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(Sharecast News) - Jeremy Hunt and Rachel Reeves are joined in a "conspiracy of silence" over tens of billions of pounds in tough tax and spending choices, with the next government likely to inherit the toughest outlook for the public finances in 80 years, Britain's leading economics thinktank has warned. The Institute for Fiscal Studies said the chancellor's budget on Wednesday had laid the ground for "staggeringly hard choices" due after the general election for whichever party forms the next government. - Guardian
Snaking queues outside Northern Rock have become the enduring image of Britain's financial crisis. Now the ghost of the old lender threatens to haunt the country's banks yet again. Nationwide's proposed £2.9bn acquisition of Virgin Money, which includes the remnants of Northern Rock, threatens to reshape the financial services sector and challenge the dominance of Britain's six biggest lenders. - Telegraph
The death of cash has raked in an extra £12bn for Jeremy Hunt as card and digital payments make it harder for people to dodge tax. Richard Hughes, chairman of the Office for Budget Responsibility (OBR), said the shift away from notes and coins had proven lucrative for the taxman because it was now harder to avoid value added tax (VAT). - Telegraph
British savers withdrew £24.3 billion from funds in what was only the second year of outflows, as investors sought to free up cash amid the cost of living crisis. Equity funds performed the worst, suffering £22 billion in outflows as British companies remained out of favour with investors, according to data from the Investment Association. - The Times
One of the world's wealthiest women is facing a formal investigation of her Bet365 gambling empire over possible breaches of anti-money laundering and counter-terrorism financing laws. Bet365, founded by Denise Coates, 56, is being investigated by the Australian Transaction Reports and Analysis Centre, or Austrac, a financial crime watchdog, over allegations that the bookmaker breached the law. - The Times
