‘Sit In’ Grows as Hart Schaffner & Marx Workers in Second Factory this Week Vote to ‘Sit In’ to Save their Jobs from Liquidation by Bailout Recipient Wells Fargo…
WASHINGTON, May 13 /PRNewswire-USNewswire/ — This Thursday, the Service Employees International Union (SEIU) will hold a telephone press conference announcing the creation of a toll-free hotline and website — Keep America Working — to support small business owners and workers facing job loss across the country.
Big banks like Bank of America and Wells Fargo received more than $410 billion in taxpayer bailout funds so they could remain solvent and start lending again to get the economy moving. Instead, they’re freezing loans and putting small businesses in danger of closing their doors and putting workers in the unemployment line.
The Keep America Working Hotline represents an opportunity for workers and small business owners to preemptively protect jobs in our communities and hold taxpayer-financed banks accountable for actions that undercut a meaningful economic recovery.
WHEN: Thursday, May 14, 2009, 1:30 pm EDT/12:30 pm CDT
WHERE: Telephone Press Conference, (800) 398-9398, “Workers United/SEIU Keep America Working Call”
WHO: Rep. Jan Schakowsky; Andy Stern, SEIU President; Tom Balanoff, SEIU Illinois State Council President; Ruby Simms, 32-year veteran of the Hart Schaffner & Marx factory in Des Plaines, IL
Workers United, an SEIU affiliate, is a union representing more than 150,000 workers in the U.S. and Canada who work in the laundry, food service, hospitality, gaming, apparel, textiles manufacturing and distribution industries. Workers United is a new union with a history of more than 100 years, and includes members from many predecessor unions, including the ILGWU, ACTWU, UNITE and UNITE HERE unions.
SEIU – With 2 million members in Canada, the United States and Puerto Rico, SEIU is the fastest-growing union in the Americas. Focused on uniting workers in healthcare, public services and property services, SEIU members are winning better wages, healthcare and more secure jobs for our communities, while uniting their strength with their counterparts around the world to help ensure that workers — not just corporations and CEOs — benefit from today’s global economy.
SOURCE Service Employees International Union
Charts On Federal Spending, Taxes Make For Wealth of Data to Share
WASHINGTON, May 13 /PRNewswire-USNewswire/ — Would President Obama’s budget plan increase deficit spending much more than other modern presidents? How much and how fast would the national debt go up under Obama’s budget? Is it true that amid all the government spending, the defense budget would fall to what it was before the 9/11 attacks?
Taxpayers will find clear answers to these questions about the new administration, along with other tax and budget trends important to ordinary Americans, in the 2009 Federal Revenue and Spending Book of Charts. An updated and expanded edition of the popular online resource from The Heritage Foundation, it includes 37 easy-to-follow information graphics.
New features include an interactive “flash” graphic that dramatically shows that the more Americans earn, the higher their portion of total federal taxes. Click on the image, for instance, to see that the top 10 percent of earners pay 71 percent of the taxes. The bottom 50 percent pay 3 percent.
Visitors to heritage.org/BudgetChartBook, the custom Web site for the Book of Charts, may download, post or e-mail any of the charts and graphs, as well as click on links to related Heritage research and analysis. Visitors can quickly bookmark, embed and share the data they want through Twitter, Facebook, RSS feeds and other applications.
“More than ever, interested taxpayers — as well as journalists and members of Congress — will find the Book of Charts the go-to site for details on federal spending and taxes, whether past, present or projected,” says Nicola Moore, assistant director of Heritage’s Roe Institute for Economic Policy Studies.
Also new are charts that show:
* Tax rates must be doubled if Congress doesn’t reform Social Security, Medicare and Medicaid. * Massive bailouts pale next to trillions of dollars promised, but not funded, under those “Big Three” entitlements. * “Stimulus” spending by Obama and Congress fattened an already bloated federal budget.
Heritage researchers, analysts and graphic artists annually prepare, revise and update the spending and revenue charts.
