Fitch: Budget has no impact on UK’s AAA rating March 21, 2012 Fitch Ratings said Britain’s latest budget proposals show commitment to its existing deficit reduction strategy and do not impact its AAA credit rating. “As expected, the announcement did not contain unfunded tax and spending measures while the updated economic and fiscal forecasts are marginally better than forecast in the Autumn Statement,” Fitch said. “However, the [...]
FTSE posts slim gain after Budget March 21, 2012 London’s blue chip index posted a marginal gain on closing after a volatile session as strength in market heavyweight Vodafone countered weaker commodity stocks hit by below par US data which revived concerns over demand for metals. The UK blue chip index closed up 0.54 points, or 0.01 per cent, at 5,891.95, surrendering a 0.3 [...]
Insurer Hardy accepts £143m offer from CNA Financial March 21, 2012 Lloyd’s of London insurer Hardy Underwriting said it had accepted a 280 pence per share cash takeover offer from US rival CNA Financial, valuing it at about £143m. “The Board believes that CNA’s offer represents the most attractive outcome for our shareholders and will enhance Hardy’s business,” Hardy Chairman David Mann said in a statement. [...]
Bank Levy hike offset by corporation tax cut March 21, 2012 Britain’s banks will not end up paying higher taxes overall as a result of the Budget, as the government’s planned hike to the bank levy will be offset by a cut in corporation tax, the British Bankers’ Association (BBA) said. Chancellor George Osborne said in his Budget speech on Wednesday that he would increase the [...]
Chancellor moves to boost North Sea investment March 21, 2012 Chancellor George Osborne unveiled in his budget plans to boost investment in the North Sea, giving oil firms certainty on the level of tax relief they will receive when they dismantle pipelines and platforms and introducing new tax breaks for some projects. Chancellor George Osborne said in his annual budget on Wednesday Britain will agree [...]
Top tax rate to be cut to 45p March 21, 2012 Chancellor George Osborne announced that the top rate of tax would be cut from 50p to 45p from April next year, in his Budget speech. He said the rate – for those earning over £150,000 a year – is the highest in the G20 and “it is widely acknowledged as harming the British economy.” The [...]
FTSE buoyed by retailers as investors eye Budget March 21, 2012 THE FTSE 100 headed up in early trading as retailers regained some momentum while investors were turning their attention to the Chancellor’s budget speech. George Osborne is expected to rejig taxes while seeking to keep his austerity plan on track. However figures showing that that public sector net borrowing hit a record for February cast [...]
Government borrowing rises March 21, 2012 The government borrowed almost twice as much as expected in February, official data showed. With Britain’s triple-A rating now under warning from credit ratings agencies, the government must convince markets that it will stick to its ambitious deficit-reduction plan and stand up to calls to ease back on the pace of cuts. The Office for [...]
Ted Baker sales soar March 21, 2012 British designer clothing brand Ted Baker reported a surge in retail sales and said it planned more international store openings in North America and Asia in 2012 to tap into growing consumer demand. Ted Baker, which started as a menswear brand in Glasgow in 1987, reported a 14 per cent rise in retail sales, with [...]
Lloyds raises £170m through new share issue March 21, 2012 Part-nationalised bank Lloyds has raised £170m through a new share issue to raise capital. Lloyds, which is partly owned by the British government after a state bailout in 2008, said it had issued 479.3m new shares at a subscription price of 35.47 pence per share. The company said at the time of its annual results [...]
