Spac revolution set to unlock Big Bang 2.0 for the City of London March 3, 2021 The UK is set to spark a second Big Bang for the City post-Brexit, with a landmark government report calling for regulators to allow Spacs to list in London and ease a range of share listing restrictions. Lord Jonathan Hill’s report into future financial services regulation, released today, calls for a range of deregulatory measures [...]
Budget 2021: Fuel duty freeze to continue for another year March 3, 2021 Chancellor Rishi Sunak has extended the freeze on fuel duty for another year, he announced at this afternoon’s Budget. It is the 11th straight year in which taxes on fuels have stayed the same price – 57.95p a litre. Motorists had feared that the decade-long freeze, which dates back to the days of the coalition [...]
Budget 2021: UK launches new Covid-19 business loan scheme March 3, 2021 Chancellor Rishi Sunak today unveiled a new loan scheme to support businesses hit by the pandemic, replacing previous emergency government funding. The Recovery Loans Scheme will offer loans from £25,000 to £10m up to the end of the year, with the government providing lenders with a 80 per cent guarantee. The programme replaces the Bounce [...]
Budget 2021: Sunak keeps VAT at reduced rate for hospitality and tourism firms March 3, 2021 The five per cent reduced rate of VAT for the hospitality sector will continue for another six months, the Chancellor has announced. As part of a new raft of measures to help the hospitality sector recover from the pandemic Rishi Sunak told the House of Commons the reduced rate would be extended until 30 September. [...]
Budget 2021: Business rates holiday extended to end of June March 3, 2021 The business rates holiday for retail and hospitality firms will continue until the end of June, the chancellor announced today. Rishi Sunak told the House of Commons that the 100 per cent business rates holiday will be extended for three months. For the remaining nine months of the financial year, business rates will be discounted [...]
Budget 2021: Self-employed grants extended to 600,000 individuals left behind March 3, 2021 Some 600,000 self-employed people who were unable to claim government grants will be now be able to do so. Speaking in Westminster this afternoon Chancellor Rishi Sunak announced the self-employed income support scheme would be extended to support around 600,000 more people. The new policy will help thousands of newly self-employed who have not been [...]
Stamp duty holiday: Sunak confirms three-month property tax break extension March 3, 2021 Chancellor Rishi Sunak has this afternoon confirmed that the government will extend the stamp duty holiday for a further three months. Speaking in the House of Commons today as he announced the latest budget, Sunak said the holiday will be extended in full until 30 June, with a tapered end until the end of September. [...]
Budget 2021: Hospitality and retail firms to get £5bn of ‘restart’ grants March 3, 2021 The chancellor has announced a new ‘restart’ grant to help retail, hospitality and personal care businesses reopen from April. Retailers, which are due to reopen from April, will be eligible for grants of up to £6,000 per premises. Meanwhile pubs, restaurants and salons, which will be closed until June, will be able to claim grants [...]
Budget: OBR forecasts stronger than expected UK economic recovery March 3, 2021 The UK’s economy will have a stronger bounce back from the coronavirus crisis than previously expected with unemployment set to peak at a far lower level, according to new economic forecasts from the government’s Budget watchdog. Sunak said the Office for Budget Responsibility (OBR) now predicts the UK’s GDP will return to pre-crisis levels by [...]
Deloitte to pay Malaysia $80m for role in 1MDB corruption scandal March 3, 2021 Audit giant Deloitte is set to pay $80m to the Malaysian government to settle claims of corruption tied to the auditing of scandal-linked state accounts, the finance ministry has said today. Deloitte’s fee will conclude its role in the corruption saga that involved former Malaysian prime minister Najib Razak who allegedly used the state fund [...]