Some of this year’s charts provide answers to the questions above: Under the Obama plan, deficit spending would spurt to seven times what it was under President Kennedy over 45 years ago, far outpacing any other president since. Publicly held national debt would more than double in 10 years, to 82.4 percent of economic output (GDP), by far the highest level since World War II. Defense spending under the Obama budget, though, would fall from 4.7 percent of GDP to the pre-9/11 level of 3 percent.
With the Obama administration and a new Congress in control of the purse strings, the 2009 Federal Revenue and Spending Book of Charts is ready to be mined by news reporters, commentators, congressional staff, students of public policy, netroots activists — anyone concerned or curious about the government’s worsening borrow-and-spend addiction.
The Heritage Foundation is the nation’s most broadly supported public policy research institute, with 440,000 individual, foundation and corporate donors. Founded in 1973, it has a staff of 244 and an annual expense budget of more than $60 million.
SOURCE The Heritage Foundation
No Economic Recovery in Sight, Only Inflation
FORT LEE, N.J., May 11 /PRNewswire-USNewswire/ — The National Inflation Association yesterday released the following statement to its http://inflation.us members:
“Wall Street would like you to believe that the Dow Jones’ recent 33% rally from March’s low is due to improving economic fundamentals, but it is our belief this rally is due to nothing but inflation.
“Jobs data released on Friday shows that U.S. employers cut 539,000 jobs in April, the fewest since October. However, these numbers were artificially strong due to the U.S. government increasing their payrolls by 72,000, which included the hiring of about 60,000 temporary workers in preparation for the 2010 census.
“Government jobs are non-productive jobs that normally get paid for by taxpayers. However, because the U.S. already has a huge budget deficit with tax revenues likely to decline substantially, these jobs will be paid for through inflation. An increase in government jobs is not a sign that the economy is improving, but only a sign that we are digging our economy into a deeper hole that will ultimately lead to the U.S. dollar collapsing.
“Even Warren Buffett, who is a huge supporter of Obama and has defended his economic policies, said last week that with political leaders showing little inclination to raise taxes, the only way to pay for excess spending will be by inflating the currency and shrinking the value of the dollar.
“The worst of the recession is not behind us. Nominally, anything can happen to the Dow Jones. If the Federal Reserve prints enough money, the Dow Jones could go back to 14,000, but it won’t mean anything if it costs $2,000 to fill your refrigerator with groceries.
“When the Dow Jones fell below 6,500 in March, we were at a point where everybody was afraid to own stocks; but we were telling you that the biggest risk was holding onto U.S. dollars. When you own shares of a stock, at least you own an actual percentage of a company. When you own U.S. dollars, you own a piece of paper that is backed by nothing but faith and confidence that it will always be accepted as money.
“By the Federal Reserve printing trillions of dollars out of thin air, Americans are beginning to lose their confidence in the U.S. dollar and the chart of the U.S. dollar index has been starting to break down. Soon, everybody will be afraid to own dollars and the longer the Federal Reserve keeps interest rates at 0-0.25%, the greater the chances are that hyperinflation is in our future.
“The only way to determine the true value of the Dow Jones is priced in gold. Today, the Dow Jones is worth 9.35 ounces of gold. In 1980, the last time we had an inflationary crisis like the one we are rapidly approaching, the Dow Jones reached a low of 1 ounce of gold.
“It is impossible to predict how high gold will go. Our guess is gold will probably reach $5,000 per ounce and the Dow Jones will fall to around 5,000 within the next 5 years, but there are many other ways we could forecast the potential value of gold besides the Dow/Gold ratio.
“Gold’s high in 1980 of $850 per ounce would be approximately $2,300 per ounce in today’s dollars. However, in 1980 we were the world’s largest creditor nation. Today, we are the world’s largest debtor nation so surely we believe gold is going a lot higher than $2,300 per ounce.
“Gold started the 1970’s at only $35 per ounce and when it reached $850 in 1980 it equaled a percentage gain during the decade-long bull market of 2,329%. Gold’s low in 2001 was $256 per ounce. If we see gold make the same percentage gain during its current bull market, we will be looking at $6,200 per ounce gold.
