Virgin Atlantic boss calls on Govt to make ‘difficult decisions’ and bring pound up September 27, 2022 Virgin Atlantic’s boss Shai Weiss has called on Prime Minister Liz Truss to make “difficult decisions” and bring the pound’s value up. “The message to the government is pretty clear in my mind,” he told journalists on Tuesday morning. “Prime Minister Liz Truss has taken difficult decisions upon entering the role. “Maybe you need to [...]
Liz Truss urged to ‘remain committed’ to audit reform September 26, 2022 One of the UK’s largest audit sector trade bodies has called on the UK’s new government to set out a “clear timetable” for its plans to overhaul the UK’s audit sector in claiming audit reform will play a vital role in securing long-term economic growth. Writing to UK prime minister Liz Truss, business secretary [...]
Govt defends unlimited City bonuses: ‘Finance jobs should be in London, not in New York or Paris’ September 26, 2022 The government defended its intention to lift the bankers bonus cap this morning, saying it wants to protect and attract job creation in the City and Canary Wharf, rather than other finance hubs taking over. “We want finance jobs to be here, to be in London, not in New York or Paris,” said Work and Pensions [...]
Truss’ migrant plan a welcome triumph for pragmatism over ideology September 25, 2022 On the face of it, you can see why those sitting in European capitals might scoff at Liz Truss’ plan to open up the door to higher migration in order to assist Britain’s growth push. After all, the vote for Brexit – perhaps not for its architects but unquestionably for many of those who put [...]
Liz Truss cost of living support fails to prevent new consumer confidence low September 23, 2022 Liz Truss’s cost of living support has done nothing to lift Brits’ optimism out of the doldrums, a closely watched survey published today reveals. Consumer confidence collapsed five points over the last month to minus 49, the lowest since research firm GfK started tracking the figures in 1974. The survey was carried out between early [...]
Bank of England shirks historic rate hike despite warning of longer inflation September 22, 2022 The Bank of England today shirked the biggest interest rate hike since the late 1980s despite inflation threatening to run hot for months. Borrowing costs climbed 50 basis points to 2.25 per cent, their highest since November 2008 and the seventh rise in a row, the Bank announced. Before the decision, City economists and markets [...]
Govt sets up two-phase approach to make City ‘most competitive place for financial services’ September 22, 2022 The UK Government has set-up a two-phase approach for the City of London in a bid to make the capital “the most competitive place for financial services in the world.” Chancellor Kwasi Kwarteng will unveil an initial set of reforms in his fiscal statement tomorrow, while presenting a more comprehensive package later this autumn. Government [...]
London’s FTSE 100 bumps higher after government halves firms’ energy bills September 21, 2022 London’s FTSE 100 bumped higher today as investors digest the details of the government’s energy support package for UK businesses. The capital’s premier index climbed 0.63 per cent to 7,237.64 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, rose 1.01 per cent to 18,714.67 [...]
Liz Truss tax cuts must be bolder to revive UK economy, Thatcherite thinks tank claims September 21, 2022 Liz Truss must be even bolder than cancelling the corporation tax rise to unlock the UK’s full economic potential, a Thatcherite think tank has claimed today. The prime minister’s chancellor, Kwasi Kwarteng, is expected to reverse the six percentage point corporation tax hike at this Friday’s mini-budget. The move will generate a 1.2 per cent [...]
Truss hires former energy exec as new business liaison head September 21, 2022 Liz Truss has hired former EDF Energy executive Michael Stott as new head of business liaison for Downing Street. Stott is to become Truss’s key leader of business relations and engagement strategy, Sky News learned today. He is replacing Alex Hickman who held the role for two years under Boris Johnson. The newest business figure [...]