FCA will ‘keep its eyes’ on banks’ Q1 results for evidence of savings rate profiteering April 20, 2023 Savers are facing a rising “loyalty penalty” from high street banks, the Financial Conduct Authority (FCA) has warned. Customers banking with the UK’s big name lenders are likely to earn less competitive interest rates on their savings over time, while new savers are given more attractive offers, the City watchdog told MPs today. “Harm” from [...]
Treasury hunts for a new cybersecurity boss – guess how little they are paying? March 30, 2023 Protecting the UK Treasury from a whole host of cyber threats sounds like quite an important role, and one that you might think warrants a decent salary in order to secure someone with the technical skill and professional track record who is able to take on the task. Well, not quite. Despite claiming the UK [...]
Hunt must commit Treasury and BoE to review of rate rise impact, Labour shadow City minister urges March 21, 2023 Chancellor Jeremy Hunt has been urged to commit the Treasury and the Bank of England to a review of “sharp interest rate rises” in light of the ongoing banking turmoil. Shockwaves have rocked the financial sector in the past weeks with the collapse of the US arm of tech bank SVB – plus the buyout [...]
Inheritance tax take beats all records as property price hikes boost HMRC’s coffers by whopping £6.4bn March 21, 2023 The amount of inheritance tax (IHT) paid in February totalled £531m, bringing the total for the 2022/23 tax year to a record £6.4bn. With just one month to go the amount already surpassed the £6.1bn received by the Treasury throughout the entire 2021-22 financial year. The record-breaking inheritance tax take follows last week’s revision by [...]
Budget: Childcare support and energy bills on Hunt’s to-do list March 12, 2023 Ending the prepayment meter penalty on energy bills and boosting childcare support for the poorest parents are among measures set to be announced in the spring budget. Chancellor Jeremy Hunt this weekend confirmed households on prepayment meters will no longer pay more than people on direct debits, as of July 2023. Energy security secretary Grant [...]
London to be crippled by fresh tube strike on budget day as RMT joins Aslef walkout March 1, 2023 Further London Underground Tube strikes are set to hit the capital on Budget Day this month. Underground workers will walkout on March 15, when chancellor Jeremy Hunt will announce the government’s financial plans for the next year, amid a row over pensions, jobs and pay. It comes after Tube drivers with the Aslef union announced [...]
100,000 civil servants to walk out on Budget Day, union says February 7, 2023 Around 100,000 civil servants are set to strike on Budget Day, their union has announced, amid a campaign of walkouts over pay disputes. The Public and Commercial Services Union (PCS) said it was escalating action after a “lack of movement” from the government over its concerns over pay, pensions and job security. Walkouts will take [...]
Left in the dark: Business chiefs fear redundancies after energy relief update delayed December 20, 2022 Business leaders have accused the government of leaving firms in the dark over energy bill support, after ministers push back an announcement of what aid will be on offer later next year. The government had previously said it would update businesses before the end of the year on energy bill relief from April 2023, when [...]
Major City report sheds light on ‘class ceiling’ blighting financial services November 30, 2022 A major City report into social mobility has called to “break the ‘class’ ceiling” and get more people from non-professional backgrounds in boardrooms. The industry must “act now” to make the workforce more socio-economically diverse, with a lofty goal of at least half senior leaders in financial and professional services being from that background by [...]
Businesses call on Chancellor to boost regional growth by investing in tourism November 14, 2022 Businesses have called on Chancellor Jeremy Hunt to boost regional growth by investing in travel and tourism. Advocacy group BusinessLDN has called for the reintroduction of VAT-free shopping for international arrivals, as well as ramping up Border Force personnel to speed up queues at airports and ease visa processes for low-risk visitors such as children. [...]