“Another way to calculate the potential value of gold: the U.S. currently has $1.56 trillion in M1 money supply, which measures the most liquid forms of money held by the public and includes currency, checking accounts, travelers checks, and other deposits against which checks can be written. If the U.S. decided to make each dollar redeemable by the amount of gold it possesses (286.9 million ounces) it would value gold at $5,437 per ounce.
“NIA believes gold prices must go up. Total bailout commitments by the Federal Reserve and Treasury have now reached $13.4 trillion of which $2.9 trillion has already been spent. Most of this money is being hoarded on the sidelines but soon we believe Americans will rush to spend their dollars all at once. With all of the corruption in stocks and real estate, precious metals will be the only asset class Americans will trust to store their wealth.
“In our opinion, the current bubble in the U.S. treasury market is bigger than the dot-com and real estate bubbles at their peaks combined. When the U.S. dollar starts to crash, we believe the boom in precious metals will be bigger than the dot-com and real estate booms combined; but unlike those booms, gold and silver prices could remain at a permanently high plateau because there won’t be any way to reverse the effects of inflation.”
Please spread the word about NIA and have your friends subscribe for free at http://inflation.us.
About us:
The National Inflation Association is an organization that is dedicated to preparing Americans for hyperinflation. The NIA offers free membership at http://www.inflation.us and provides its members with articles about the economy and inflation, news stories, important charts not shown by the mainstream media; YouTube videos featuring Jim Rogers, Marc Faber, Ron Paul, Peter Schiff, and others; and profiles of gold, silver, and agriculture companies that we believe could prosper in an inflationary environment.
Contact: Gerard Adams 1-888-99-NIA US (+1-888-996-4287) Staff: Editor@inflation.us
SOURCE National Inflation Association
Chicago-area Factory Making President Obama’s Suits is Threatened with Closure by Bailout Recipient Wells Fargo
Union Workers Rally and Hold Historic “Sit In” Vote to Save their Jobs at Hartmarx Corp.
“Wells Fargo has received $25 billion in taxpayer assistance through TARP. In other words, the workers Wells Fargo may throw out on the street have been subsidizing its operations during these tough economic times. So much for returning the favor.” – Congressman Phil Hare
500 Hartmarx Workers Will Be Joined by SEIU President Andy Stern, Rep. Phil Hare, Illinois Treasurer Alexi Giannoulias & Other State, National Leaders
CHICAGO, May 9 /PRNewswire-USNewswire/ — This Monday, May 11, 500 workers at the Chicago-based apparel firm Hart Schaffner & Marx will hold a rally and historic “sit in” vote to fight for their jobs as major lender and TARP fund recipient Wells Fargo & Co. pushes for a bankruptcy closure of the facility.
Mirroring the struggle of 250 Republic Windows and Doors workers who succeeded at saving their jobs last December, Hartmarx workers, members of the union Workers United, an SEIU affiliate, are receiving growing support from state and national leaders who are slamming Wells Fargo — a $25 billion taxpayer bailout recipient — for shortsightedly refusing to invest in U.S. companies and workers. Illinois Treasurer Giannoulias has vowed “Unless the company remains open, [Wells Fargo] will not be doing business with the state of Illinois any longer.”
The Hartmarx workers’ struggle sounds the alarm on what could be a firestorm of job losses and company closures perpetuated by U.S. financial institutions. Ruby Sims who has worked at Hartmarx for 31 years states “I can’t believe that a bank that got some of this [TARP] money would turn around and do us like this.”
In an effort to hold banks that have received over $450 billion in taxpayer bailout funds accountable for mounting costs to U.S. workers, the Service Employees International Union (SEIU) will announce the formation of a toll-free hotline to gather stories of workers hurt by shortsighted banking practices at Wells Fargo and other financial institutions.
Chicago-based Hartmarx, the largest menswear manufacturing company in the nation, filed for bankruptcy protection in January after U.S. banks curtailed its lines of credit. The clothing maker employs 3,500 across the nation, with about 1,000 of its employees located in Rock Island and suburban Des Plaines where suits for President Obama are made.
WHEN: Monday, May 11th at 10:00 a.m.-Noon CDT; Press Conference at 11:00 a.m. CDT
WHERE: Hart Schaffner & Marx factory, 1680 E. Touhy in Des Plaines.
