Prices to go up after VAT rise squeeze January 4, 2011 RETAILERS may be promising to bear the brunt of the VAT rise but consumers will be hit by higher prices over time, experts said yesterday. Large retailers such as Tesco, Marks & Spencer and Sainsburys have rushed to promise consumers they will not bear the burden of the tax rise from 17.5 to 20 per [...]
Nick heads to Argos before VAT bombshell January 4, 2011 PROOF that it pays to keep your eyes peeled, no matter where you are. A Capitalist source was in touch yesterday to mention a sterling spot he made while browsing Argos catalogues in his nearest store on Monday. Who should show up but Deputy Prime Minister Nick Clegg? But pray, what was the illustrious DPM [...]
Johnson: We would raise National Insurance instead January 4, 2011 ALAN?Johnson yesterday indicated a Labour government would hike employer National Insurance contributions (NICs) by three per cent instead of increasing VAT. Labour would need to raise £13.5bn by raising NICs – the same amount that George Osborne’s VAT hike will earn the Treasury annually by 2014-15. It has ruled out any increases in personal taxation, [...]
Small shops to gain as sales tax hits big retailers January 4, 2011 NOT all retailers face a painful squeeze from the VAT rise to 20 per cent. Smaller companies such as independent retailers, corner shops and convenience stores that fall below the threshold at which VAT is paid will not have to accommodate the change. Retailers that generate turnover of £70,000 or less per year do not [...]
CITY VIEWS: DID YOU BRING FORWARD ANY BIG PURCHASES TO BEAT THE RISE IN VAT January 4, 2011 TIM BLACK | QBE INSURANCE “No. I think retailers should be made to absorb the rise, so I’m not at all concerned about higher costs.” EMRE ORAL | FARADAY “Yes. I took advantage of the extra savings and made a spontaneous purchase of a plasma screen television.” BORYS BODNAR | DAIWA CAPITAL MARKETS “Definitely not. [...]
Rose leaves M&S as new era begins January 4, 2011 SIR Stuart Rose said farewell to Marks & Spencer (M&S) yesterday, drawing to a close a colourful six years at the helm of the retailer. He formally hands over the reins of chairman to former City banker Robert Swannell today. Sir Stuart, 61, was hailed as an inspiration after steering M&S to a £1bn profit, [...]
UK’s factory growth hits a 16-year peak January 4, 2011 BRITISH manufacturing growth hit a massive 16-year high in December, it was revealed yesterday. Extreme weather and tough economic conditions had led economists to expect a fall in the Purchasing Managers’ Index. Yet the measure of business activity improvement rallied to 58.3, its fastest rate of growth since 1994. The index, compiled by Markit and [...]
American auto sales top 13m January 4, 2011 AMERICAN auto sales hit their highest level in 16 months in December, it was revealed yesterday. The figures surpassed expectations and marked the end of a strong year for the formerly troubled industry. Economists had predicted sales of 12.3m, yet the annual sales rate for December jumped above 13m, according to initial data from major [...]
Eyes on ECB interest rates, as inflation in Eurozone jumps to a 26-month high January 4, 2011 INFLATION across the Eurozone increased to 2.2 per cent in December, its highest level for over two years, it was estimated yesterday. The jump of 0.3 per cent from November’s rate takes consumer price index (CPI) inflation above the European Central Bank’s (ECB) target of “just below” two per cent. It is the first time [...]
Mortgage approvals edge up January 4, 2011 MORTGAGE approvals unexpectedly increased to their largest number in four months in November, the Bank of England revealed yesterday. The Bank also released data on the money supply, with its favoured measure increasing by 0.2 per cent on the previous month, and 3.5 per cent year-on-year in the three months to November. And after a [...]
