Difficult decision to come from Sunak and Hunt on bank surcharge October 30, 2022 The government has not ruled out reversing a tax cut on the UK’s biggest banks as it scrambles to overfill a huge hole in the public finances. Asked today by City A.M. if chancellor Jeremy Hunt and prime minister Rishi Sunak would commit to cutting the bank surcharge, an effective windfall tax, the Treasury said [...]
MPs slam ‘short-sighted and incredibly damaging’ tax-free shopping u-turn October 24, 2022 Cross-party MPs have warned that a u-turn on tax-free shopping for overseas tourists is “short-sighted and incredibly damaging” as the tourism sector hopes to recover post-Covid. In a new report, the Digital, Culture, Media and Sport (DCMS) Committee said Chancellor Jeremy Hunt’s u-turn was hindering the sector. The committee said it felt the government was [...]
Bank of England to launch record rate rise to step up fight against 40-year high inflation October 19, 2022 The Bank of England will have to hike interest rates by a record whole percentage point at its meeting on 3 November, City economists are betting today after inflation returned to a 40 year high of 10.1 per cent last month. Prices are still rising sharply despite the Bank already lifting borrowing costs seven times [...]
Hunt mini-budget overhaul right for now but investment relief needed, Thatcherites urge October 19, 2022 New chancellor Jeremy Hunt’s decision to junk pretty much all of prime minister Liz Truss’s botched mini-budget has damaged the UK’s tax competitiveness, a new report out today says. Britain has dropped to 33rd out of the 38 nations part of the Organisation for Economic Cooperation and Development (OECD) as a result of Hunt’s tax [...]
Shares jump for housebuilders as stamp duty survives mini-budget u-turns October 17, 2022 Shares jumped for this afternoon after stamp duty cuts survived Jeremy Hunt’s mini-budget backtrack. Major players like Barratt Developments, Persimmon and Taylor Wimpey all saw their stock rally after the new chancellor’s emergency statement this morning. Barratt’s shares climbed nearly four per cent, whilst Persimmon and Taylor Wimpey were up nearly five per cent. Hunt [...]
Pubs and brewers disappointed by alcohol duty reversal ahead of ‘toughest winter in history’ October 17, 2022 Pubs will be “hit extremely hard” this winter after the government scrapped an upcoming alcohol duty freeze, industry chiefs said. The duty freeze was one of many policies consigned to a bonfire of tax cuts from newly-appointed Chancellor Jeremy Hunt on Monday. Announced just a few weeks ago by Hunt’s predecessor Kwasi Kwarteng, the move would [...]
VAT free shopping U-turn ‘major blow’ for West End as tourists shun London for Paris and Milan October 17, 2022 Scrapping VAT free shopping for tourists is a “major blow” for London and the country’s economy, a group representing luxury stores in the West End and other retail hotspots has said. Paul Barnes, chief executive of the Association of International Retail (AIR) – whose members range from Bicester Village to Heathrow Airport – told CityA.M. the [...]
Nadine Dorries calls for Boris Johnson to return as Prime Minister October 17, 2022 Former culture secretary Nadine Dorries has the Conservatives should reinstall Boris Johnson as Prime Minister. The staunch ally of the ex PM took to Twitter ahead of chancellor Jeremy Hunt’s bombshell statement on Monday morning. Hunt announced the UK’s energy bills freeze will only be universal until April and binned the majority of Liz Truss’ [...]
Hunt to make statement on fiscal plan TODAY in bid to calm markets October 17, 2022 Jeremy Hunt will make an announcement today in Parliament about the government’s so-called Medium-Term Fiscal Plan. The chancellor’s statement is a bid to calm the markets, bringing forward the details of the now much-derided mini-budget, outlined by his predecessor. Hunt will issue his plans later today and also speak in the House of Commons this afternoon. [...]