Which way for markets? It’s all about the midterms November 6, 2018 Americans will cast their vote in the US midterm elections today, and the results will set the tone for stock markets around the world. All 435 seats in the House of Representatives are up for grabs, while 35 of the 100 Senate seats will be on offer too. The big picture result will centre around [...]
Tube delays: Severe delays hit Metropolitan Line as commuters advised to use the bus instead November 6, 2018 Severe delays are affecting the Metropolitan Line after a signal failure, spelling commuter chaos for those heading to work from west London. The failure at Harrow-on-the-Hill means local buses are accepting tickets, said Transport for London (TfL). The delays come just a day ahead of strikes expected to wreak havoc on Tube lines. The Central [...]
German budget supermarket chain Lidl boosts wages for UK employees November 6, 2018 German budget supermarket Lidl will boost wages for thousands of its workers in the UK, it said yesterday. Lidl said entry-level wages will increase from £8.75 an hour to £9 an hour outside of London and from £10.20 to £10.55 an hour within the capital. The increase will come into effect from 1 March next year, [...]
Work should pay – for both high and low earners November 6, 2018 In a tense standoff with Labour MP Wes Streeting last night, chancellor Philip Hammond defended his decision to reduce the burden of income tax in the autumn Budget. The argument, played out in front of the Treasury Select Committee, was classic Tory v Labour fare. Streeting demanded to know why Hammond was cutting taxes instead of [...]
Brussels ups the ante over Italy budget November 5, 2018 Eurozone finance ministers stood their ground against the Italian government tonight, as it urged policymakers in Rome to revise its draft budget to align with European rules. The European Commission rejected Italy’s free-spending draft budget plan last month and ordered the government to submit a revised budget by 13 November. The EU’s economic and financial [...]
Hammond spies end of UK’s deficit despite Budget spending increase November 5, 2018 Chancellor Philip Hammond has said he believes the government’s target of eliminating the UK’s deficit is “within touching distance”, despite ramping up public spending and tax cuts in the Budget. Appearing before the Treasury Select Committee this evening, Hammond denied his 2016 plans to reach a budget surplus by the mid-2020s had been abandoned. However, he [...]
EU firms scramble to stay in the City in no-deal Brexit November 5, 2018 More than 1,000 EU firms have expressed their interest in taking up the UK's offer of continued access to the City in the event of a no-deal Brexit, according to the Financial Conduct Authority (FCA). The City watchdog's international director Nausicaa Delfas said around 1,300 EU firms were seeking to trade within the FCA's temporary [...]
Bahraini royal sued for £25m over alleged broken agreement to meet Bollywood idols November 5, 2018 A member of the Bahraini royal family is being sued in London's High Court over allegations he reneged on a deal to pay out around $33.5m (£25m) to meet a number of his favourite Bollywood stars. Egyptian businessman Ahmed Adel Abdallah Ahmed claims sheikh Hamad Isa Ali al-Khalifa owes him the multi-million pay package after [...]
HMRC fights firms for years in toughest tax cases November 5, 2018 UK authorities have found themselves caught in several tax trench wars, as the average age of unresolved tax battles with the UK’s biggest businesses climbs. In the year to the end of March, HMRC’s open tax battles rose from an average duration of 34 months to 39 months, meaning many cases are taking over three [...]
Lloyds Banking Group set to create 8,000 new UK jobs November 5, 2018 Lloyds Banking Group is reportedly set to announce plans tomorrow to create 8,000 jobs in the UK as part of a £3bn technology and transformation investment programme. The bank will also announce that it is cutting 6,000 roles, leading to a net jobs creation figure of 2,000. Sky News reports the reorganisation is part of [...]