Shortage of credit for SMEs preventing UK from ‘levelling up’ September 8, 2021 A critical shortage of lending to Britain’s small businesses is preventing the UK from “levelling up”, according to a report published by a group of cross-party MPs today. The All-Party Parliamentary Group has warned that a lack of trust between banks and businesses has choked the supply of credit to SMEs in the UK. Theodora [...]
NHS will ‘swallow’ additional funds raised by tax hikes, warns IFS September 8, 2021 A leading economic think tank has warned Boris Johnson’s decision to hike national insurance and dividend tax will not raise enough funds to tackle England’s social care crisis. The Institute for Fiscal Studies has warned the 40 year trend of the NHS breaching its budget will lead to the additional money raised by the tax [...]
Dividend tax grab threatens City’s reputation as a good place to do business September 8, 2021 Boris Johnson’s £600m dividend tax raid could deter investors, dampen entrepreneurial activity and damage the City of London’s reputation as a good place to do business, experts have warned. The government launched a tax assault yesterday in a bid to raise money to pay for clearing the swelling backlog of NHS work and to fix [...]
European banks nowhere near ready for ECB climate stress test September 8, 2021 European banks are nowhere near ready for the looming European Central Bank climate stress test, according to new figures. A survey of 20 major European banks shows there is universal agreement among lenders that they are not prepared for the ECB’s climate stress test. The ECB has voiced its concern over European banks’ lack of [...]
Does the IPCC report change anything? September 8, 2021 | City Talk The Intergovernmental Panel on Climate Change (IPCC) has published its sixth assessment report (AR6) this week. It has captured headlines around the world, and sets a sobering backdrop in the run-up to COP26, which will bring global leaders together to agree the next leg of global action to tackle the defining challenge of our era. [...]
Halfords sales grow 18.7 per cent in two years September 8, 2021 Halfords, the UK’s leading provider of motoring and cycling products, saw year on year sales growth of 10.5 per cent despite supply chain disruption. In the first 20 weeks of the year, sales were driven predominantly by interest in motoring, which saw like for like growth of 52.1 per cent and picked up the slack [...]
French drugmaker Sanofi to spend $1.9bn to buy US biopharma firm Kadmon September 8, 2021 French healthcare company Sanofi has announced its plans to acquire Kadmon, a US biopharmaceutical firm, for $1.9bn, according to reports. The news comes just one month after Sanofi announced its intention to buy another US biotech, Translate Bio, in a $3.2bn deal. The French drugmaker said it offered $9.50 per share in cash for Kadmon [...]
Dunelm sales grow 26.3 per cent in a year to £1.3bn September 8, 2021 The UK’s leading homeware retailer, Dunelm, has seen sales of £1.3bn for the 2021 financial year, up from £1.0bn in FY20. In the year ending June 26 2021, profit before tax soared by 44.6 per cent, jumping from £109m to £158m. Shareholders were treated to a bumper payout after going without in FY20. Diluted earnings [...]
Brits born into wealthy families twice as likely to become high earners September 8, 2021 Brits born into wealthy families are at least twice as likely to take home high pay packets compared to people born into poorer families, according to fresh figures released today. Research conducted by the think tank, Institute for Fiscal Studies, shows one in five Brits with parents in the wealthiest fifth of the population earn [...]
Tax hikes pull London markets down September 7, 2021 Sliding financial stocks pulled London markets down today after prime minister Boris Johnson announced a hike to dividend taxes and national insurance. The capital’s premier index fell, the FTSE 100, slipped 0.48 per cent to 7,152.75 points, while the mid-cap FTSE 250 had 0.62 per cent shaved off its value to fall to 24,097.48 points. [...]