Taxing times: Sunak to slim down Bank Surcharge – CityAM : CityAM October 19, 2021 The additional tax on banks is set to slashed in the Budget, a boost for the capital’s lenders. The Bank Surcharge, an eight per cent top-up to corporation tax levied on banks, will be reduced to three per cent in the upcoming budget according to the Financial Times. The Chancellor has previously signalled that the [...]
Procter & Gamble hikes prices further as freight costs continue to bite October 19, 2021 Procter & Gamble (P&G) will raise the prices of some of its grooming, oral and skin care products in the U.S. The consumer goods company will apply the increases to specific items such as razors alongside some sub-categories. The price hikes are to counter higher commodity and freight costs that are expected to take a [...]
London Science Museum agrees coal producer sponsorship October 19, 2021 London’s Science Museum has pushed ahead with plans to pursue sponsorships from oil and gas companies. The institution has struck a deal with a subsidiary of Adani Group, which has coal mining operations in India, Indonesia and Australia. The group’s wind and solar energy arm Adani Green Energy will be the title sponsor of the [...]
Scottish Power: energy price cap not working October 19, 2021 The UK’s energy price cap is not working and the country is now paying the price, argues the boss of Spanish energy giant Iberdrola. Ignacio Galan, chief executive of Iberdrola, which owns Scottish Power, believed that the price cap is a short-term solution to protect consumers that has caused long-term damage to the market. He [...]
Treasury says UK’s ‘net-zero strategy’ will mean future tax rises to cover £37bn Budget blackhole October 19, 2021 The government’s newly released plan to get the UK to net-zero carbon emissions by 2050 would blow a £37bn blackhole in the Budget that would need to be filled by tax rises, according to the Treasury. Treasury analysis of the Net-Zero Strategy said the plans would mean “the loss of significant amounts of tax revenue [...]
Energy efficiency requirements may slow housing market – CityAM : CityAM October 19, 2021 The housing market may be stalled by government plans to require buyers to improve their new homes’ emergency efficiency under their mortgage terms. Property Mark, the trade body that represents letting agents, said the requirements – which have yet to be set out in detail – could initially deter people from moving homes. Mortgage lenders [...]
Goldman Sachs to continue business with fossil fuel companies October 19, 2021 Goldman Sachs will still work with fossil fuel companies. The Wall Street bank fears there will be “inflationary” consequences if private capital is diverted away from fossil fuels too aggressively. CEO David Solomon told Bloomberg that the bank will not stop its business with fossil fuel companies abruptly. Solomon stressed the need for a balanced [...]
‘Bitcoin Bankathon’ looks to find El Salvador’s financial future October 19, 2021 Banco Hipotecario has today announced it will be running the first Bitcoin Bankathon next month.
Home away from home offices: Employees ears are not burning, but the 2-ply toilet roll might be October 19, 2021 Boris Johnson’s recent announcement that “you have got to be able to come in [to the office] … and know what everybody is talking about … otherwise you are going to be gossiped about and you are going to lose out”, has caused a mixed outpouring of bemusement, derision and mirth. “How can anyone [...]
UK’s net-zero strategy will ‘support’ 440,000 jobs by 2030, says Boris Johnson October 19, 2021 The UK’s newly unveiled strategy to reach net-zero carbon emissions by 2050 will “support” 440,000 new jobs over the next decade, according to Boris Johnson. Johnson said the UK’s “net-zero strategy”, released today, will also “unlock” £90 billion in investment by 2030. The document pledges that the UK will be powered entirely by clean electricity [...]