Brexit disruption to shave 0.5 per cent off GDP as UK starts its recovery March 3, 2021 Post-Brexit disruption to UK-EU trade will reduce the UK’s first quarter GDP growth by 0.5 per cent, according to the government’s budgetary watchdog. The Office for Budget Responsibility (OBR) said in its forecast today that customs disruptions at the EU border and a drop in the number of lorries travelling between the UK and EU [...]
Budget 2021: Big business to pay off UK’s Covid debt burden with £45bn corporation tax rises March 3, 2021 Rishi Sunak will make the UK’s big businesses pay off the country’s Covid spending, with £45bn of corporation tax rises to hit companies with profits over £250,000 the hardest. Corporation tax will rise from 19 per cent to 25 per cent by 2023 for UK companies with annual profits of £250,000 or higher, however a [...]
Corporation tax hike: Rishi Sunak is on the way to creating a tax environment to stifle innovation March 3, 2021 Last week, Rishi Sunak rightly said that fintech is one of the UK’s big success stories, and that the growing industry needs access to talent, finance and support. I had therefore hoped for more good news for the sector in today’s Budget. However, it’s been announced that from 2023, the rate of corporation tax, paid [...]
Bitfinex Pay launches as a cryptocurrency payment system March 3, 2021 Crypto trading platform Bitfinex is gearing up to take aim at some of the digital payment big players as it launches Bitfinex Pay today.
Nightclubs blast ‘ridiculous’ Budget amid summer festival warning March 3, 2021 UK nightclubs have hit back at a “ridiculous” lack of support for the sector in today’s Budget amid warnings that time is running out to save this summer’s music festivals. The Night Time Industries Association (NTIA) said chancellor Rishi Sunak had failed to recognise the specific challenges faced by clubs, bars and casinos, many of [...]
Budget 2021: Aviation firms accuse Sunak of ignoring sector March 3, 2021 The aviation industry has reacted furiously to today’s Budget, accusing Chancellor Rishi Sunak of ignoring the sector, which has been battered by the pandemic. Aviation firms had been lobbying hard for sector-specific relief for the industry, which has been in a tailspin for an entire year due to wide-ranging travel restrictions. Although the sector will [...]
Is the Crypto Bull Market Over? March 3, 2021 Bitcoin has lost -26.3% and Ethereum -36.5% from peak-to-trough in the current correction prompting some to suggest the bull market is over.
Spac-tacular: The City welcomes overhaul of stock market listings March 3, 2021 The US phenomenon of Spac listings could soon make its way to the City after a government-backed report called for widespread reform in the stock market. Lord Jonathan Hill’s report into London’s listing requirements called for regulators to allow blank-cheque vehicles to list in the capital as well as to ease other listing restrictions. It [...]
Budget 2021: How does the new tax ‘super-deduction’ work? March 3, 2021 This afternoon Chancellor Rishi Sunak announced a new tax “super-deduction” policy to encourage investment into the UK and boost its recovery from the pandemic. The new form of relief will come into effect next month and last until the end of March 2023, and should be especially popular with manufacturing, construction and utilities firms. Shares [...]
German regulator ‘files criminal complaint’ over manipulation at Greensill Bank March 3, 2021 The German financial regulator has reportedly filed a criminal complaint against Greensill Bank for suspected balance sheet manipulation. Bafin filed the complaint earlier today with prosecutors in Bremen where the bank’s headquarters are based, according to the Financial Times. It comes as part of an investigation into the firm’s balance sheet by KPMG which started [...]
