Tax hikes to derail UK economy at the final hurdle October 14, 2021 Imposing punitive tax hikes on businesses will blow the UK economic recovery off course just as it is in touching distance of reaching pre-pandemic strength. That’s the warning to Chancellor Rishi Sunak from economists and industry leaders after data from the Office for National Statistics (ONS) revealed Britain is inches away from full repair. “Our [...]
Top industry brass press Sunak on business rates overhaul October 14, 2021 The UK’s top business groups who represent over 9m workers are pressing Chancellor Rishi Sunak to overhaul the business rates regime. The Confederation of British Industry (CBI), alongside 41 trade associations acting on behalf of 261,000 businesses, have called on Sunak to reduce the burden of business rates on firms at this month’s budget to [...]
Bank of England scraps closed-door briefings with banks October 13, 2021 The Bank of England has scrapped holding private meetings with banks and financial institutions in a bid to raise transparency at the central bank. The shift in position comes after pressure on the world’s leading central banks to stop hosting off the record briefings with banks mounted following European Central Bank chief economist Philip Lane [...]
Swelling food and energy costs lift US inflation October 13, 2021 A jump in food prices and energy costs drove inflation in America to a fiery clip in September, testing Fed chair Jerome Powell’s insistence that price rises are transitory. On an annual basis, US inflation hit 5.4 per cent last month, according to the Labor Department. Higher prices for food, which rose 4.6 per cent, [...]
Release of loan loss reserves and M&A boom lifts JPMorgan profits October 13, 2021 A release of over $2bn in reserves set aside to deal with an expected wave of loan defaults thrusted JPMorgan deep into profitability. The Wall Street giant’s net income for the third quarter climbed to $11.7bn, up $2.2bn from $9.4bn in the same period last year. The investment bank released a wave of reserves after [...]
BlackRock smashes expectations as economic rebound swells assets under management October 13, 2021 The world’s largest asset manager BlackRock smashed profit expectations, driven by a booming global economy swelling assets under its wing. The US money manager ended the third quarter with $9.46 trillion in assets under management, up sharply from $7.81 trillion a year ago. Money managers have received a bump from investors deploying capital in financial [...]
HGV driver shortage restricts UK trade October 13, 2021 A reduction in trade with the EU drove down British exports as lorry driver shortages scupper the normal functioning of trade flows. Exports were £1.3bn lower in August compared to July, driven by a £600m fall in trade with EU countries, according to the Office for National Statistics (ONS). The contraction in exports was primarily [...]
UK economy returns to growth in August amid staycation boom October 13, 2021 The UK economy returned to growth amid a boom in staycation spending and Brits making the most of an easing in self-isolation rules by rushing to pubs, bars and restaurants. The economy expanded 0.4 per cent in August, a resumption to growth after the Office for National Statistics (ONS) marked down July’s figure to minus [...]
Return to growth fails to lift FTSE 100 as investors brace for BoE rate hike October 13, 2021 A return to economic growth in the UK was not enough to lift the FTSE 100 this morning as investors mulled whether the upbeat data would push the Bank of England to hike rates this year. The capital’s premier index dipped 0.45 per cent to 7,098.19 points. The UK economy grew 0.4 per cent in [...]
Government drive to digitise tax is swelling costs for small businesses, warns FSB October 13, 2021 A government push to make filing tax returns digital has significantly increased administrative costs for British businesses. Small firms that have switched to the making tax digital programme are each spending an average of £4,562 and 52 hours a year on tax compliance, research by the Federation of Small Businesses (FSB) found. However, businesses that [...]