Tax freedom day slips into June as annual tax bill grows June 3, 2016 Today marks “tax freedom day”, the day of the year when the average UK worker stops paying tax and starts earning for themselves. The date, calculated by the Adam Smith Institute (ASI), falls four days later than in 2015 and has crept into the month of June for the first time in 15 years. With tax [...]
A vote to leave the EU could send the FTSE 100 south by 10 per cent over 12 months, bankers at UBS have warned June 2, 2016 Quitting the EU could knock the FTSE 100 back by 10 per cent over the next 12 months, to levels last recorded in February this year, UBS Wealth Management has warned. The pound would also take a hit, dropping to $1.25 and €1.20. In February the FTSE fell as low as 5536.97, 10 per cent off its current 6,185.79. The fall would [...]
Mario Draghi wants the UK to stay in the European Union as he unveils date for big bazooka June 2, 2016 Mario Draghi has explicitly called on UK voters to reject Brexit and choose to stay in the EU in the 23 June referendum. The president of the European Central Bank (ECB), speaking in Vienna this afternoon, did not hedge his bets, saying point blank: "The UK should remain in the EU. "The EU will benefit [...]
Before the bell: What you need to know before the US market open June 2, 2016 The European Central Bank (ECB) and the Organization of the Petroleum Exporting Countries (Opec) are both in Vienna today to decide on their respective policies and could add an extra kick of volatility to global markets. Here's what you need to know before the market open at 14:30 London time. US futures are struggling ahead of the opening bell. [...]
ECB will start buying corporate bonds as part of €80bn a month package next week June 2, 2016 The European Central Bank (ECB) will start buying corporate bonds as part of its quantitative easing package next week, it was confirmed today, as the Bank kept monetary policy on hold. The central bank, headed by president Mario Draghi, left its headline interest rates unmoved, with its deposit facility at minus 0.4 per cent and [...]
Construction PMI hits new low with building on hold until after EU vote June 2, 2016 Another PMI. Another disappointing score. Another sign that the UK economy is slowing down. This morning it was the turn of the construction industry to post the latest weak score on the purchasing managers' index (PMI), as the industry experienced the first fall in new orders in three years and edged dangerously close to slowdown territory. [...]
Revealed: The UK’s thriftiest small companies – from Match.com to the Royal Collection Trust June 2, 2016 Dating site Match.com, White Dark – the artistic company of sculptor Anish Kapoor, and the Royal Collection Trust, have all been named as some of the UK's thriftiest small companies. The research, carried out by company intelligence provider DueDil, named 156 companies in the UK with positive net assets and a turnover between £30m-£50m, and who hold [...]
Reducing net migration could mean the state pension age goes up and annual payments come down June 2, 2016 Hitting the government’s net migration target would put an £8bn hole in the public finances, and could lead to lower state pensions or higher taxes. New analysis, out today, from the National Institute for Economic and Social Research (Niesr) found that reducing immigration to the "tens of thousands" would hit tax revenues by £3bn a year by [...]
Tom Watson’s call to ban private exit polls shows that even Labour’s moderates are too far to the left June 1, 2016 Such is the state of Labour's front bench these days that deputy leader Tom Watson is considered markedly centrist, a throwback to an era when the top positions were not occupied by unreformed Marxists. But last night Watson reminded us that even the party's so-called moderates have an instinct for blunt, authoritarian interventionism, and policies [...]
Liam Fox and Remain campaigners clash over Brexit’s impact on housing June 1, 2016 Campaigners on both sides of the EU referendum debate are set to clash today over the impact of Brexit on the housing crisis. In a speech at Vote Leave's offices today, former defence secretary Liam Fox will blame immigration for high housing costs in the UK. Meanwhile, Britain Stronger in Europe will hit out at Fox, [...]