UK’s £50bn black hole: Brits face a long, cold winter full of spending cuts and fresh tax hikes November 1, 2022 After barely a week in office, Rishi Sunak, the new Prime Minister, and his equally new Chancellor, Jeremy Hunt, are expected to move ahead with tax rises for millions of Brits. As early as next week, Sunak and Hunt will most likely extend a freeze on the thresholds at which people start to pay the [...]
Hunt and Sunak face £89bn fiscal hole without tax rises or spending cuts November 1, 2022 Without spending cuts or tax rises, prime minister Rishi Sunak and chancellor Jeremy Hunt will burn a £89bn hole in the public finances in a few years time, a new report out today reveals. A combination of former prime minister Liz Truss’s tax cuts in the shambolic 23 September mini-budget still lingering and a flatlining [...]
London-based FX experts Lumon post annual growth of almost 30 per cent despite volatility October 31, 2022 A year after its rebrand, London-based payments group Lumon posted annual growth of almost 30 per cent, with its corporate division excelling. The company announced its revenue forecast for the year has gone up by 27 per cent from 2021. Its corporate division expanded over the year, up 48 per cent year on year. It [...]
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 [...]
‘You need to try harder’: Sunak confronted by patient over nurses’ pay October 28, 2022 Rishi Sunak has been called out over nurses’ pay during a visit to a south London hospital this afternoon. In a visit to Croydon Hospital, the prime minister was confronted by 77-year-old Catherine Poole, a patient, who said it was a “pity you don’t pay them more” in reference to the surrounding nurses. Sunak replied [...]
Government debt continues to balloon as Rishi Sunak promises stability October 28, 2022 Government debt ballooned in the second quarter of this year, making up 101.9 per cent of gross domestic product (GDP). New figures released by the ONS show that gross debt was £2,436.7bn between April and June in the UK. At 101.9 per cent of GDP, this puts the UK 15.5 percentage points above the EU [...]
Ex Chancellor Hammond criticises Sunak for sluggishness on Crypto October 28, 2022 Former Tory Chancellor Lord Philip Hammond has criticised Rishi Sunak for sluggishness on Crypto regulation. Theresa May’s money man hit out at Boris Johnson’s former chancellor calling on him to turn Britain in to a world leader in Crypto. Speaking to FN, he said he was a “little disappointed” the UK was so “far behind” [...]
Sacked Tory chair: Suella Braverman had ‘multiple breaches of ministerial code’ October 27, 2022 The sacked Conservative Party chair Jake Berry has claimed Suella Braverman was forced to quit over “multiple breaches”, including one relating to national security. The deposed head of the party under Liz Truss made his comments during an appearance on Piers Morgan Uncensored, days after Nadhim Zahawi took over his job. This comes after Suella [...]
Crypto-friendly Rishi Sunak means a major boost for Bitcoin Britain October 27, 2022 Rishi Sunak has become the UK’s third prime minister in three months. The new Tory leader is an interesting one from a crypto point of view. As finance minister, Sunak famously ushered in the Financial Services and Markets Bill earlier this year, aiming to bring stablecoins into the UK payments system. He said at the [...]
Modi, Biden, Zelensky and Macron lead global congratulations for PM Rishi Sunak October 25, 2022 World leaders including President Joe Biden, India’s Narendra Modi and France’s Emanuel Macron have congratulated Rishi Sunak on his rise to be Prime Minister. Presidents and prime ministers committed to continue working with the new PM to tackle chaos caused by the war in Ukraine. In India, where Sunak’s family originated from, there was elation [...]