2026 average earnings forecast to be no higher than 2008 level March 4, 2021 Average earnings in 2026 are estimated to be no higher than their 2008 level according to forecasts by the Institute of Fiscal Studies. The findings came as part of the think tank’s response to Rishi Sunak’s budget delivered on Wednesday. As part of his plans, the Chancellor froze the personal allowance on income tax implying [...]
Vaccine rollout sees UK equity funds break 8-month run of outflows March 4, 2021 UK equity funds enjoyed their first inflows since last May with investors boosted by the success of the vaccine rollout. It brings an end to a difficult eight months which saw funds shed £2.2bn of capital, according to global fund network Calastone. Last month investors cautiously dipped their toes into equity funds with £145m in [...]
Schroders’ assets under management hit record high March 4, 2021 Schroders’ assets under management reached a record high despite net inflows dipping over the year. AUM jumped 15 per cent to £574.4bn after strong demand in its private assets and solutions divisions pushed net inflows to £42.5bn. Profit before tax and exceptional items increased marginally to £702.3m beating a consensus of £649.2m. Schroders declared an [...]
Accounting startup Countingup secures £9m Series A round March 4, 2021 A business account that claims to simplify bookkeeping has secured a £9.1m Series A funding round as it looks to expand its offering ahead of changes to HMRC rules. London-based startup Countingup, which currently has 34,000 customers, offers a business current account with built-in accounting software to help both the self-employed and accountants. It has [...]
Deliveroo picks London for multi-billion pound listing March 4, 2021 Deliveroo has confirmed it will choose London for its long-awaited IPO. The delivery firm will list with a dual-class share structure in what will be a major boost for the capital. It is expected to be the largest float in London this year. It comes just a day after a Treasury-commissioned review by former EU [...]
Aviva reports record group protection sales as it sells off Italian business March 4, 2021 Insurance giant Aviva has reported operating profit remained stable even in the face of the pandemic amid a sale of its Italian and French division. The insurer reported operating profit of £3.16bn while its core business cash remittances rose marginally to £1.4bn. The FTSE 100 company said it had delivered record sales in group protection [...]
Spac-tacular: The City welcomes overhaul of stock market listings March 3, 2021 The US phenomenon of Spac listings could soon make its way to the City after a government-backed report called for widespread reform in the stock market. Lord Jonathan Hill’s report into London’s listing requirements called for regulators to allow blank-cheque vehicles to list in the capital as well as to ease other listing restrictions. It [...]
German regulator ‘files criminal complaint’ over manipulation at Greensill Bank March 3, 2021 The German financial regulator has reportedly filed a criminal complaint against Greensill Bank for suspected balance sheet manipulation. Bafin filed the complaint earlier today with prosecutors in Bremen where the bank’s headquarters are based, according to the Financial Times. It comes as part of an investigation into the firm’s balance sheet by KPMG which started [...]
Spac revolution set to unlock Big Bang 2.0 for the City of London March 3, 2021 The UK is set to spark a second Big Bang for the City post-Brexit, with a landmark government report calling for regulators to allow Spacs to list in London and ease a range of share listing restrictions. Lord Jonathan Hill’s report into future financial services regulation, released today, calls for a range of deregulatory measures [...]
Budget 2021: Sunak keeps VAT at reduced rate for hospitality and tourism firms March 3, 2021 The five per cent reduced rate of VAT for the hospitality sector will continue for another six months, the Chancellor has announced. As part of a new raft of measures to help the hospitality sector recover from the pandemic Rishi Sunak told the House of Commons the reduced rate would be extended until 30 September. [...]
