Going it alone: Tech giants to be hit by UK digital services tax October 29, 2018 Technology giants operating in the UK will be served with a narrowly-targeted digital services tax, chancellor Philip Hammond announced today. With consultations to occur before the tax goes live in April 2020, the chancellor said the move is to ensure "the UK continues to be the best place in the world to start and scale [...]
Apprenticeship levy: Treasury slashes businesses’ contributions in half October 29, 2018 Chancellor Philip Hammond has unveiled plans for a £695m initiative to help small firms hire apprentices in his Budget this afternoon. The Treasury is cutting the small businesses co-investment level for apprenticeships from 10 per cent to five per cent. Helen Dickinson, chief executive of the British Retail Consortium, said: “While the Chancellor’s recent announcement to [...]
Hammond confirms business rate relief for small firms as the high street faces pressure ‘as never before’ October 29, 2018 Chancellor Philip Hammond has confirmed his plans to inject £1.5bn into Britain’s high streets in today’s budget. In a new spending package aimed at boosting small town retailers and high street firms, Hammond has announced business rates relief for firms with a rateable value of less than £50,000 will be cut by a third. The [...]
Government to ban private finance initiatives for future public sector projects after Carillion collapse October 29, 2018 The government will abolish the use of private finance initiatives (PFI) to fund future projects, chancellor Philip Hammond announced today. The announcement in Hammond's Autumn Budget, the last before Brexit, comes after the collapse of construction giant Carillion put the controversial funding model in the spotlight. "We will honour existing contracts, but the days of the public [...]
New NHS service to include mental health ambulances and a hotline for sufferers October 29, 2018 Chancellor Philip Hammond has reiterated the government’s promise for an extra £20.5bn in funds for the NHS, including a new mental health crisis service, as he committed to end austerity. “We made out choice for this budget four months before it was delivered,” the chancellor said. “Our NHS is the number one priority of the [...]
Military to get £1bn more over next two years to fund cyber and nuclear capability October 29, 2018 The UK’s military is to receive £1bn more over the next two years to help plug funding shortfalls, the chancellor Philip Hammond said in his budget speech today. Hammond told the House of Commons that the money would be used to boost the UK’s cyber capabilities, its anti-submarine warfare capacity and its submarine-borne nuclear deterrent. [...]
Hammond heralds ‘end of austerity’ as debt and deficit forecasts improve October 29, 2018 Chancellor Philip Hammond heralded the “end of austerity” in his Budget speech today as the Office for Budget Responsibility (OBR) improved its outlook and said debt and the deficit would continue to fall. The OBR has improved its GDP growth forecast to 1.6 per cent for 2019 – increased from the 1.3 per cent forecasted at [...]
UK’s biggest care home provider Four Seasons Health Care to be sold October 29, 2018 Four Seasons Health Care has been put up for sale in a bid to pay off debt owed to US hedge fund controllers H/2 Capital Partners. H/2 effectively controls the UK’s largest care home company, which is still owned by private equity veteran Guy Hands’ Terra Firma. Four Seasons’ parent company Elli Investments notified the [...]
Giant emerald set to roar at Singapore auction house October 29, 2018 A massive emerald found in a Zambian mine earlier this month will go on sale in Singapore in November. The 5,655 carat Inkalamu Emerald, named after the Bemba word for lion, will be sold to a group of 45 hand-picked potential bidders in a Singapore auction. It was discovered at Kagem, the world’s largest emerald [...]
Two former Afren oil executives sentenced to 30 years for fraud and money laundering October 29, 2018 The former chief executive and chief operating officer of collapsed oil firm Afren have been sentenced to 30 years in jail for fraud and money laundering offences committed while in charge of the company, the Serious Fraud Office said today. Former chief executive Osman Shahenshah and former operations chief Shahid Ullah received more than $45m (£35m) from a [...]