Rishi Sunak should cut national insurance and make investment relief permanent, report argues June 28, 2023 Prime Minister Rishi Sunak and Chancellor Jeremy Hunt should cut companies’ national insurance contributions and make the temporary business investment tax relief permanent, an influential think tank has argued in a radical blueprint to overhaul the UK’s tax regime. Employers’ should be subjected to a 12.8 per cent national insurance levy, one percentage point lower [...]
Budget Britain: Inflation forces families to trade down and opt for staycations June 28, 2023 Britons are trading down to cheaper products and are opting to holiday at home in response to rampant inflation and higher interest rates squeezing their budgets, new research out today shows. Some 40 per cent of families have been buying more value or own brand products in 2023, according to analysis from consultancy KPMG. The [...]
FTSE 100 close: Asia stock surge lifts London index as Wise soars 16 per cent June 27, 2023 London’s FTSE 100 regained ground today, taking its lead from a decent overnight session in Asia that was aided by Chinese lawmakers signalling economic support measures are on the way. The capital’s premier index jumped 0.11 per cent to 7,461.47 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health [...]
Odey suspends flagship hedge fund after redemption pressure – reports June 27, 2023 Odey Asset Management has suspended its flagship hedge fund after it was hit with redemption requests following the removal of founder Crispin Odey, Bloomberg News reported on Monday.
Bank of England’s Tenreyro warns more interest rate hikes risks pushing inflation below target June 27, 2023 A Bank of England official has said raising interest rates too aggressively could push inflation below the central bank’s target over the coming years. Departing monetary policy committee (MPC) member and professor at the London School of Economics Silvana Tenreyro today said tightening borrowing costs in an economy that is undergoing a severe external energy [...]
Let’s all hand our cash over to the Treasury to pay off UK’s £2.5 trillion debt pile (not) June 27, 2023 Here’s a fun fact. If everyone in the UK worked for a year and gave all their earnings to the Treasury, the government could nearly repay the country’s more than £2.5 trillion debt pile. Alright, that’s oversimplifying the equation. But it does illustrate a principle in economics that often gets lost in the deluge of [...]
Bank of England and Rishi Sunak fail to win over investors on inflation fight June 27, 2023 Investors are sweating over Britain’s inflation problem running out of control and the Bank of England being unable to solve it any time soon, exclusive research for City A.M. has revealed. More than a year of raging prices has eroded confidence in policymakers’ ability to ease the cost of living crisis. Some 56 per cent [...]
Stock and bond prices fall for first time since 2008 financial crisis but only to $255 TRILLION June 27, 2023 The value of stocks, bonds and other financial assets across the world have fallen for the first time since the 2008 financial crisis as central banks globally have jacked up interest rates aggressively to tame stubbornly high inflation. Global financial wealth slimmed four per cent last year to $255 trillion, the first drop in 15 [...]
FTSE 100 close: Banks regain ground amid interest rate concerns as Vodafone slumps June 26, 2023 London’s FTSE 100 was dragged into the red today, driven by Britain’s largest banks struggling amid concerns about how much higher UK interest rates will go and Vodafone tumbling. The capital’s premier index fell 0.11 per cent to 7,453.59 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of [...]
Scottish Mortgage bosses set for shareholder grilling after ‘painful’ year June 26, 2023 Bosses at Scottish Mortgage Investment Trust are set to face down shareholders tomorrow after a “painful” year in which it has been rocked by a boardroom spat and a plunge in its share price.