US oil falls below $30 a barrel for first time since 2003 January 12, 2016 Oil prices have fallen below $30 a barrel for the first time since 2003. West Texas Intermediate crude dropped very briefly to $29.97 a barrel before returning to $30 a barrel. It comes after a number of banks cut their forecasts for oil prices. Standard Chartered said it could fall to as low as $10 a [...]
Proposed national insurance tax rule could be easily dodged, warns Chartered Institute of Taxation January 12, 2016 A representative body for tax professionals today warned that proposed rules designed to tighten up claims for national insurance reductions could be too easy to dodge. The Chartered Institute of Taxation (CIOT) cautioned that HM Revenue & Customs’ (HMRC) plans to stop limited companies where the director is the sole employee from claiming Employment Allowance [...]
Mark Carney says UK recovery is not fuelled by debt January 12, 2016 Bank of England chief Mark Carney has played down fears that the UK's economic recovery has been based on an unsustainable credit boom. Speaking at at farewell symposium for Christian Noyer, the Bank of France's governor, Carney said "this is not a debt-fuelled recovery". He pointed out that private sector debt to GDP had fallen [...]
Niesr: UK economy expanded 2.2 per cent in 2015 January 12, 2016 The UK economy grew by 2.2 per cent last year, according to an early estimate from the National Institute of Economic and Social Research (Niesr), a think tank. While the growth rate would be slower than 2014's 2.9 per cent expansion, Niesr said it "remains consistent with the economy growing at close to its long-run potential [...]
Oil price: Nigeria and UAE clash over emergency Opec meeting in February/March as Brent and WTI crude continue to fall January 12, 2016 Two members of the Organization of Petroleum Exporting Countries (Opec) have clashed over whether the oil cartel will hold an emergency meeting before its next scheduled session in June, as oil prices continue to plump new lows. Opec members have been hurt by the collapse in global oil prices, with Brent falling below $32 a barrel [...]
Don’t leave your tax return until the last minute, warns Institute of Chartered Accountants in England and Wales, as deadline date for online filing falls on a Sunday this year January 12, 2016 The Institute of Chartered Accountants in England and Wales (ICAEW) has today urged people not to leave filing their tax return to the last second. The representative body for accountants warned that 31st January – the deadline date for filing a self-assessment tax return online – and 30th January were the busiest days for filing [...]
Number of businesses showing signs of distress plummets with healthier-looking profits and sales January 12, 2016 The number of businesses showing signs of distress has fallen to its lowest level since March 2012. Research released today by R3, a trade body for insolvency professionals, discovered that only 17 per cent of businesses report experiencing a key indicator of distress, such as a decrease in profits or having to make redundancies. “This [...]
Oil prices: Big banks sound alarm over outlook as they cut Brent crude and US WTI forecasts January 12, 2016 Some of the world's biggest investment banks have slashed their forecasts for oil, in the wake of a brutal new-year sell-off, with one institution warning it could crash to its lowest level in more than 18 years. Standard Chartered took the most negative view, warning other asset price movements could send the black stuff crashing to just [...]
Flexible working? Businesses miss out on best workers without it January 12, 2016 Businesses are missing out on hiring some of the best candidates by not hiring with flexible working in mind. Around 1.5m workers are currently under-employed in part-time jobs, settling for roles they are over qualified for because they offer flexible working patterns. The new findings in a report from recruitment site Timewise and the Joseph Rowntree Foundation [...]
Brent crude and US WTI oil slide towards $30 per barrel January 12, 2016 Oil prices slid towards $30 per barrel and to levels not seen in over a decade today. Brent crude, the global benchmark, fell over three per cent to a low of $30.43 per barrel earlier in the day, its lowest level since April 2004, before edging up to $31.12. West Texas Intermediate crude, the US benchmark, fell over three per cent to [...]