Most businesses would accept tax rise in exchange for simpler rules March 2, 2020 Two thirds of UK businesses would accept a tax rise in exchange for a simpler tax system, a survey from accountancy firm BDO has found. The survey comes ahead of the 11 March Budget, when new chancellor Rishi Sunak is expected to increase spending and cut entrepreneurs’ tax relief, a tax rise equivalent to £2.7bn [...]
Businesses and government in entrepreneurs’ relief row March 2, 2020 A row has broken out between the government and businesses over plans to scrap the entrepreneurs’ relief tax scheme, which small firms have warned will “destroy retirements”. Separately, a report has found that the use of the scheme is growing more than twice as fast in the north of the country than in London, questioning [...]
Bank of England three times passed press conference scandal company March 1, 2020 The Bank of England scrutinised a company three times before it was subsequently found to have provided early access to the Bank’s press conferences to paying clients. Threadneedle Street carried out diligence on Encoded Media three times between 2008 – when it first hired the firm as a technology partner – and 2019. Encoded’s status [...]
Could coronavirus push global stock markets into bear territory? March 1, 2020 After coronavirus fears sent US and UK stocks to their worst week since the 2008 financial crisis, some analysts are raising the prospect that equities could fall into bear market territory – a fall of 20 per cent from recent highs. The US’s S&P 500 index has slumped 13 per cent since it hit a [...]
UK services firms and consumers grow cheerier despite coronavirus February 28, 2020 Optimism in the UK services sector rose at its fastest pace in almost five years in the three months to February, a survey has shown, in the latest sign that the removal of some political uncertainty has cheered businesses. A separate survey today showed that UK consumers also became more optimistic in February, with rising [...]
Global stock rout continues as coronavirus rattles markets February 27, 2020 US and European stock markets continued their dramatic slide today as investors rapidly lose taste for riskier assets amid the global coronavirus outbreak. In the US, the S&P 500 stock index was 1.2 per cent lower four hours into trading. Earlier in the day it had briefly fallen into so-called correction territory – a fall [...]
US GDP: Annual growth the slowest since 2016, government confirms February 27, 2020 US GDP grew at an annualised rate of 2.1 per cent in the final quarter of 2019, the government confirmed today, a moderate pace that took annual growth to its lowest since 2016. A rise in consumer and government spending and exports was partly offset by falling private investment, the US’s Bureau of Economic Analysis [...]
Debenhams to give councils ultimatum on business rates February 26, 2020 Debenhams is set to give councils an ultimatum in a bid to secure business rate cuts as it works out which of its stores are next for the chop. The beleaguered department store chain will tell councils that a failure to cut its rates bills could cause them to shut the Debenhams in the area, [...]
Virgin Money to slash 500 jobs and shutter 52 branches February 26, 2020 UK bank Virgin Money is planning to cut 500 jobs as it continues to integrate with Clydesdale and Yorkshire Banking Group (CYBG), it said today. The challenger bank also said it will shutter 52 branches. Of these, 22 will be closed this year and 30 more will be “consolidated” into another Clydesdale Bank, Yorkshire Bank [...]
Walmart in talks to sell controlling stake in Asda February 26, 2020 Asda’s owner, the US retail titan Walmart, is in early-stage talks about selling a controlling stake in the UK supermarket, the two firms revealed today. Walmart, the world’s largest retailer, said the discussions had begun after “inbound interest” from a small number of firms. The announcement came just under a year after Asda’s planned £7.3bn [...]
