Energy crunch chokes China economy October 18, 2021 China’s energy crunch choked economic growth as factories switch off production amid shortages and soaring energy costs. The world’s second largest economy grew 4.9 per cent in the last quarter compared to the same period last year, the slowest rate of expansion since the third quarter of last year. Third quarter growth came in below [...]
Top finance brass bet on Bank of England rate hike October 18, 2021 The UK’s top finance brass are becoming increasingly confident the Bank of England will hike interest rates. Over half of chief financial officers (CFO) think rates will rise to at least 0.5 per cent by this time next year, research by Deloitte has found. Soaring inflation, driven by supply chains buckling under the weight of [...]
City pay packets bulge as firms hike wages to lure talent October 18, 2021 Pay packets in the City are bulging as competition for talent heats up amid the post-pandemic rebound. Finance firms are hiking pay in a bid to lure workers away from their current employer, research by professional services recruiter Morgan McKinley found. Workers moving from one company to another netted on average a 22 per cent [...]
City generates nearly £100bn for the public purse October 18, 2021 The City generated nearly £100bn in taxes last year, highlighting the degree to which the government relies on finance, law and accountancy firms for cash. For every £100 in taxes, the financial, legal and accountancy sectors contribute nearly £13, research by the City lobby group TheCityUK found. The legal and accountancy sectors alone yielded £20.5bn [...]
Top finance brass bet on Bank of England rate hike October 18, 2021 The UK’s top finance brass are becoming increasingly confident the Bank of England will hike interest rates. Over half of chief financial officers (CFO) think rates will rise to at least 0.5 per cent by this time next year, research by Deloitte has found. Higher interest rate expectations have strengthened over the last three months, [...]
Chasm widens between Sunak and Johnson on cost of net zero October 17, 2021 A leaked government document has revealed a widening chasm between Prime Minister Boris Johnson and Chancellor Rishi Sunak over the economic impact of the UK reaching net zero by 2050. Despite Johnson preparing to put the UK at the forefront of global efforts to fight climate change as host of Cop26 climate summit next month, [...]
Snapping supply chains triggers wave of profit warnings October 17, 2021 Supply chains snapping, soaring energy costs and the ongoing labour squeeze has crimped listed companies’ profits. The number of profit warnings issued by UK listed companies in the last three months climbed to 51, up sharply from 19 in the second quarter of this year, research by EY-Pantheon has found. Elevated profit warning levels have [...]
Raise a glass: Sunak set to overhaul alcohol tax regime October 17, 2021 Chancellor Rishi Sunak is set to overhaul the UK’s alcohol tax regime to give English wines an advantage over foreign wines. Sunak is preparing to scrap onerous levies on sparkling wine and bring the tax charged in line with the same rate as still wine, wiping an estimated 83p off bottles of bubbly, according to [...]
Nandy: Attacks on MPs are an attack on democracy October 17, 2021 The shadow foreign secretary has said she does not feel safe doing her job in the wake of the murder of Conservative MP David Amess. Labour’s Lisa Nandy, a close friend of Jo Cox, who was also killed in 2016, said the police’s response to fears over MPs’ safety has been patchy and that she [...]
FCA chairman Charles Randell to leave post after over three years in the job October 15, 2021 The chairman of the City watchdog is stepping down from his post next year after over three years heading up the regulator. Charles Randell has asked chancellor Rishi Sunak to start looking for his replacement as chairman of the Financial Conduct Authority (FCA). Randell intends to leave his post in the spring of next year. [...]