The Bank of England has taken another crack at estimating the cost (or value, depending on your point of view) of the implicit subsidies given by the state to various banks.
The full paper, with a much more detailed look at methodology, is here. We will just bring you a little snapshot of Noss and Sowerbutts’ work. Read more
The US ethanol industry will seek a subsidy safety net linked to oil prices after the Senate voted heavily to scrap two of the principal supports for the corn-based biofuel, suggesting the subsidies will finish by the end of the year, the FT says. The Senate voted to repeal the 45 cent per gallon tax credit for blending corn ethanol with conventional fuel and the 54 cent per gallon tariff on imports. Bloomberg reports that the recent vote signals an ill-wind for other energy subsidies, such as wind, solar, biomass and biodiesel. Commodities markets reacted to the news with corn futures for December delivery slid 2 per cent to $6.53 a bushel in Chicago, after touching $6.50, the lowest for the most-active contract since March 17. Read more