**Reporters and camera crews will be allowed to observe an up or down vote on a “sit in” and interview workers afterwards. No one will be allowed inside the plant after 10:45 a.m. A rally will follow.
WHO: 500+ Hartmarx suitmakers, SEIU President Andy Stern, Rep. Phil Hare, Illinois State Treasurer Alexi Giannoulias, other state and national leaders.
Workers United, an SEIU affiliate, is a union representing more than 150,000 workers in the US and Canada who work in the laundry, food service, hospitality, gaming, apparel, textiles manufacturing and distribution industries. Workers United is a the new incarnation of the former ILGWU, ACTWU, UNITE and UNITE HERE unions.
SOURCE Workers United
Opportunities Abound for Disaster Reconstruction Industry Professionals with the NDRExpo’s Conference Line-up
ATLANTA, May 28 /PRNewswire/ — Comprising the National Disaster Reconstruction Expo’s (NDRExpo) conference program are the country’s foremost experts in the disaster reconstruction industry. The keynote speakers and session facilitators represent FEMA (Federal Emergency Management Agency), the Department of Homeland Security, the Office of Emergency Preparedness, and the Louisiana Recovery Authority (LRA), among many other top industry organizations. The NDRExpo launches June 17-18, 2009 at the Morial New Orleans Convention Center.
“Our keynotes not only reflect our industry today, they are creating the industry of tomorrow,” said Jimmy Mouton, president of Imago Trade Shows, the producer of the NDRExpo. “What these speakers have to share is far too important to risk admission fees discouraging those who work to rebuild our communities after catastrophic events from attending, so we are waiving the general session and expo hall registration fees.”
As Director of the Louisiana Transitional Recovery Office for FEMA, Mr. Tony Russell will educate attendees on the changes in FEMA since Hurricane Katrina. He will also review planned programs and policies, including new primary threats and challenges and how these will affect contractor procurement by state and local authorities in preparation and response.
Mr. Paul Rainwater, executive director of the Louisiana Recovery Authority, serves as the governor’s representative to FEMA and the state’s chief hurricane recovery advisor. Leading the most extensive rebuilding effort in American history, Rainwater partners with state and federal agencies to oversee more than $20 billion worth of programs, speed rebuilding, remove hurdles and red tape, and ensure that Louisiana recovers safer and stronger than before. His keynote will address these efforts and seek to identify professional opportunities.
Mr. T. Bradley Keith has worked with New Orleans’ Senator Landrieu through her Gulf Coast recovery efforts. He will share insights of the team in securing federal recovery dollars, the changes that have been essential for the State of Louisiana in preparing for and responding to catastrophic events, and the role of the private contractor.
Additional highlights include LtCol. Jerry Sneed, of the Office of Emergency Preparedness, and Ms. Jennifer Smither of LLIS.gov. A full conference schedule can be found at www.NDRExpo.com/Conferenceagenda.html.
ABOUT IMAGO PRODUCTIONS, INC.
Based in Atlanta, Georgia, Imago Productions, Inc. is the parent company of Imago Trade Shows and Imago Management Services. Imago Trade Shows focuses on the launch, growth and management of trade show properties within markets affecting communities and the interests of communal citizens.
ABOUT BNP MEDIA
BNP Media serves industry professionals by delivering useful, timely and accurate information through magazines, websites, conferences and events. BNP writes, produces and publishes more than 60 business-to-business publications. Founded in 1926, BNP Media is a fourth-generation, family-run business headquartered in Troy, Michigan.
MEDIA CONTACT Jimmy Mouton Imago Productions, Inc. T. 770-645-0046 jmouton@imagotradeshows.com
SOURCE Imago Productions, Inc.
Attorney General Holder Announces Recovery Act Grant to Save or Create Justice Related Wyoming Jobs
$3.1 Million Recovery Act Grant Addresses Public Safety in the State
WASHINGTON, May 29 /PRNewswire-USNewswire/ — U.S. Attorney General Eric Holder today announced that more than $3.1 million in Recovery Act funds will go to the State of Wyoming to maintain or increase public safety in the state, while creating or retaining jobs within the law enforcement community. These Edward Byrne Memorial Justice Assistance Grant (JAG) Program funds are part of more than $4 billion in Justice Department Recovery Act funds available to assist state, local and tribal law enforcement and for other criminal justice activities that help to prevent crime and improve the criminal justice system in the United States while supporting the creation of jobs and much needed resources for states and local communities.
