EU referendum: Tory MP Michael Fabricant discusses leaving the EU, in-fighting and the way forward for the splintered Brexit groups February 8, 2016 “The UK may be 25 miles off the coast of Calais, but culturally it’s 25 miles off the coast of Boston, Massachusetts, or Brisbane, Australia,” says Michael Fabricant, MP for Lichfield and former Conservative Party vice-chairman. Fabricant, who readers may know from his wryly written tweets that get him into occasional trouble, is a man [...]
UK weather: Rising levels of surface water flooding put success of Flood Re insurance scheme at risk, warn academics February 8, 2016 The success of a reinsurance scheme designed to cut insurance costs for households with a high risk of flooding is in jeopardy thanks to rising levels of surface water flooding, academics have warned. According to a paper published today by Grantham Research Institute on Climate Change and the Environment and the ESRC Centre for Climate Change [...]
Chancellor George Osborne’s stamp duty reforms cost the Treasury £662m in 2015 February 8, 2016 George Osborne’s overhaul of the stamp duty tax regime has cost the taxpayer well over half a billion pounds in lost revenue last year, new research today reveals, as sales of high-end homes slowed and investors switched tactics to avoid paying huge premiums on purchases. In December 2014 the chancellor scrapped the old system, where the [...]
Clothing retailers bounce back in January as consumer spending returns to eight-month high February 8, 2016 Consumer spending returned to an eight month high in January as the freezing temperatures and discounts drove more shoppers to the high street to stock up on winter clothing. Spending rose by 2.7 per cent year-on-year in January from a 2.2 per cent rise in December and was the highest growth rate since May 2014, [...]
Credit Suisse chief executive Tidjane Thiam to waive part of his bonus after Swiss lender reports first set of annual losses since 2008 February 7, 2016 One banking chief has revealed he might not be receiving as hefty a bonus as he might be accustomed to this year. Credit Suisse chief executive Tidjane Thiam has told a Swiss weekly newspaper that he will be forfeiting part of his bonus, after the bank recently reported its first annual loss since 2008. Thiam is quoted [...]
Stamp duty land tax changes, which were announced in last November’s Autumn Statement, will amount to a stealth Cupid tax, warn tax experts February 7, 2016 Valentine's Day is on the horizon but recent tax regime changes mean that it might not feel like love is in the air for those couples planning on purchasing property after 31 March. The Association of Taxation Technicians (ATT) has warned that couples could unwittingly find themselves subject to government's new three per cent surplus charge on stamp [...]
Rolls-Royce could unveil another profit warning and suspend its dividend this week February 7, 2016 Engine maker Rolls-Royce will report its results for 2015 at the end of this week, and shareholders are bracing themselves for a profit warning and cuts to the dividend. Chief exec Warren East may announce the firm’s sixth profit warning in two years. Analysts are expecting profits to fall by around £320m to £1.3bn while profits [...]
China’s foreign exchange reserves hit lowest level since 2011 February 7, 2016 China’s foreign exchange reserves tumbled in January, according to figures released today. The country’s holding of US dollars fell by $99.5bn (£68.6bn) in January to $3.23 trillion, the lowest it's been since 2011, the data from the Chinese State Administration of Foreign Exchange shows. The Chinese authorities are attempting to maintain a value of the [...]
Deadline day for firms to send in forms identifying their senior staff under grandfathering rules for the Senior Managers Regime is tomorrow February 7, 2016 The Senior Managers Regime is taking one step closer to implementation, as many firms have until tomorrow to submit paperwork listing their senior staff members. Firms affected by the Senior Managers Regime, which include banks, building societies and certain investment firms, must file grandfathering notifications for staff members who have either already been approved or whose [...]
BT finance chief Tony Chanmugam to announce retirement February 7, 2016 BT's finance director is expected to announce his retirement within weeks and will step down later this year. Tony Chanmugam, who has been BT's group finance director since December 2008, will also step down from the BT board. Before becoming head of finance at the telecoms major, he held two senior positions at BT Retail, as [...]