The new owner of Thames Water, the Australian bank Macquarie, has imposed a pay freeze on managers throughout the company as part of a drastic cost-cutting plan following its £8bn takeover of the business.
The Treasury is missing out on £2.5 billion a year because builders and contractors are exploiting a loophole in the tax system, according to the construction union Ucatt. Ucatt says that enough money to pay for the Olympics and the 2018 football World Cup could be saved if Gordon Brown cracked down on builders registering as self-employed when they work for contractors - The Times
About 500 managers were called to a series of meetings last week by Thames' new chief executive David Owens and told that they would not receive a pay rise or a bonus this year - The Independent
In a move that has alarmed geologists and preservationists, Moscow's city fathers have announced plans to gouge out 80% of the land beneath Moscow to create a city beneath a city - The Independent
Gordon Brown will unveil tax breaks for households generating their own green energy as he uses his eleventh budget to challenge the environmental credentials of David Cameron's Conservatives by proposing incentives to tackle climate change. Whitehall sources said last night that Mr Brown is likely to encourage people to install solar panels, wind turbines and other carbon-free sources of energy in their homes by exempting from income tax any money made by selling excess power back to the national grid - The Guardian
China plans to launch a state-owned company to build large passenger jets, challenging the dominance of Boeing and Airbus. A statement on the government's website, issued late yesterday, said the state council, the cabinet, had taken an 'important strategic decision' to begin research and development to enter the market - The Financial Times