2022: The year the UK economy soured December 23, 2022 Let’s not forget that inflation was already a problem heading into 2022. The final inflation reading of 2021 was for November and came in at 5.1 per cent, nearly three times higher than the Bank of England’s two per cent target and the highest level since September 2011, according to the Office for National Statistics [...]
Hunt confirms full fat budget and OBR forecast on 15 March 2023 December 19, 2022 The government will deliver a full fat budget on 15 March next year, chancellor Jeremy Hunt confirmed today. The announcement will be accompanied by an assessment of the impact of the government’s tax and spending plans on the public finances by the Office for Budget Responsibility (OBR). Last month, Hunt delivered what was in effect [...]
Hunt defends new electricity generator levy in Downing Street showdown December 15, 2022 Chancellor Jeremy Hunt defended the introduction of a new tax on legacy electricity generators at a Downing Street roundtable this week.
EXCL – UK investors abandon Sunak and Hunt as only one in four have faith in Tory economic policy December 15, 2022 Just over one in four UK investors have faith in Tory economic policy, with the majority concerned about slowing economic growth, according to new research shared exclusively with City A.M. today. In fact, less than a third believe Jeremy Hunt is the right person to be chancellor. Just 27 per cent have confidence in the [...]
Bank of England calls for tighter rules on LDI market after mini-budget chaos December 13, 2022 Tighter oversight of the pensions industry is needed to ensure it can “withstand severe but plausible market moves” similar in size to those seen in the aftermath of Liz Truss’s disastrous mini-budget in September, the Bank of England said today. The recommendation from the Bank’s financial policy committee (FPC) has been sparked by concerns over [...]
Big Bang 2.0: Financial institutions welcome Jeremy Hunt’s Edinburgh reforms December 10, 2022 Leading financial institutions have welcomed Chancellor Jeremy Hunt’s Edinburgh reforms, which set out to “turbocharge” the UK’s growth. Announced yesterday, the plans aim to “seize the benefits of Brexit” by delivering the biggest shake-up in the financial sector for 30 years. According to UK Finance’s chief executive David Postings, the package is “a major step [...]
Post-Brexit reforms: Hunt aims to ‘turbocharge’ economy with biggest banking shake-up in 30 years December 9, 2022 Chancellor Jeremy Hunt has unveiled plans to “turbocharge growth” with the biggest shake-up in banking reforms for three decades. His so-called Edinburgh reforms announced this morning seek to “seize the benefits of Brexit” by cutting EU red tape for the financial sector. The new measures build on the government’s Mansion House 2021 package, with a [...]
Hunt to unveil post-Brexit Big Bang 2.0 for UK financial services industry December 8, 2022 Jeremy Hunt will finally unveil the government’s plans to shred EU financial services laws today as he proposes a package to boost the City’s global competitiveness post-Brexit. Hunt will deliver the landmark announcement in Edinburgh this morning, with the chancellor set to drop Solvency II capital requirements on insurance firms and ease current bank ring-fencing [...]
Optimism abounds in OBR forecasts, but just how feasible are they? November 28, 2022 When former Tory chancellor George Osborne created the Office for Budget Responsibility (OBR) in 2010, he was unlikely to have envisioned it would become the source of financial market turmoil. But, that upheaval was not the budget watchdog’s fault. Instead, it was former prime minister Liz Truss and ex-Number 11 incumbent Kwasi Kwarteng’s disdain toward [...]
Taxman grabs 30 per cent more from Brits over last five years November 23, 2022 The amount of money the taxman takes away from Brits has climbed 30 per cent over the last five years, City A.M. analysis of official figures shows. In the year to 31 October this year, HMRC collected £757bn in taxes, up from £584bn in 2015/16, stats out this week reveal. The rise in tax revenues [...]