Windfall tax u-turn drags down London-listed energy titans markets London-listed energy companies that will be caught by Chancellor Rishi Sunak’s windfall tax tumbled during opening exchanges today. The capital’s premier FTSE 100 index was flat this morning at 7,564.82 points, while the mid-cap domestically-focused FTSE 250 index, which is more aligned with the health of the UK economy, jumped 0.52 per cent to 20,354.82 [...]
Sunak’s care package prevents severe UK living standards shock uk economy Chancellor Rishi Sunak’s energy shock care package will prevent a severe erosion of living standards among the UK’s poorest households. That’s according to top wonks’ assessments of today’s round of measures designed to cushion the hit to households from soaring inflation and energy bills. Paul Johnson, director of the Institute for Fiscal Studies (IFS), said: [...]
Sunak hits energy firms with windfall tax to pay for £15bn cost of living package Windfall tax Rishi Sunak has hit British oil and gas firms with a 25 per cent windfall tax to pay for a £15bn package to help households with the cost of living crisis. The chancellor’s interventions this year will see every household in the UK given £550 to help pay their energy bills, but with the country’s [...]
London-listed energy giants shake off windfall tax jitters May 26, 2022 London-listed energy firms shook off concerns over the impact of a looming windfall tax on their excess profits during opening exchanges this morning. The capital’s premier FTSE 100 index edged 0.09 per cent higher to 7,529.53 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, [...]
Slowing business activity strengthens UK recession risk May 26, 2022 Swelling costs and fears over rampant inflation forcing consumers to slash spending are eroding British businesses’ optimism, casting doubt over whether the country can avoid a recession, two surveys published today reveal. Households are cutting discretionary purchases in response to living costs climbing at the quickest pace in four decades, research by the Confederation of [...]
Energy firms recharge as windfall tax fears ease May 25, 2022 Investors today piled back into London-listed energy firms that were pummeled earlier this week by rumours they will be spiked by the government including them in a windfall tax on the energy sector. The capital’s premier FTSE 100 index jumped 0.51 per cent to 7,522.75 points, while the mid-cap domestically-focused FTSE 250 index, which is [...]
UK economy is ‘grinding to a halt’ amid cost of living crisis May 25, 2022 The UK economy is “grinding to a halt” as a tightening cost of living squeeze sends a chill through private sector activity, reveals a closely watched survey. Households are cutting spending in response to rampant inflation eroding their budgets, weighing heavily on the UK’s services sector, the country’s economic engine. Activity among services firms dropped [...]
City spooked by more signs of cost of living crunch chilling UK economy May 24, 2022 More signs of the cost of living crunch cooling the UK economy weighed on market sentiment in London during opening exchanges today. The capital’s premier FTSE 100 index dropped 0.39 per cent to 7,484.35 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, tumbled 1.47 [...]
City banks and insurers will book £330bn climate change loss without action to control impact May 24, 2022 The City could lose as much as £330bn over the next three decades if the UK fails to tackle climate change, the Bank of England said today. Firms will struggle to pay back loans due to costs swelling as a result of higher carbon prices, according to conclusions drawn by the Bank from its first [...]
UK economic headwinds cast shadow over Sunak’s cost of living support package May 24, 2022 A slowing UK economy will heap more pressure on the country’s finances, casting doubt over the scale of support chancellor Rishi Sunak will launch to help households through the cost of living crunch. That’s according to economists’ assessments of fresh borrowing figures published today by the Office for National Statistics (ONS). A combination of rising [...]
