Number of higher rate income taxpayers soars to record high 5.59m June 29, 2023 The number of Brits paying the higher rate of income tax has surged to its highest level on record, caused by Prime Minister Rishi Sunak and Chancellor Jeremy Hunt freezing tax bands to help rebalance the public finances, official figures out today reveal. Some 5.59m people in the UK are being subjected to the higher [...]
Serco shares jump as outsourcer raises profit outlook June 29, 2023 Shares in outsourcing giant Serco soared over 11 per cent this morning after the firm raised its profit guidance for the year ahead on the back of rising demand for its immigration services. In a trading update this morning, the company said it expects to see underlying trading profit of around £245m, a 4 per [...]
H&M shares jump 17 per cent despite dip in profits June 29, 2023 H&M investors today welcomed news of strong summer sales, with shares in the brand soaring despite the retailer posting a dip in profits. Operating profit at the global fashion brand for the second quarter came in at SEK 4.74bn (£3.46bn), down year on year from SEK 4.98bn (£3.64bn) but above forecasts of SEK 4.07bn, with [...]
How to revive the City? Embrace the ‘Bazball’ spirit, says Lloyd’s of London chair June 29, 2023 The City of London needs to follow the lead of the England cricket team and start playing Bazball, the chair of Lloyds of London said today.
Regulation of crypto assets – a more united approach? June 29, 2023 If the government's proposals to give regulatory authority to the FCA are adopted, crypto could benefit from its simple structure.
‘Lean in’ to artificial intelligence, education secretary urges firms June 29, 2023 Businesses need to “lean in” to the power of artificial intelligence (AI), education secretary Gillian Keegan has said. The education secretary told City A.M. indulging in fears about AI wiping out jobs and opportunities was unproductive. Asked whether she was concerned about the impact of the new technology such as ChatGPT and Bard altering or [...]
London Stock Exchange chief slams pension schemes over attempt to block City reform June 29, 2023 The chief of the London Stock Exchange has hit back at a group of top pension funds today after they warned that reforms to boost the appeal of London risked “watering down” investor protections.
Government’s Rwanda asylum policy is unlawful, Court of Appeal rules June 29, 2023 Government plans to deport asylum seekers to Rwanda are unlawful, the Court of Appeal has ruled. In a decision on Thursday, three judges overturned a High Court judgment that previously said the east African nation could be considered a “safe third country”. The Court of Appeal’s decision was announced by the Lord chief justice Lord Burnett during [...]
Britain must meet £100bn target to unblock offshore wind supply chain bottleneck June 29, 2023 Britain risks failing to to meet its offshore wind ambitions, unless the industry is able to invest more in manufacturing and supply chains.
Labour to champion green covered bonds in investment strategy, says Siddiq June 29, 2023 Green covered bonds are set to be a key plank of Labour’s investment strategy for clean energy, Tulip Siddiq is set to tell the Square Mile today. The shadow City minister is expected to outline Labour’s strategy for the clean energy industry and how the party aims to unlock billions in investment at TheCityUK conference [...]
