Rip-off News round-up. Our pick of the last week's media (Thu 11th October)

'Low food prices are gone for good': experts blame bad weather and market speculators
Experts blame the current rises in grocery prices on a combination of terrible weather, bad harvests and speculation. Meanwhile, 'political drift' on the issue meant any solution to the problem in the longer term was unlikely. DAILY MAIL

Pensions in 'freefall' due to Bank of England's money-printing
Annuities – which you buy with your pension pot when you retire - determine a savers annual income for the remainder of their life. However their value has plunged by 7% in just three months, a result of the Bank of England's "quantitative easing". With another round of money-printing being considered, annuity rates could fall even further. TELEGRAPH

'Wonga is targeting our bankruptcy capital': Blistering attack on payday lender's £24m Newcastle Utd sponsorship
As many as 35.2 adults per 10,000 are insolvent in the North East – home to Newcastle United – compared to just 17.5 in London and 29.6 in the neighbouring North West. The deal also includes naming rights for the club's stadium although Wonga will restore the Sports Direct Arena to its traditional name, St James' Park. Wonga is the leading high interest, short-term "payday" loan company. Newcastle United will now be sponsored by the money of deprived people up and down the country. DAILY MAIL
(If you can't afford to buy one of their wildly overpriced football shirts, you can always take out a Wonga loan... It's all starting to make sense!)

Tory conference: Lord Young slams government's small firm start-up scheme

The new Seed Enterprise Investment scheme incentivises investors to invest in small businesses by giving them tax relief. But Lord Young described the scheme as "ridiculously generous". Venture capitalists can get up to 78% tax relief by using the new scheme. BBC NEWS

("Be realistic, Lord Young. This has to compete with the 100% tax relief they get from all the other loopholes they're using," shouted one wag from the audience.)


Tory chairman Grant Shapps: the Government is a shambles
David Cameron has presided over a shambles for the last six months and struggled to create a "top notch" Government, the new Conservative Party chairman has admitted. TELEGRAPH

Quarter of Tory MPs are buy-to-let landlords
More than a quarter of Tory MPs are private landlords. They are too self-interested in keeping house prices high to legislate to help first-time buyers get a foot on the housing ladder. 12.5 per cent of Labour MPs own rental property portfolios and 15 per cent of Lib Dem MPs. FINANCIAL TIMES

Tory conference: Burglary 'over-reaction' to be allowed

Householders who overreact when confronted by burglars are to get more protection in law. However, Justice Secretary Chris Grayling said that stabbing to death a burglar who had already been knocked unconscious would still break the law. But between 1990 and 2005 there were just 7 prosecutions for people tackling intruders in their homes. Critics say the law change is simply a sop to right wingers. BBC NEWS

(If that includes thefts by rip-off banks, energy firms, water suppliers, rail operators, telecoms, etc. etc... then we're talking!)

Scottish Tories claim that nine in ten Scots 'living off state's patronage'

Almost 9 out of 10 Scottish households take more from the public purse than they contribute in taxes thanks to a “rotten system” of state patronage, says the leader of the Scottish Conservative Party. But according to the most recent figures, Scotland contributed 9.6% of Britain’s tax take and accounted for 9.35 of public spending. The Scottish Tories' statement has been taken as an insult by many Scots. TELEGRAPH
(NEWS LATEST! Research by the Scottish Tories reveals that 10 out of 10 Scottish households can't stand the Scottish Tories' guts.)

Taxman suffers bloody nose in fight against tax avoidance by banks 
Swiss bank UBS had avoided paying income tax and national insurance on £92m in bonuses to 400 staff by paying the money via a Jersey based "avoidance vehicle." A first court ruling that the blatant tax dodge was bullshit has been overturned in favour of UBS. CITY WIRE