Brexit Multiverse of Madness: ‘Jacob Rees-Mogg is hoping for the reality-bending powers of Marvel’s Dr Strange’ February 23, 2022 The new Brexit Opportunities Minister, Jacob Rees-Mogg, has said that Brexit is ‘already a success’ and ‘the evidence that Brexit has caused trade drops is few and far between’. City A.M. spoke to one of the UK’s biggest international delivery firms and their response was “He said that? Well, not in our universe.” In fact, [...]
‘Rule of Origin’ Brexit rule starts to bite: UK customs duties jump 64 per cent in a year to record £4.5bn February 23, 2022 Customs duties paid by UK businesses have jumped 64 per cent to a record £4.5bn in the year to 31 January 2022, up from £2.9bn in the previous 12 months, according to new research shared with City A.M. this afternoon. The rise comes as post-Brexit increases in customs duties begin to bite for UK businesses [...]
Influx of foreigners: Rapid rise in hiring and relocating overseas talent to the UK due to severe shortage of job candidates February 23, 2022 A severe shortage of job candidates in the UK is fuelling a rapid rise in the number of British employers seeking out international talent to fill their vacancies and offering them more support in their move to a new country and city. Relocation platform PerchPeek told City A.M. this morning that it has seen a 327 per cent [...]
Champagne in Canary Wharf as Barclays profits more than double to £8.4bn but Jes Staley’s bonus suspended February 23, 2022 Barclays has revealed pre-tax profits soared to £8.4bn in 2021 as it released cash set aside for pandemic loan losses and notched up record investment banking earnings. The banking giant more than doubled profits from £3.1bn in 2020 thanks to the release of £700m in bad debt provisions, compared with £4.8bn set aside for Covid [...]
HMRC’s average take from investigation into small businesses and individuals rises to £18,400 February 23, 2022 HMRC has increased its take from investigations into individuals and small businesses to an average of £18,400 per investigation, up from £17,500 last year, according to new data shared with City A.M. this morning. HMRC is looking to extract as much as they can from investigations as they seek to make up for revenue lost [...]
Millions of Brits go bargain hunting as they are forced to tighten their belts in cost of living crisis February 23, 2022 As energy prices soar and inflation hits a 30 year high, millions of British households have embarked on a hunt for bargains and discounts. In fact, 41 per cent of shoppers stated that they would actively look for bargains as they prepare to tighten their belts; with a further 35 per cent of shoppers saying [...]
Foreign Secretary Liz Truss insists UK is ‘inflicting pain’ on Vladimir Putin and his friends February 23, 2022 Foreign Secretary Liz Truss has defended the UK’s “very serious package” of sanctions against Russia, arguing it will be effective in “inflicting pain” on Vladimir Putin. She also said the Government will ramp up punitive measures in the event of a “full-scale invasion” by Moscow. On the current set of sanctions, Ms Truss told Sky [...]
Rio Tinto to pay out biggest-ever dividend to shareholders after achieving record earnings of £15.7bn February 23, 2022 Mining firm Rio Tinto achieved record financial results in 2021, recording a free cash flow of £13bn and underlying earnings of £15.7bn. The figures led to the company paying its biggest ever dividend to shareholders. Net cash generated from the iron ore producer’s operating activities improved 60 per cent on 2020 levels while profit after [...]
£13bn in a year: Entrepreneurs selling businesses and assets cause capital gains tax bills to jump 20 per cent February 22, 2022 The UK’s Capital Gains Tax bills jumped 20 per cent from £10.8bn to a record high of £12.9bn in the past year, according to new research shared with City A.M. this afternoon. The increase is primarily due to a rise in tax on entrepreneurs selling businesses causing The value of capital gains in the UK [...]
Named and shamed in ‘global game of chess’: The Russian banks and businessmen the UK has imposed sanctions on February 22, 2022 Five banks named by Boris Johnson earlier today only have a small footprint in the UK, although the largest one Promsvyazbank did have ambitions to float on the London Stock Exchange a decade ago. The sanctions imposed on the five banks and three Russian businessmen are unlikely to have a significant effect on British businesses [...]