As submitted in their application, the Wyoming Office of the Attorney General plans to support five regional drug enforcement teams located throughout the state who work on a daily basis coordinating drug investigative information with local, state, and federal agencies. Project TFO Recovery will fund six additional law enforcement officers and deputies assigned to the enforcement teams and which will increase investigations, arrests, drug and money seizures, and prosecutions. Wyoming is required to provide a portion of the $3.1 million to the local jurisdictions.
“By addressing Wyoming’s economic challenges while simultaneously meeting the state’s public safety priorities, these funds represent the best of what the Recovery Act can do for our communities,” Attorney General Eric Holder said. “This vital funding will help fight crime and build safer communities, and we look forward to continued work with Wyoming to address these criminal justice goals.”
The procedure for allocating JAG grants is based on a formula of population and violent crime statistics, in combination with a minimum allocation to ensure that each state and territory receives an appropriate share of funding. Sixty percent of the allocation is awarded directly to a state and 40 percent is set aside for units of local government. States are required to sub-grant a portion of the funds to local units of government, such as a city, county, township or town. Faith-based and other community organizations are also eligible to receive pass-through funding from the state, as are Tribal governments.
In addition to the $3.1 million to the state, three local units of government will receive Recovery Act JAG awards: $11,606 to Big Horn County, $25,422 to the City of Lander and $40,896 to the City of Laramie. All other local Recovery Act JAG awards will be announced at a later date. The deadline for local units of government to submit their Recovery Act applications to the Department of Justice has been extended to June 17, 2009. The Bureau of Justice Assistance (BJA), a component of the Department of Justice’s Office of Justice Programs, established the previous deadline of May 18 to encourage early submission of applications in an effort to provide economic stimulus as soon as possible. Because this is a non-competitive formula grant program, the extension of this deadline does not impact either eligibility or funding determinations. For more local solicitation information, visit http://www.ojp.usdoj.gov/BJA/recoveryJAG/JAGrecoveryLocal.pdf.
The JAG Program is the primary provider of federal criminal justice funding to state and local jurisdictions and is managed by BJA. JAG funds support all components of the criminal justice system, from multi-jurisdictional drug and gang task forces to crime prevention and domestic violence programs, courts, corrections, treatment, and justice information sharing initiatives. Projects may address crime through the provision of services directly to individuals and/or communities and by improving the effectiveness and efficiency of criminal justice systems, processes, and procedures. For more details on the JAG Program or to track the use of Recovery Act funds, visit www.ojp.gov/recovery. For more details on how to apply for the state managed,
pass-through funding, visit http://www.ojp.usdoj.gov/saa/index.htm.
The Office of Justice Programs, headed by Acting Assistant Attorney General Laurie O. Robinson, provides federal leadership in developing the nation’s capacity to prevent and control crime, administer justice, and assist victims. OJP has five component bureaus: the Bureau of Justice Assistance; the Bureau of Justice Statistics; the National Institute of Justice; the Office of Juvenile Justice and Delinquency Prevention; and the Office for Victims of Crime. Additionally, OJP has two program offices: the Community Capacity Development Office, which incorporates the Weed and Seed strategy, and the Office of Sex Offender Sentencing, Monitoring, Apprehending, Registering, and Tracking (SMART). More information can be found at www.ojp.gov.
SOURCE Office of Justice Programs – US Department of Justice
Hospital Car Parking Fees Top the List of Life’s Biggest Injustices
MANCHESTER, England, May 29 /PRNewswire/ — Having to pay and display whilst visiting loved ones in hospital is life’s biggest injustice payment according to new research released by The Co-operative ISA’s.
Hospital parking charges head the top 20 of raw deals, with 1 in 6 (17 per cent) people citing fees for visiting sick friends and relatives as the thing they hate to pay most for, making some so angry that they deliberately risk being clamped by refusing to pay.
