Tightening SME lending rules ‘deeply irresponsible’: Business groups hit out at regulator’s plans March 30, 2023 Increasing capital requirements on SME lending will stifle economic growth and depress the UK’s small business sector, business groups have warned. Under proposals being considered by the Prudential Regulation Authority (PRA) as part of the Basel 3.1 regulations, favourable treatment for SME lending will be removed. Removing the preferential treatment, known as the SME Supporting [...]
Where will I buy my knickers now? How closure of M&S Fenchurch Street will be lamented by City shoppers of all ages March 30, 2023 The Marks and Spencer store on Fenchurch Street, on the corner of Gracechurch Street, is set to close on Friday 31 March. The store, which has been one of the City’s remaining department stores since the closure of the nearby House of Fraser on the corner of King William Street in 2018. Marks and Spencer [...]
Ofwat clampdown on water exec bonus pay: Brits will NOT foot bill if performance targets missed March 30, 2023 Customers will not have to fund bonus payments if suppliers fail customer and environmental performance targets.
How the new Green Finance Strategy hopes to make London the world’s first net zero financial centre March 30, 2023 The government released its long-awaited Green Finance Strategy on Thursday, announcing a widespread review of policies and regulations as it seeks to channel investment towards the green economy. The delayed report sets out proposals to pursue the government’s ambition of making London the world’s first net zero aligned financial centre. It said the proposals would [...]
What was in ‘Green Day’? How has the energy sector responded? March 30, 2023 Grant Shapps outlined plans to boost the UK's green energy revolution this morning, but has faced strong blowback from the industry.
Moonpig shrugs off Royal Mail strikes to hold on to post pandemic loyalty March 30, 2023 Moonpig has reported its largest ever week of sales in the UK thanks to consumers scrambling for Mother’s Day cards. The listed retailer, which allows shoppers to personalise cards and gifts, said it now expects annual revenue for the year ending 30 April to remain at £320m, despite previously warning that Royal Mail strikes had [...]
Who has been hit hardest by £21bn of pandemic fraud, and will the taxpayer EVER get it back? March 30, 2023 The UK Government has lost £21bn worth of taxpayers money due to fraud since the start of the pandemic, that is “very unlikely” to be unrecovered, according to the National Audit Office (NAO). The NAO said that many public bodies are unaware of the amount of fraud they face, as it revealed that levels of [...]
No new taxes: Labour’s Reeves pledges not to increase CGT limit March 30, 2023 Labour does not plan to increase capital gains tax, shadow chancellor Rachel Reeves has indicated, despite deputy leader Angela Rayner appearing to suggest rates were too low. Prime Minister Rishi Sunak last week released a summary of his tax affairs, which showed that his tax rate was about 22 per cent because most of his [...]
FTSE 100 live: Ocado steams ahead again as analysts warn banks have long road to recovery March 30, 2023 London’s FTSE 100 scaled higher today lifted by middle class favourite and online supermarket Ocado extending its strong rally this week. The capital’s premier index climbed 0.32 per cent to 7,588.65 points, while the domestically-focused mid-cap FTSE 250 index, which is more in tune with the health of the UK economy, bumped 0.73 per cent [...]
Arbuthnot profit leaps after rate hikes but bank backs ‘conservative’ model as UK prospects ‘not clear’ March 30, 2023 Arbuthnot Latham saw its profit surge with rising interest rates boosting its coffers, as the lender sought to distance itself from recent difficulties in the banking sector. Pretax profit in 2022 lept to £20m, up from just £4.6m last year as net interest income grew by over £30m. The boutique bank said this increase [...]
