Hunt must commit Treasury and BoE to review of rate rise impact, Labour shadow City minister urges March 21, 2023 Chancellor Jeremy Hunt has been urged to commit the Treasury and the Bank of England to a review of “sharp interest rate rises” in light of the ongoing banking turmoil. Shockwaves have rocked the financial sector in the past weeks with the collapse of the US arm of tech bank SVB – plus the buyout [...]
Recession off the cards, getting over 50s ‘back to work’, strikes and banks take stock – the five best read stories on City A.M. this week March 17, 2023 It was the week UK Chancellor Jeremy Hunt laid out his first Spring Budget, but as pension savers and taxpayers looked on, fears of a recession appeared to fade, although the sagas of banks Silicon Valley Bank, Credit Suisse and on-going strikes raged on; here are the stories readers were flocking to on City A.M. [...]
Jeremy Hunt tax hikes and weak economy to swipe £10k from Britons while wealthy reap pension rewards March 16, 2023 Britons are poised to miss out on £10,000 of income over the coming years after Chancellor Jeremy Hunt lifted taxes to their highest sustained level in history, experts have predicted. When combined with sluggish economic growth , the Institute for Fiscal Studies (IFS) has estimated that the tax take means real incomes will be at [...]
‘Wrong priority’: Labour pledges to reintroduce pensions allowance March 16, 2023 Labour says it will reverse the abolition of the lifetime pensions allowance limit, branding the move the “wrong priority”. Chancellor Jeremy Hunt announced plans to scrap the £1m tax free limit on lifetime savings in pensions in Wednesday’s budget. The move is aimed at keeping Brits – including top NHS staff – in work for [...]
Budget: OBR says UK to avoid recession and is on course to grow every year after short blip in boost for Jeremy Hunt March 15, 2023 Britain will avoid a much-tipped recession this year and will grow every year until 2027 after a short blip, a massive reversal from economists warning of the longest contraction in a century just a few months ago, the country’s spending watchdog said today. UK GDP is on course to suffer a mild slump in 2023 [...]
Budget: Why Jeremy Hunt needs you back at work to prevent a recession March 15, 2023 This was a budget for the workforce. It showed signs of sparking the supply side revolution that Liz Truss championed, but crashed hard in trying to get there too quickly. The Office for Budget Responsibility (OBR) thinks so. It projects the government’s collective policies designed to boost the labour market will provide a 0.2 per [...]
Budget 2023: Jeremy Hunt’s ‘growth’ plan may embrace childcare and over 50s but hike in corporation tax stays March 15, 2023 Chancellor Jeremy Hunt delivered what he claimed was a growth-focused budget centred on childcare reform, pensions and business investment, but the six per cent hike in corporation tax will remain. He unveiled what amounted to a universal childcare policy; abolished the lifetime allowance on tax-free pensions savings; and announced tax breaks for firms investing in [...]
Budget: Jeremy Hunt expected to splash £4bn on childcare expansion March 15, 2023 Chancellor Jeremy Hunt is expected to spend £4bn on childcare expansion for one and two-year-olds in today’s Budget as part of a drive to get Brits into work and boost growth. Ministers are set to provide an extra 30 free hours a week to parents of toddlers and to raise cash for the existing childcare [...]
FTSE 100 close: Global banking rout weighs on index as budget does little to lift sentiment March 15, 2023 London’s FTSE 100 slumped this afternoon as the banking sector faced a major sell-off following concerns over the future of Credit Suisse. The capital’s premier index closed 3.83 per cent lower at 7,344.45 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, shed 2.63 per [...]
Budget: Hunt confirms energy price cap guarantee extension with household bills kept to £2,500 March 15, 2023 Chancellor Jeremy Hunt has confirmed that the Energy Price Guarantee will be extended at its current level/