Budget 2017: The sugar tax will raise less revenue than expected (but it’s a good thing) March 8, 2017 The chancellor today set the rate for the so-called sugar tax, but he said sugary drink producers have already worked to reduce the quantity of the sweet stuff in their drinks, which means a lower revenue forecast for his tax. "This is good new for our children," said Philip Hammond during his Budget speech. Drinks with a total sugar [...]
Budget 2017: The new cigarette tax will be based on a pack price of £7.35 March 8, 2017 A new minimum excise tax (MET) will raise prices of the cheapest cigarettes. During his Budget speech today, chancellor Philip Hammond said the so-called floor on cigarettes is based on a pack price of £7.35. An MET is effectively a floor price that will hike the price of low-cost brands in an effort to encourage smokers to quit rather than switch [...]
Budget 2017: £5m in returnship funding pledged to help people coming back from career breaks March 8, 2017 The focus on helping women back into work following a career break has been given a boost with the announcement £5m will go towards extending return to work schemes to all levels of management. The funding will also go into industries where women are underrepresented, chancellor Philip Hammond said today in his Budget. The chancellor said [...]
Budget 2017: New £300m fund for business rates relief March 8, 2017 The government has promised to help cushion the blow of business rates with a £300m relief fund for local authorities. Chancellor Philip Hammond has also committed to "smoother and more frequent" business rates revaluations. In addition, small pubs will be getting a £1,000 business rate discount this year – a tax cut that will help 90 per [...]
Budget 2017: Corporation tax falling to 17 per cent by 2020 March 8, 2017 Chancellor Philip Hammond today confirmed that corporation tax will fall to 17 per cent by 2020 – the lowest in the G20. The chancellor said "the UK needs a fair tax system" so that the UK becomes the "best place to start a business". From April this year, corporation tax will fall to 19 per cent, Hammond [...]
Barclays is cutting more than 180 jobs as it shuts the doors on its mortgage unit in Wales March 8, 2017 Barclays is cutting more than 180 jobs, as it shuts down its mortgage centre in Wales. "Barclays is working hard to meet customer needs and keep the customer at the heart of what we do," a spokesperson for the bank said. "Part of this work is ensuring that our contact centre site processes are working [...]
Budget 2017: UK growth prospects upgraded by government’s forecaster March 8, 2017 The UK economy is set to grow much quicker than previously thought, according to the government's official forecaster, boosting chancellor Philip Hammond's efforts to cut public sector borrowing. The Office for Budget Responsibility (OBR) now forecasts growth of two per cent in 2017, chancellor Philip Hammond announced in his Spring Budget statement, while inflation is [...]
Dignity share price drops after growth revision March 8, 2017 Dignity, which provides funeral services, crematoria and pre-arranged funeral plans, saw its share price plunge 13 per cent after it revised down its growth rate. It revised down its medium-term target underlying EPS growth rate to eight per cent per annum from the current 10 per cent. However, Dignity beat analysts’ consensus profit forecasts after [...]
London-listed vodka producer Stock Spirits’ profits up despite shareholder scuffle and challenges in Polish market March 8, 2017 London-listed Polish vodka producer Stock Spirits' net profits have soared despite challenges in its Polish market and attacks from an activist investor. The figures Stock Spirits's net profits have soared 46.4 per cent to €28.4m (£24.6m). However, net sales were down 0.6 per cent to €261m (£226m) from €262.6m a year before. The drinks giant has acquired three alcohol [...]
Property fund Pradera, backed by UK private wealth partnership LJ Partnership, buys 25 Ikea retail parks across Europe in €900m deal March 8, 2017 A retail property fund and asset manager has agreed a €900m (£780m) deal for 25 Ikea retail parks across Europe. Pradera, which is backed by UK-based private wealth partnership LJ Partnership, is buying centres in eight countries across the continent as part of the deal. The retail parks, situated next to Ikea stores, comprise around 500 [...]