Jeremy Hunt: UK not ‘in a position’ to know if it can cut taxes before election May 17, 2023 The government is currently not “in a position to know whether we’re going to have any headroom at all” to cut taxes in the run up to the next election, Jeremy Hunt claimed today. Speaking at the British Chambers of Commerce’s (BCC) annual conference, the Chancellor said he and Prime Minister Rishi Sunak “have our [...]
Experian shares tumble as investors fret over cautious forecast May 17, 2023 Shares in credit checker Experian fell sharply in early trading this morning after the firm revealed it had suffered a 19 per cent contaction in profits for the full year.
Treasury Committee’s call for digital assets to be regulated same way as gambling industry is slammed by crypto leaders May 17, 2023 Crypto leaders in the UK have branded a government body’s calls for unbacked digital assets to be regulated in the same way as the gambling industry as 'an appalling backwards step'.
FTSE 100 close: London ends in the red as BoE’s Bailey warns of persistently high inflation May 17, 2023 London’s FTSE 100 index fell on Wednesday evening as Andrew Bailey warned that the UK would face high inflation for months to come. The capital’s premier index closed down 0.36 per cent at 7,723.23 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, fell 0.30 [...]
Bitcoin and Ethereum down as uncertainty around macro events lingers May 17, 2023 Bitcoin (BTC) is again changing hands for less than $27,000, as Ethereum (ETH) trades sideways above $1,800.
UBS saw Credit Suisse deal as ‘not desirable’ – and could now take $17bn hit from it May 17, 2023 UBS estimates it will take a $17bn hit from the takeover of its long time rival Credit Suisse as regulatory filings reveal it never wanted the deal to take place. UBS estimates a negative impact of $13bn from fair value adjustments and $4bn in potential litigation and regulatory costs. UBS executives have previously warned that [...]
Starmer: ‘We’re not going to re-enter the EU – but the trade deal needs to be improved’ May 17, 2023 Sir Keir Starmer said the Brexit deal needed to be improved after the owner of Vauxhall said it will be unable to keep its commitment to make electric vehicles in the UK without changes to the trade agreement with the European Union. The Labour leader made his comments after one of the world’s largest carmakers [...]
All Bar One owner still feeling the pinch from inflation May 17, 2023 Mitchells and Butlers, the UK’s largest listed pub group, saw a drop in profits this morning, but said that its cost outlook was improving amid ongoing inflationary pressure. The All Bar One and Toby Carvery owner made £100m in adjusted operating profit for the half year ending on April 8, down from £120m a year [...]
Morning in the City: News and market updates, live May 17, 2023 Good morning and welcome to City A.M.'s morning live blog.
US debt ceiling drama – what is it and why does it matter May 17, 2023 Markets are keeping a close eye on the US debt ceiling debacle – seemingly an attempt by US politicians to tip their own country into default. The debt ceiling is a limit on how much the US government can borrow imposed by Congress. Currently it stands at $31.4trn, although it has been raised 78 times [...]
