Rishi Sunak to outline argument for tax cuts in keynote speech February 23, 2022 Rishi Sunak will promise to cut taxes in a keynote speech today, with the chancellor to hit out at “flippant” calls for him to slash taxes immediately without considering the effect on planned spending. The chancellor will say at the annual Mais lecture that “I am going to deliver a lower tax economy, but I [...]
Labour: Starmer to take swipe at Corbyn’s economic legacy in Huddersfield speech February 23, 2022 Sir Keir Starmer will further outline what Labour’s economic policies would look like in government and take a shot at the direction of the party under former leader Jeremy Corbyn in a keynote speech tomorrow. Starmer will say that a Labour government will ensure “Britain will once again grow” and “build an economy of prosperity, [...]
Bumper results ease Russia-Ukraine fears in the City February 23, 2022 London’s top indexes were muddled yesterday despite some of the City’s largest companies reporting bumper results, boosting investor sentiment. The capital’s premier FTSE 100 index edged 0.05 per cent higher to 7,498.18 points, while the domestically-focused FTSE 250 index, which is more aligned with the health of the UK economy, lost 0.72 per cent to [...]
Bank of England Governor Bailey doubles down on pleas to go easy on pay demands February 23, 2022 The Governor of the Bank of England yesterday doubled down on his pleas to workers to temper pay demands despite households facing the worst cost of living squeeze in a generation. Andrew Bailey added to his previous comments when responding to a grilling by MPs, also calling on businesses to exercise restraint during price setting [...]
Preventing entrenched inflation will require inflicting economic self-harm, IMF warns February 23, 2022 Preventing inflation from spiralling out of control will require dealing a heavy blow to the UK’s economic health, the world’s economic watchdog warned today. Getting inflation back down to the Bank of England’s two per cent target will come with the trade off of squeezing households’ living standards and choking economic growth, the International Monetary [...]
Firms on the hunt for staff despite labour squeeze February 23, 2022 Employers are planning on expanding their workforce despite an ongoing labour squeeze scuppering recruitment efforts, reveals a new survey published today. A net 24 per cent of companies intend to ramp up hiring over both the medium and long term, according to a survey by the Recruitment and Employment Confederation (REC). Strong hiring intentions indicate [...]
Buy-to-let investors profit taking boosts CGT take to record level February 22, 2022 Buy-to-let investors taking profits on their properties has propelled capital gains tax (CGT) receipts to their highest ever level, revealed official figures published yesterday. The Treasury received 20 per cent more income from capital gains tax last year, with receipts climbing to £12.9bn from £10.8bn from the previous year, according to HMRC. A red hot [...]
BoE deputy governor voted for ‘front-loaded’ tightening to quash wage pressures February 22, 2022 Strengthening wage pressures risking further upside inflation surprises led a deputy governor at the Bank of England to vote for a “front-loaded tightening in monetary policy”. Sir Dave Ramsden, a member of the Bank’s rate setting committee who voted for a 50 basis point rate hike at Threadneedle Street’s last meeting, said yesterday further hikes [...]
City investors spooked by Russian forces moving into Ukraine February 22, 2022 Russian forces moving into eastern Ukraine sent City investors looking for direction yesterday as London’s top indexes posted a mixed day. The capital’s premier FTSE 100 index added 0.13 per cent to reach 7,494.21 points, while the domestically-focused FTSE 250 index, which is more aligned with the health of the UK economy, fell 0.49 per [...]
Factory prices set to accelerate at fastest rate since mid-1970s as inflationary pressures bulge February 22, 2022 Factory prices are set to soar at their fastest pace since the mid 1970s as inflationary pressures in the UK economy dial up, according to a closely watched survey published today. A net balance of 77 per cent of British manufacturers intend to hike prices over the next three months, according to a survey by [...]