BoE rules out big capital reduction for insurers after Brexit February 10, 2021 The Bank of England has told insurers not to expect any big reductions in capital requirements after Brexit, adding that more capital could be “part of the answer” to meeting a £1.7bn bill for Covid-19 claims. Solvency II rules, inherited from Britain’s membership of the EU, are under review, amid calls from insurers and lawmakers [...]
UK property developers hit with new taxes to pay for unsafe cladding removal post-Grenfell February 10, 2021 Shares in major UK property developers have fallen this afternoon, after an announcement that they will be hit with new taxes to pay for the government’s unsafe cladding removal scheme. Housing secretary Robert Jenrick today announced two new taxes on UK property developers to help pay for the government’s efforts to remove unsafe cladding from [...]
Boris Johnson tells firms to ‘wait for Budget’ for verdict on business rates holiday extension February 10, 2021 Boris Johnson has said there will be no announcement on a potential extension to the business rates holiday until the 3 March Budget. The Prime Minister told MPs today that the “government is committed to supporting businesses and people’s livelihoods throughout the pandemic” and that UK businesses should “wait for the chancellor’s Budget to explain [...]
Pound sterling touches three-year high against US dollar at $1.38 on vaccine success February 10, 2021 GBP hit a three-year high against the US dollar this morning, with vaccine optimism boostong pound sterling
Best of travel: Coachella’s lesser known Desert X festival February 10, 2021 To tide us over until we’re able to travel again, we’re republishing classic travel stories from our archives. This week we revisit Laura Millar’s exploration of Coachella’s other contemporary art festival. Read more: Jaguar XF P300 review: revitalised luxury at a surprisingly low price ••• The locals were… curious. For the past few weeks, as they’d [...]
Easyjet boss calls for government to share way out of new quarantine measures February 10, 2021 Easyjet’s chief executive has today called on the government to provide details of how it will relax its current border restrictions in order to give people the confidence to travel again. Yesterday ministers unveiled details of a new hotel quarantine policy, which will see travellers from 33 red-list countries forced to pay £1,750 to spend [...]
UK financial services sector maintains stable tax contribution amid Brexit and COVID-19 uncertainty February 10, 2021 A new report published by the City of London Corporation today (10 February), shows that the UK’s financial services sector contributed a record £75.6bn in tax in the year to March 2020 – a period covering significant uncertainty about the UK’s relationship with the European Union. This contribution remained stable compared to the previous year’s [...]
Prezzo to shut 22 restaurants after insolvency deal February 10, 2021 Italian chain Prezzo will permanently close 22 restaurants after being bought out of pre-pack administration by private equity firm Cain International. As a result of the deal, 22 of the high street stalwart’s 178 restaurants will not reopen. Cain said that 216 of its 2,900 jobs would be lost. The deal came after Prezzo was [...]
City Moves for 9 February: Who is switching jobs in the Square Mile this week? February 10, 2021 City Moves provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. This week hosts movements over at Big Four auditor Deloitte, JP Morgan, HMRC and PE firm Dean Street. Meanwhile, green London housing looks to be a focus for 2021 with Public Sector Plc’s new [...]
Paul Greengrass’ News of The World is a warm-hearted Western February 10, 2021 The publicity for western News of The World has been relatively subdued – while the film had a modest cinema release in The States, it comes straight to Netflix internationally. As such, many people might see the film in their streaming queues and wonder if there’s an old Tom Hanks movie that passed them by. [...]
