Good news – the evidence is in from across the Atlantic, and tax cuts benefit everyone November 7, 2018 From discussions on how the UK should reform its tax and regulatory landscape to make the most of post-Brexit opportunities, to the rallies midterm election candidates have been holding across the US championing or lambasting the President’s tax cuts, the debate is still raging about how changes to taxes impact economies. But if you need [...]
Hammond’s digital tax is an illogical game of whack-a-mole November 7, 2018 The introduction of a new digital services tax was the most depressingly inevitable part of Philip Hammond’s Budget speech last week. Years of pressure from a pincer movement of corporate tax moralists and traditional retailers have paid off. Starting in April 2020, profitable digital businesses with £500m in global revenues would face a two per cent [...]
EU leaders split on plans for a European digital tax November 6, 2018 EU member states have failed to reach a consensus on imposing an EU-wide digital services tax, which affects firms such as Facebook and Alphabet, over fears of potential US retaliation. The plan, which requires approval from all 28 EU member states, is opposed by many. The levy would see a three per cent tax placed [...]
Boohoo shares soar as sales nearly double after “exceptional performance” from PrettyLittleThing November 6, 2018 There may be ongoing high street pain for a number of retailers, but online troubles are few and far between for fashion chain Boohoo. It hailed "an exceptional performance" from PrettyLittleThing, which it has been integrating into the Boohoo group, while its acquisition of US fashion label Nasty Gal exceeded estimates in its first year. [...]
Jeweller Pandora slashes forecasts as lower sales take the shine off growth November 6, 2018 Bereft of a chief executive and wounded by tough trading conditions, Danish jeweller Pandora painted a bleak picture this morning after slashing its sales outlook for the second quarter running. Missing its profit and sales expectations in the third quarter of 2018, the jewellery maker today revised down its full-year revenue growth guidance for the [...]
This Living Wage Week, step up to make sure work always pays November 6, 2018 This week marks the anniversary of the campaign for a Living Wage – a cross-party movement of independent businesses, organisations, and people who believe in making work pay. I had the pleasure of speaking at the Living Wage Foundation’s parliamentary reception last week, which celebrated the extraordinary work that has been done so far and [...]
Which way for markets? It’s all about the midterms November 6, 2018 Americans will cast their vote in the US midterm elections today, and the results will set the tone for stock markets around the world. All 435 seats in the House of Representatives are up for grabs, while 35 of the 100 Senate seats will be on offer too. The big picture result will centre around [...]
Work should pay – for both high and low earners November 6, 2018 In a tense standoff with Labour MP Wes Streeting last night, chancellor Philip Hammond defended his decision to reduce the burden of income tax in the autumn Budget. The argument, played out in front of the Treasury Select Committee, was classic Tory v Labour fare. Streeting demanded to know why Hammond was cutting taxes instead of [...]
Hammond spies end of UK’s deficit despite Budget spending increase November 5, 2018 Chancellor Philip Hammond has said he believes the government’s target of eliminating the UK’s deficit is “within touching distance”, despite ramping up public spending and tax cuts in the Budget. Appearing before the Treasury Select Committee this evening, Hammond denied his 2016 plans to reach a budget surplus by the mid-2020s had been abandoned. However, he [...]
It’s time to go with the flow: The UK needs to accept global economic competition and come out on top November 4, 2018 | City Talk UK 1-1 Rest of the world. So reads the scoreboard from two recent corporate stories: Dyson’s decision to produce its electric cars in Singapore and Unilever’s to stay put in London. With Brexit beckoning, there is more focus than ever in Britain on its place in the world, and how that can be affected by [...]