Tax set to rise to highest share of UK income in over 30 years as austerity continues to bite according to Institute for Fiscal Studies February 7, 2017 The amount of tax we pay will rise to the highest proportion of the UK’s national income in over 30 years, according to an analysis by an influential group of economists. The government plans to raise taxes by £17bn over the course of this Parliament relative to 2015-16, according to the Institute for Fiscal Studies [...]
FirstGroup gets Brexit boost from sterling despite flat performance in UK February 7, 2017 FirstGroup enjoyed a Brexit boost as the devaluation of sterling delivered a strong revenue increase despite its continued struggles in its UK buses business. The figures Group revenue increased by 12.8 per cent because of the devaluation of sterling since the EU referendum, as foreign earnings became more valuable. Without the sterling boost the group’s [...]
BNP Paribas announces new digital push as profits rise February 7, 2017 BNP Paribas has announced it will invest billions in a new digitalisation push as it reports a growth in gross operating income and revenues for 2016. The figures Revenues grew by 1.1 per cent in 2016 compared to the previous year to reach €43.4bn (£37.3bn), although €597m came from the sale of shares in Visa [...]
An open and immigrant-friendly UK can stay in the top 10 as the world economy doubles in size by 2050 says a new report February 7, 2017 The world economy is set to double in size by 2050, with the UK hanging on to a spot in the top 10 if it can forge successful new trading links and an open attitude to immigration after Brexit, according to a new report. The UK will fall one place in terms of purchasing power [...]
ECB governor Mario Draghi rejects policies of Donald Trump as he says quantitative easing could be extended further February 6, 2017 European Central Bank (ECB) governor Mario Draghi has hit out at the policies of US President Donald Trump, rejecting deregulation and protectionism as well as claims Germany is manipulating the euro. Draghi also reiterated the ECB’s commitment to its expansive monetary policy, telling MEPs at the European Parliament the central bank was ready to increase [...]
The European Union is vulnerable to trade slowdown as a protectionist runs the White House says S&P Global February 6, 2017 The EU is vulnerable to a slowdown in world trade, as the protectionist movement symbolised by US President Donald Trump threatens to start rolling back globalisation, according to an influential ratings agency. Europe is most vulnerable to decreasing trade levels because of its high trade intensity, which means it has more to lose from declining [...]
UK car sales reach highest point since 2005 in January as alternative fuel vehicles push to record market share February 6, 2017 UK car purchases reached a 12-year high in January as the alternative fuel segment jumped to a record market share. Year-on-year growth hit 2.9 per cent in the month, with 174,564 new purchases, according to the Society of Motor Manufacturers and Traders (SMMT). Car-buyers eschewed diesel vehicles as increased concerns over air pollution continue to [...]
Ryanair profits hit turbulence but the airline maintains full-year guidance February 6, 2017 Ryanair profits hit a patch of turbulence in 2016 as the devaluation of sterling following the EU referendum saw Europe’s largest airline’s wings clipped. The figures Profits fell by eight per cent to €95m (£81m) despite traffic growing by 16 per cent to reach 29m customers. Revenue grew one per cent year-on-year to €1.35bn (£1.16bn) [...]
Some of the world’s biggest tech companies join the fight against US President Donald Trump’s travel ban February 6, 2017 Some of the world’s biggest tech groups have officially joined the fight against US President Donald Trump’s travel ban on nationals from certain Muslim-majority countries. Apple, Microsoft, Google and Facebook are among 97 companies to file an amicus curiae (friend of the court) brief, making clear their support for efforts to stop the travel ban. [...]