Having to pay to spend a penny at public toilets also makes the list of fees which get the public’s back up, along with prescription charges, dentist bills and surcharges when booking flights.
The survey, which asked 2,000 people to reveal their most hated charge, reveals that taxes are the UKs most contested charges when combined, with over a third of people (39 per cent) believing that they are unfair. Inheritance Tax came second on the public’s unfair hit list, closely followed by Council Tax third, while tax on savings, National Insurance and Road Tax all made the list.
Zack Hocking, Head of ISA’s at The Co-operative, said: “The research confirms that there are many charges the public ‘begrudgingly’ has to pay for.
“Unsurprisingly taxes are a bone of contention, with even tax on savings coming above prescription charges and dentists bills.”
Despite tuning in on a daily basis the public hate having to fork out for their television licence, which came fifth in the raw deal top 20, with many admitting to tuning in but deliberately not paying, despite the risks associated.
Restaurants that put a service charge on bills should take food for thought from the findings, as nearly a fifth (17 percent) of people dine elsewhere to avoid paying.
Amongst the remaining disservices making the top 20, are expensive train fares, vets bills and higher charges for taxis to get home on New Year’s Eve.
Hocking added: “There is little people can do to avoid paying for most things on the list, but there are some opportunities to get their own back on the Taxman through allowances. A simple way to avoid paying tax on savings is to put money in a tax efficient ISA.”
Every tax year, anyone over the age of 16 is given an ISA ‘allowance’ allowing them to save up to 7,200 pounds Sterling tax efficiently. Investors can choose to pay up to 3,600 pounds Sterling into a cash ISA, or the whole amount into stocks and shares where any growth in the investment is free of capital gains tax. This will rise to 10,200 pounds Sterling for the over-50s from October 6 2009 and for the under-50s from April 6 2010, 5,100 pounds Sterling of this amount can be saved in cash.
The Co-operative offers stocks and share ISAs through The Co-operative Investments, and a Cash ISA through The Co-operative Bank.
Notes to editors:
Research carried out by 72 Point on behalf of The Co-operative Bank amongst a representative sample of 2,000 adults
CFS provides a big range of financial products and services including home insurance, car insurance, investment products and pensions to over six million customers.
The Co-operative Financial Services is part of The Co-operative Group, which is the world’s largest consumer co-operative with over 3 million members. CFS currently has 5.5m customers and employs over 8,000 staff. It has 110 retail and corporate branches/centres and over 1,000 face to face financial advisers. It has 38bn pounds Sterling of assets under management across its retail and corporate business areas.
SOURCE The Co-operative Bank
Fairfield Greenwich Rejects Allegations
NEW YORK, May 29 /PRNewswire/ — Fairfield Greenwich today rejected allegations of wrongdoing included in a lawsuit filed by Fairfield Sentry.
Lawyers for Fairfield Greenwich, which is legally separate from Fairfield Sentry, said that Fairfield Sentry appears to be proceeding as part of a legal strategy intended to fend off multiple proceedings against it.
“We understand that the directors of Fairfield Sentry are under attack on several fronts,” said Mark G. Cunha of Simpson Thacher & Bartlett, a lawyer for Fairfield Greenwich. “Their lawsuit appears to be a defensive maneuver in connection with those attacks, and itself has no merit.”
Mr. Cunha added that Fairfield Greenwich managers personally lost a great deal of money in the Madoff fraud and performed robust due diligence. Ever since its initial “test” investment with Madoff in 1989 and the launch of the Fairfield Sentry fund in 1990, Fairfield Greenwich continually and regularly enhanced its diligence and risk monitoring capabilities to keep pace with evolving industry standards and growth of the Sentry funds. It performed quantitative monitoring based on daily trade confirmations and monthly brokerage statements and asset verification.
“This was an enormously sophisticated fraud that fooled every one of the scores of sophisticated institutions and individuals that invested with Madoff, and all of the regulators, including the SEC,” said Mr. Cunha. “Fairfield Greenwich and its personnel were victims along with the others.”
SOURCE Fairfield Greenwich
